Hacker News Reader

Relatively, it's still a very recent technology and still being developed. Just like when gold was first traded and suffered many huge highs & downs, these crypto assets are undergoing the same volatility of sentiments. Still, for the long term, 100% sure we will have fiat currency replaced by crypto currencies in one way or another.

View on HN

"Just like when gold was first traded and suffered many huge highs & downs"

Huh? Do we have a lot of data on the volatility of gold coinage when it was first introduced to the world? Also, the difference is that kingdoms could stamp their gold/silver and make their citizens use it. "Render unto Caesar the things that are Caesar's". . .

>"Just like when gold was first traded and suffered many huge highs & downs"

The 4 years after Nixon took the dollar out of the gold standard (1971), gold had huge volatility even today gold doesn't have low enough volatility to be used as currency.

So we should use something as a currency with even higher volatility than gold?

You are absolutely right, Bitcoin will never achieve the same stability of strong government controlled Fiat currencies, in my opinion it only makes sense to use it as a currency in regions were Fiat is very bad like for example Venezuela.

Yes, I meant after the dollar was disconnected to gold.

Reply on news.ycombinator.com