Bitcoin is about to die
(www.barrons.com)
You're viewing a single comment thread. View all comments, or full comment thread.
Comments (43)
sorted by:
It is weird that no one addressed your actual argument.
I think official exchanges aren't that important as long as cash is still being used. Same way gold would hold value even if it could only be exchanged between individuals for cash. Not that i think crypto would hold value as well, but you see my point.
If cash is banned and it's all pre-approved transactions with digital fiat then you're probably right. Not enough people are already into crypto for it to be used as a replacement for fiat.
Only way that's wrong is if people are willing to barter for bitcoin
Thank you. You can see the conundrums.
So let us examine what you said and try predicting what is likely to happen.
Bitcoin (or gold) and cash/fiat/ government issued currency are intimately connected.
Even though I appreciate BTC's lofty intentions (if we assume it was not a CIA psyop to lure the plebs into digital currencies) the fact of the matter is that unless you have a community that will be able to provide all essential to survival services (rent, buying land and therefore shelter, electricty, water, food etc basically mazlov's pyramid) by exchanging BTC then all TPTB need to do is ban the conversion to CBDC or fiat (electronic money as it is now called in regulatory terms).
bartering may only happen to a self sufficiient autonomous community or zone.
But if someone reaches that sort of sufficiency development why even use bitcoin? Why not use orange peeps? is it because there are unlimited orange peeps? well orange peeps can only be produced with proof of work and there are limited orange trees within your limited autonomous zone. So...
It is rather simple.
Yep, I don't disagree. I was pretty much talking about the best case scenario. Crypto would just be a middleman in bartering, at that point it's easier to barter directly with no currency involved. The one exception might be when the transaction is meant to be secretive. But you'd still need more people using crypto than there are