Re: Bitcoin XT - Officially #REKT (also goes for BIP101 fraud)

I think Bitcoin can do both, and that these different aspects of Bitcoin actually reinforce each other. I also do not think Bitcoin will become a world reserve currency without experiencing mass adoption as a currency for the people first, history also certainly supports this theory as well.

It doesn't.

Typically any form of money that is not fiat started gaining traction as a currency only because people tended to hold it as they considered it valuable.

You should check your history, gold and silver coins have been used as a currency and a commodity for the majority of our known history.

https://en.wikipedia.org/wiki/Gold_coin

You're really dense aren't ya?

Gold didn't start off as a currency but as ornament, jewelry & collectibles hence the argument that people first have to find value in a commodity and hold it before it gains traction as a currency.

This is correct, first a commodity, then a currency and a commodity and only after these stages can it become a global reserve and or settlement system. Mass adoption is still a necessary first step in this process. The financial elites of today will not choose to use Bitcoin when they can command and control their own systems instead. Only through global adoption where we become the new financial elites while rendering the old power structures obsolete can this transformation take place.

The "mass" is always the last phase of adoption. Long before Bitcoin gets anywhere close to a global, mainstream payment network it will need to be adopted as a store-of-value by several orders-of-magnitude more wealthy people looking for a safe refuge for their wealth.