Nobody believes Bitcoin is a workable currency to denominate all value as of today. But people speculate that it will be one day. If it succeeds, it will be slightly deflationary, but I don't think this is a hindrance. It does shift the incentives from being a debtor to being a creditor slightly, though. Is this a bad thing?
Also, was the meme really created by exchanges or sellers who want to get a hand on your Dollars? Or is it rather an expression of excitement of some guy who got rich on buying early? I don't think you should try to debunk Bitcoin based on some meme.
Apart from that, Bitcoin needs more serious critics like you!
Lovely work this is. Thank you. Listening in on the so-called crypto gurus on various podcasts reminds me an old axion; never buy wares from people who have no clue or are dishonest about their ultimate utility.
Ok, one more comment from me on your article. Quoting: "The dealers might say ‘Bitcoin is increasing in purchasing power’, but Bitcoin is not used to purchase things. It is, rather, something that is purchased."
Tesla now accepts Bitcoin, so one can swap the digital token for real tangible goods. The place where I live now has a few local stores (including coffee shops & pizza shops) that accept payment in Bitcoin.
If more and more economy agents accept BTC as means of payment, that digital token might become a "secondary currency". Disclaimer: I do not hold (and never have held) any Bitcoin.
You are mostly arguing against Strawman here.
Nobody believes Bitcoin is a workable currency to denominate all value as of today. But people speculate that it will be one day. If it succeeds, it will be slightly deflationary, but I don't think this is a hindrance. It does shift the incentives from being a debtor to being a creditor slightly, though. Is this a bad thing?
Also, was the meme really created by exchanges or sellers who want to get a hand on your Dollars? Or is it rather an expression of excitement of some guy who got rich on buying early? I don't think you should try to debunk Bitcoin based on some meme.
Apart from that, Bitcoin needs more serious critics like you!
Very good analysis, I fuly agree. Bitcoin is not well suited to function as "money" and in that respect, Satoshi's design proved too simplistic as The Economist observed already back in 2011 (https://www.economist.com/finance-and-economics/2011/06/16/bits-and-bob). However I am curios as to what is your take on more recent, less well-known and understood blockchain-based designs. I wrote a post in my blog, I'd be honored if you found time to read it: https://steemit.com/hive-155234/@sorin.cristescu/crypto-communities-need-to-provide-value-to-the-world
Fantastic. Yet another piece of disinformation debunked. Thank you. Added it as a source on https://www.cynicusrex.com/file/cryptocultscience.html.
Lovely work this is. Thank you. Listening in on the so-called crypto gurus on various podcasts reminds me an old axion; never buy wares from people who have no clue or are dishonest about their ultimate utility.
Ok, one more comment from me on your article. Quoting: "The dealers might say ‘Bitcoin is increasing in purchasing power’, but Bitcoin is not used to purchase things. It is, rather, something that is purchased."
Tesla now accepts Bitcoin, so one can swap the digital token for real tangible goods. The place where I live now has a few local stores (including coffee shops & pizza shops) that accept payment in Bitcoin.
If more and more economy agents accept BTC as means of payment, that digital token might become a "secondary currency". Disclaimer: I do not hold (and never have held) any Bitcoin.