bitcoin falls 56% - 2012
bitcoin falls 83% to $50 - 2013
bitcoin falls 84% to 12k - 2017
bitcoin falls ~50% to ~30k - 2021
"crypto is not looking good long term" - numerous people on hacker news every single time crypto is down.
So either way you're making the same argument as the "crypto is not looking good long term" people
You should welcome all the nay saying here if you think Bitcoin is bound to go up again.
I'd much rather see a stabilized crypto that could act as an amazing tool for people in poor countries to lift themselves out of poverty than I would see it be a vehicle to take me from top 1% wealth in the world to a higher tier of top 1% wealth in the world.
Step 2) ???
Step 3) Person's village experiences famine due to severe draught exacerbated by climate change driven by, among many other things, Bitcoin.
Step 4) ???
Help, I can't find the step where they lift themselves out of poverty.
If cryptos were stable, no-one would be making any money "investing" in them.
(Genuine) Q: How exactly would that lift anyone out of poverty?
Think about it this way, how much trade would the US have if our currency changed every 10-20 years and all of our old debt was effectively thrown out? How would people save to build a business? How secure would they feel investing in their own future?
The devil's in the detail: "stable" but vs what, exactly? Local prices? Local incomes? Gold? USD? SDRs[0]?
[0] https://www.imf.org/en/About/Factsheets/Sheets/2016/08/01/14...
I'm not familiar with SDRs.
Umm, I'm not sure I can agree with that[0]
To be fair, it was fairly stable until about 2006. However the whole point of "being stable" is also to be stable in times of external stress. USD/Gold fails that one quite spectacularly.
Get off your high horse. Literally the entire stock market is based on trying guess better than other people and make money off of other people's poor decisions.
Would you mind explaining to me, or linking to some resource you find convincing, how crypto would succeed in this goal? (or even which organisation or coin has this as a goal)
but the point is still very self evident even with that data point.