As an economist, I worry about a lot of issues related to economies in this world.
Bitcoin is surely a revolution, but I worry that it is highly unfair for the older generations and the people who join Bitcoin in later periods.
Most people in the world do not hold Bitcoin or any other cryptocurrency. If they started buying it, prices would soar and there would be a huge purchasing power transfer from those who got later in to those who got in earlier. For these people, staying in Fiat currency will be the best option.
Also, there is the issue of scalability and of the timeframe of existance of Bitcoin.
Isn't it better to jump try an ICO? And following this reasoning why invest in an ICO now when something better may come later?
I think many of the discussions about cryptocurrencies leave out those of our society who have less access to information and new technologies.
What do you think?
Thank you.
Even as an economist there is room for theory and another for practical. Economics will teach about the risk but would leave the decision to the decision taker who be the one to bear the brunt if anything goes wrong. Even in the most centralized economy with various controls and regulations, information does not circulate in a uniform way some people will surely have access earlier than the others.
When it comes to bitcoin, I don't think there is any need for castigating or talk about unfairness for those who came early because they took the risk when it was unpopular which eventually paid off and come to think of it, a lot of others who might be castigating today, had the opportunity to come across bitcoin at some point but chose to ignore because a whole lot of people here today, 5 years ago had access to the internet but focused on something else. There is a consolation though and that is we are still early adopters.