Post
Topic
Board Bitcoin Discussion
Merits 1 from 1 user
Re: "What happens if bitcoin succeeds?"
by
NeuroticFish
on 11/03/2021, 09:39:10 UTC
⭐ Merited by BlackHatCoiner (1)
And again, these conclusions are that bitcoin is a bubble, and because it is volatile, it will not be able to equalize with money.
So what are the risks of bitcoin going forward? Is it really capable of seriously dividing society and causing even greater inequality?

On every kind of "gold rush" some will get rich easy and the vast majority will miss the opportunity. This can be seen as bad, by both those that are already rich and those that have missed the chance. But is it fair the way people get rich? I don't think so. Some are rich from the moment they are born. Is that fair? Some earn millions of dollars for acting or playing whatever sports. Is that fair? Heck, even those that get rich from lottery win are not actually "fair". And the inequality in the society is already there, I don't think that Bitcoin will change much. It would just give the chance to some more smart or lucky people to get a better life.

Is Bitcoin a bubble? Possibly. But it's the one of the very few valuable "things" we can be sure it's indeed scarce. This makes it highly valuable.


Bitcoin's success is a somewhat different story.
I see multiple things necessary for the success and the price is just partly involved in this.
1. It has to have a very secure underlying network. Checked.
2. It has to be valuable, "digital gold". Checked.
3. It has to be 100% fit for worldwide use for payments. Without that it will never be a full success and we are not there yet. But it's work in progress.
4. The "system" should remain working, stable and secure also after the block rewards become insignificant. I fear that this may be tricky, especially after secondary layer(s) will take over most of the transactions.