When most anti-bitcoin people talk about bitcoin all I hear is how the price is not stable and it can't be used everywhere yet and not everyone uses bitcoin yet. To me this just shows how much growth potential there is with bitcoin. It shows me how much added value bitcoin will/would have with massive acceptance and usage. To me the fact that the bitcoin economy is growing and it continues to get new developments (think Bitcoin 2.0 world) shows me that it's on the right path to increase in adoption and usefullness.
Why do people see "doomed to failed, because it's not already big", while I see "Has tremendous growth potential, because it's not already big nor the defacto world currency".
All opinions, insight etc is GREATLY appreciated. I seriously have the hardest time wrapping my head around this one.
Bears feel free to flame-on, I'm greatly interested in what you all have to say along with the bulls.
Why do people see "doomed to failed, because it's not already big", while I see "Has tremendous growth potential, because it's not already big nor the defacto world currency".
All opinions, insight etc is GREATLY appreciated. I seriously have the hardest time wrapping my head around this one.
Bears feel free to flame-on, I'm greatly interested in what you all have to say along with the bulls.
It fails as a currency. It is not price stable or even moderately price stable like the USD. Some cryptocurrencies have linked to the USD, but that is redundant. There's no point for a cryptocurrency that's slower than the USD with its own balance sheet risk since it's not the issuer.
Only a cryptocurrency that's faster than cash and totally price stable will win in the end.
What is the purpose of price stability?
Value is based on supply and demand, the demand does not change much, but the supply has increased so much during latest decades, so everything's value should went down dramatically. However daily consumption's price in fiat is relatively stable, means the value of fiat money also went down together with those goods
If use gold as absolute value indicator, then most of the thing's value (including fiat money) went down dramatically during latest 40 years. This suits economy theory much better, since the supply has increased a lot while demand almost unchanged
I think the demand for price stability is more of a psychological one, it does not have any real meaning economic wise: I want the bread that I bought yesterday still cost the same today, since that bread does not look different today. I have no idea how much more of this kind of bread has been produced today, and I have no idea how much more fiat money has been produced today, but I just want that bread price to be the same as yesterday!
