Remember the wheeze that governments were going to use Bitcoin as the world's reserve currency? That was a good laugh.
2011 - it's a scam, nobody uses it
2013 - it's a scam, only criminals use it
2015 - it's a scam, no companies accept it
2017 - it's a scam, only small companies accept it
2019 - it's a scam, no countries officially recognize it
2021 - it's a scam, only small countries officially recognize it
2023 - it's a scam, it's not the world reserve currency
[1] Number Go Up by Zeke Faux tries actually using BTC in El Salvdor. Many don't know how, some people tell him to leave, some try but it's strictly inferior to existing payment methods.
I have actively tried to use bitcoin to pay for daily life stuff in 2022/2023 and its basically impossible without converting to fiat. The only 2 bills I can pay directly with it is my VPS host and AT&T. I can't buy groceries with it, pay my rent, fuel my car, or see a doctor. I was once able to buy steam games and Chinese food with it but both have since dropped it.
I would not call bitcoin a scam but I also would not say it is useful currency for Americans.
2023 - still nobody uses it
A real world example of how Bitcoin didn't work, even though it could have worked is Steam[1]. They tried, and while gamers are more likely to be able to handle the intricacies of crypto than most of the rest of the population, there are just some really difficult issues to solve with using raw Bitcoin.
Virtualized networks on top of Bitcoin like Lightning[2] seek to solve some of those issues, but bring their own complexity and issues including finding enough VC money to bootstrap the network into even having money to function.
1. https://steamcommunity.com/games/593110/announcements/detail...
2. https://finance.yahoo.com/news/bitcoin-lightning-network-sca...
Bitcoin is the currency that nobody uses and a collectible that doesn't behave like a collectible.
He also questioned its role as a hedge, stating, "It's gone up as stocks have gone up, it goes down when stocks go down. This is not the way a collectible is supposed to behave."
With that logic.
Afaik that's still an unsolved mystery with several competing theories.
Historically, money backed by weak reserves has always lost against money backed by stronger reserve assets. I find it funny that people believe that infinite debt creation is superior and will win against absolute digital scarcity.
Can you say more about where this has actually happened, and how it's applicable in this situation? (I'm actually curious)
Then short it.
https://www.treasury.gov/resource-center/faqs/Currency/Pages...
> Federal Reserve notes are not redeemable in gold, silver or any other commodity, and receive no backing by anything
that is not quite right. historically USD has been backed by the USA military
funnily enough you CAN actually redeem the banknotes for these things but most people don't typically enjoy the experience