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-blameIf you strongly disagree, yo should provide your reasons in the post. The conclusion is not meaningless. It is true that we we should be moving away from fiat, because bitcoin is itself a currency with its own value, expressed in bitcoins. However, I believe that what determines a value of a currency is its purchase power. It is hard to determine bitcoin's purchase power, because there isn't much to purchase at all. When we do determine it, we rely on the fiat price and then convert in into bitcoin. For as long as this is the case, we can't "quit this ugly obsession". At the same time, it remains unclear whether we'll ever use bitcoin for purchases. It seems more likely that it will be some standard for other cryptocurrencies and have a value in itself. We don't buy food for gold is what I'm saying.