Quote from: aoluain on October 14, 2018, 10:00:52 PM

Quote from: HabBear on October 14, 2018, 08:47:03 PM

Quote from: yaphetSGG on October 14, 2018, 07:39:58 PM

https://www.technologyreview.com/s/611591/bitcoins-inherent-economics-could-keep-it-from-ever-being-very-important/
This post caught my sight actually.

This article draws it's conclusion that "bitcoin will never be very important" based on the premise: "If you believe Bitcoin has the potential to replace traditional global financial systems, a new economic analysis is here to rain on your parade."

Does anyone here believe Bitcoin will replace traditional global financial systems?

I don't. I bet the majority here agree with me. Fiat currency isn't going to be replaced by bitcoin. Bitcoin and crytpocurrency are simply alternative options that remedy what ails the fiat system. The reality is that current government and power brokers will not give up their power in replacement of a financial system that eliminates the middle men and revenue opportunities those middle men seize.

The MIT article is yet another example of a reporter taking Bitcoin's purpose to the extreme so they can come up with reasons why it would fail.

I totally agree, why would any government opt to replace their FIAT with something
they have no control over?

There is a minority who believe bitcoin will be the chosen currency of every country,
the they are the ones whose parade will be rained upon

I think in this forum you'll find it's not that much of a minority, and that is still the vision that is often preached in reference to bitcoin. I also believe that's why so many view bitcoin with skepticism because they do not ever believe such a scenario could occur. I think for bitcoin to really take the next step from where we are now there needs to be some sort of consensus as to the direction and use of bitcoin. Right now there is too much disparity between visions and it just leads to a lot of confusion and in-fighting.