| bowserthedog said: The reason why you wouldn't use it for world of warcraft gold is because there isn't enough value in it to really boost the economy in El Salvador. El Salvador is doing it to generate income for the people of that country. Your arguments are extremely weak. This stuff is common sense. When I say that crypto is developing towards being a monetary system that could be a backup to government controlled monetary systems is much larger than currency. We already had a banking system meltdown once already. The concern is that if America doesn't get its debt problems under control soon they will lose control of it. Eventually there will be a massive collapse. A modern world is not going to move to gold and silver when that system collapses. That would not work in today's technology driven society. All of a sudden people are going to have to lug large pieces of gold around? You already have charge cards that connect to a bitcoin wallet and can be used at any store. How exactly is gold going to replace that capability? |
How? Did someone solve the scalability and instability problem?
A massive collapse like that has no guarantees something as complicated as blockchain, relying heavily on the internet, is going to survive through the turmoil. Simpler methods prevail through those kind of times.
A modern world simply moves to another widely accepted currency like the Euro or Yen. But it is fascinating that Bitcoin can boost an economy. Although not that strange if you look at how Star Citizen still keeps on going and expanding. In the case of Bitcoin, it is indeed redistributing wealth in a fashion. From the 'rich' average Joe to the poorer average Joe. Too bad the environment suffers in the process and there are much more efficient ways to accomplish this. But basically using greed to redistribute wealth is a nice side effect.
Anyway from what I understood from a post a way back is that bitCoin was mostly a proof of concept for blockChain, and not really designed for replacing money. It ran away from the creators it seems, reaching values that I doubt were ever intended. For the actual rich it's not about having a lot of money, it's about assets, real estate, shares etc. bitCoin won't change that but is a nice speculative extra.
I just hope bitCoin doesn't get too huge before it collapses. It could be messy.
