Only as long as more and more people buy in and price goes up so they can cash out, into fiat of course, their sworn enemy they seek to destroy.
If price goes down, just tell everyone to buy the dip.
If price goes down, just tell everyone to buy the dip.
People like paying each other with Paypal. Unless they don't, and they prefer Zelle. Unless they don't, and they prefer Venmo (which I think is crypto based now). Unless they don't, and they prefer Monero.
Its possible my perspective on this is too moderate, since I'm not a crypto-basher, but also not a huge crypto fan. However, I really don't get the vile hatred for crypto on this site. Some of the crypto currencies are quite good, with the support of privacy, smart contacts, app integrations, etc. For as many people here that enjoy the backup of simple static webpages, sharing of data, etc, I would think a project encouraging data sharing on e.g. ipfs, should be celebrated here.
Instead, if anyone here gets a quick whiff of the word 'crypto' they're quick to dismiss it without ant consideration.
It seems to me that people who don't like crypto are equally as guilty of assigning it to their identity in a religious way.
And where did I do that? I've pointed out that the majority of BTC strength lies in the critical mass of people speculating on it increasing in value and attracting more people in when it does, further inflating the bubble. That's why everyone I know online and IRL bought in, the FOMO when they saw the crazy returns others made (by cashing out into fiat of course so they can actually spend their gains).
>People like paying each other with Paypal. Unless they don't, and they prefer Zelle. Unless they don't, and they prefer Venmo (which I think is crypto based now). Unless they don't, and they prefer Monero.
Please, Paypal and crypto payments are not the same. With Paypal you still pay and receive fiat at both ends of the transaction.
Back to my main point, people keep tooting that BTC is a payment method but I have seen no evidence of mass adoption for that uscase in most of the west and the number of users who actually use BTC for (legitimate) payments is minuscule, due to the high transaction fees and low adoption of it as a payment method, compared to the mass of big and small HODLers that's just using it for speculative gains a.k.a. gambling, gains which are turned back into fiat in order to be spent into the economy, further defeating the point that BTC is a viable currency.
The taxman does not, nor the car dealers, nor real estate agents in my area take BTC payments, only EUR. When that will change then I'll grant you that BTC is more than a FOMO driven speculative pyramid scheme.
It's mostly just the unwillingness to have a moderate view towards these currencies. Everyone on HN seems to have blind hatred steering the discussion, rather than admitting that it may fail, or may become the main transaction currency in the future, or (more likely) somewhere between - such as becoming the major way in which large banks and institutions transfer currency between countries.
It's strange to me that people are using the argument of what behavior of crypto see right now will be how crypto will continue to be used in the far future. Unfortunately it got misconstrued in recent years to be an 'asset' rather than currency, but it's still possible for it to return to being seen as more as currency.
It could remain the same or change - but I don't see why everyone is so hatefully polarized over it.
I gave you my arguments why BTC is now just a Ponzi scheme and not a currency or a good legal payment system, while you have not provided any kind arguments to support BTC as a payment system or as a currency and instead just complain that people have a blind hatred and what not.
So I'm all open for a moderated discussion but you need to bring some arguments to the table not just complaints on the participants.
The value of USD is also a pyramid scheme and entirely depends on demand from everyone to keep it's value. The federal reserve is only one small actor creating demand.
I think when we all are dead future generations will see crypto as a basic value store like gold. No one will call it a pyramid scheme either cause it would have been around since before they were born.
The demand for USD comes from people wanting to do business with one of the biggest economies in the world. The demand for Bitcoin comes from people wanting to make money by hoarding Bitcoins.
It could be different, but right now it is not and I'm not sure if Bitcoin (or any other cryptocoin) would survive a transition to become a currency or something else less like a pyramid scheme.
I'm not saying it Bitcoin could not be like gold, I'm saying right now it is not and everyone in it doesn't want it to be. And I'm not convinced it ever will be.
To someone who doesn't live in the US, the value of USD mostly depends on trust in the US government and economy.
To someone who does, the value of USD mostly depends on whether or not the IRS will be asking for their due next April, whether or not their landlord/bank will be expecting a rent/mortgage payment next month, and whether or not the grocery is stocked with toilet paper.
It is true that if any of those three things don't happen, you have far more serious problems than 'what currency you use'.
Or in other words: trust in the US government and economy.
There are countries that use USD but with the exception of ecuador (where you pay taxes in USD) i cant think of one that uses it exclusively.
Anyway they are totally different assets with their own trajectories and influences. We don't know what will happen in the future.
What I do know is Bitcoin is deflationary while USD is inflationary by their nature.
This is nonsensical. More USD is traded internationally than bitcoin.
The value of USD for somebody living in Paraguay stems from a demand for US goods and services A) supplied by people who pay US taxes or B) supplied by client states of the US (e.g. saudi oil) who kind of also pay USD taxes in a roundabout way
And many do.