Quote from: gambitcoin53 on September 12, 2018, 06:22:35 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.

what really scares most of us is the unknown, in business, every move is feasible, it is true that bitcoin is new and a unique system, that makes it more dangerous for some newbies, the qoute is true and legit in way how it describe bitcoin, but it doesn't make bitcoin less of a machinery to improve the financial status of our economy. this quote is only a sort of an advisory for those interested investors to be cautious in jumping into crypto world.

Apparently, the fear of the unknown has always been one of the major challenges for anything new and most especially when it comes to technology as people cannot really tell what the adoption and the perception of the technology would be like in the long run, and how that is going to end up affecting certain things related to the development of the technology.

People right now tend to focus so much on holding due to the deflationary asset nature of bitcoin and then forgetting what the currency aspect is like. However, it is what it is and only time can really tell how this whole thing will eventually turns out.