Post
Topic
Board Economics
Re: Bitcoin can never become a currency. Part 2: reward distribution.
by
Petryakov
on 27/06/2020, 22:01:59 UTC
The article basically sums up how Bitcoin instead of being a cryptocurrency, became a speculative asset, an investment of sorts. It's basically the problem of adoption that has bothered Bitcoin for as long as possible now, and why we don't really see much merchants actually accepting payments via BTC except for a select few.

Isn't that the problem itself? With how miners incentives last a few decades, they would of course try to get the best profit out of them. Hence creating the idea of Bitcoin being an asset to invest in, and in such, those that would buy the said asset would also try to sell it for as high as possible, creating the problem of them storing the coins in the long term instead of actually using it to buy something from others.

Simply saying, when compared to the current situation where fiat is used to buy an item, crypto is supposed to replace fiat from the system but instead, it became the "item" that is used to exchange for fiat.

It's a problem if we want to embody the initial ideas behind Bitcoin, but it's not if we accept it as it is. I don't see a problem about Bitcoin becoming a specific asset for value storage. I found a problem in the fact that for many years noone tried to develop an actual cryptoCURRENCY: a decentralized blockchain dedicated to being a payment system that would account all the problems emerged and provide a solution to them. That's why I started it myself.