Post
Topic
Board Bitcoin Discussion
Re: "Bitcoin cannot become an alternative to fiat currency"- says Yanis Varoufakis
by
Wenbing
on 29/07/2020, 13:13:14 UTC
Famous personality, Greek politician, and former Finance minister, Yanis Varouakis recently responded to the open letter sent to him by Bitcoin socialist Ben Arc. In reply, he said that Bitcoin’s dominance is a threat to the economy and social life. What made him to reply this? Read more https://coinpedia.org/news/massive-bubble-would-be-built-on-bitcoin-criticizes-top-politician/

His point is that bitcoin can not be self-regulatory being that it is a decentralized system which means the market forces will dictates what happened. But, fiat system runs on regulatory mechanism, the central bank controls the supply of money(Ms). when there is bubble and it burst, the central bank will intervene unlike the bitcoin system.

Here is what i think, bitcoin can run and be able to self-regulate itself in order to avoid such bubbles.