Quote from: elegion on December 02, 2017, 08:25:35 AM

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In specific countries like Venezuela and Zimbabwe, Bitcoin is working as a savior for the many as their respective economies and political systems have been rocked by turmoil and uncertainties. This has become of the inspiring roles Bitcoin has been playing for some number of people and I think as time goes on this role can be magnified in other parts of the world as well.

Now, what is this telling us. One thing for sure: During economic and political distress Bitcoin can be the best tool for people to survive economically as well as to protect their remaining assets from being swallowed by the government-sponsored economic meltdown.

Bitcoin can indeed be a savior!

People are investing in Bitcon and in other Crypto assets because it's a reliable store of wealth. It's not just because of all the economic recessions, Government and institutional corruption, it's also about people seeing a better way to manage their finances, and see their money for the very first time in their lives and in all of human history grow in value and actually do something that they've always wanted it to do, and that is to grow in value.

That's a beautiful thing..

To see MONEY consist of all 5 key aspects of what sound money constitutes,

Money is supposed to be

1.) recognizable,

2.) divisible,

3.) portable,

4.) fungible,

5.) And it needs to be scarce.

Fiat currency doesn't share many of these properties, one of which is scarcity. The value of Government-backed fiat currency can also be manipulated and corrupted. Right now, the Federal Reserve is printing more money in to the world Economy than ever before and it's killing the value of every dollar in your pocket and all other fiat currencies around the world as well.

I have my own opinion on that last point. I don't think that money should be scarce. In fact, I don't even think that the whole idea behind scarceness is applicable to the concept of money at all. Money is not scarce nor abundant simply because it is a unit of account but the idea of scarceness cannot applied to a unit of account. Long story short, whatever amount of money is printed, this amount necessarily matches the amount of goods which can be bought with it via price discovery mechanism, at least as long as a certain money remains a unit of account in the given economy.