Quote from: avikz on December 04, 2018, 11:47:07 AM

Quote from: bitfocus on December 03, 2018, 01:52:48 PM

Just a few minutes ago, found an article on CoinDesk titled "Crypto Winter Is Here and We Only Have Ourselves to Blame" - and the author, Michael J Casey concluded with "Lets quit this ugly obsession with price. After all, it simply validates the notion that the benchmark that matters is not bitcoin or some other cryptocurrency but the U.S. dollar."

I strongly disagree with the conclusion, what about you?

Article Link: https://www.coindesk.com/the-crypto-winter-is-here-and-we-only-have-ourselves-to-blame

This is an investor's mindset and it is very true from their perspective. It is also a practical approach. Benchmarking is always required when we want to measure the performance. Without benchmarking, performance is not possible so the best benchmark we have is USD. The economy of the world is quantified that way.

I want to disagree with author's statement but that is not possible if I want to keep practicality in mind. Bitcoin has not yet reached such level of adoption to become a benchmark to real world economy.

I agree with you, with the current level of adoption. Bitcoin still needs a benchmark to determine its value. On the other hand, the USD is now recognized as a global currency. But even so, I believe. When bitcoin has been adopted globally, it will no longer apply. In fact, bitcoin will be a benchmark for others