Post
Topic
Board Economics
Re: I hate Cryptocurrency
by
d5000
on 17/04/2017, 09:57:28 UTC
You rise some valid points that I also hate - in the Bitcoin community and in the altcoin communities.

To me, everything that is available to the consumer comes from the work of the manual laborers. [...]

Although this lowest rung performs the majority of the true, intensive labor they are upended by people who use trading to generate income from having wealth.

This statement has much truth in it and applies fully to Bitcoin and altcoins. But Bitcoin and cryptocurrencies generate opportunities that are not related to "making money with trading". So I don't agree with this statement:

Quote
The cryptocurrency scene imitates this already 'unfair' system yet removes the purpose of funding enterprises who produce goods and services. What's left is a decrepit circus trying to pass itself off as legitimate.

The point is that cryptocurrency could - in the future - remove many inefficiencies in the financial system that today are "stealing" money from working people. Cryptocurrencies can automate many things that banks do. That means that in a world where cryptocurrencies are stronger, banks will probably lose much of its current power. So there would be less middlemen in the financial sector and there would actually less money being "stolen" from workers.

But until we reach that utopia many hurdles must be taken. One of the biggest is price volatility, that seems to be gradually improving but is still far away from making Bitcoin an usable "unit of account". Until this problem is not solved a Bitcoin wallet simply isn't the same than a bank account.