Quote from: redsun114 on September 12, 2018, 06:10:18 AM

Quote from: abhutra on August 11, 2018, 11:19:19 AM

I like the blogs published by Bitmex. One of the awesome sources to gather knowledge around cryptocurrency.

In this blog they discuss problem and benefits of deflationary economics. https://blog.bitmex.com/bitcoin-economics-part-3/

To quote from this:

Quote

However, even if Bitcoin has solved this economic problem, perhaps its naive to think Bitcoin would result in a more prosperous economic system. Bitcoin is a new and unique system, which is likely to cause more economic problems, perhaps unexpected or new ones. After all there is no perfect money. It just may not be correct to apply the traditional economic problems of the past, to this new type of money. Although it may be more difficult, identifying Bitcoins potential economic problems may require more analysis and a stronger understanding of the underlying technology.

I agree that it's a new kind of monetary system and it would have it's own problem when it becomes well adapted. but economically speaking do we need this system adding to the complexity already existing financial system.

Whenever you ask people why they need cryptocurrency they say its because of debt and that usually sounds stupid to me they just forget that everything that has an advantage also has a disadvantage. Cryptocurrencies itself has its own disadvantage and might even be worst than our current monetary system.

So Im not in support of having cryptocurrency as a replacement, Im okay with what we have now cause the devil you know is better than the angel you dont know.

About having disadvantage, there is no doubt about that as certainly everything with an advantage will definitely have some lapses as well. The way people will over time keep perceiving bitcoin would be one of its disadvantages. The idea of simply just an investment, and a lot of people trying to want to hoard it just to be able to get rich over time, would make the whole idea seem more like less supply, more demand, but without an equilibrium in a way, it would always not lead well and would make the idea of it as a currency be jeopardized as people tend to shift to the asset perspective instead.