Re: If inflation is rising, why isn't crypto more valuable now?
You were here during 2014, before many of us. I would believe that you among most of the people would have already understood Bitcoin's open-market induced volatility.
Plus what you're saying about "cannot serve as an alternative to the legacy financial system" is debatable. Bitcoin functions as well during bull markets, and bear markets, producing block after block without downtime. The Dark Markets continue, Bitcoin casinos continue, everything continues.
Plus what you're saying about "cannot serve as an alternative to the legacy financial system" is debatable. Bitcoin functions as well during bull markets, and bear markets, producing block after block without downtime. The Dark Markets continue, Bitcoin casinos continue, everything continues.
Of course. Bitcoin has always been volatile, but I was surprised to see that there were no positive price movements even though Fiat currencies are experiencing high inflation rates right now. If only people relied on Bitcoin as a unit of account instead of Fiat, things would've been much better. I'm talking about spending 1 Bitcoin without the need to know its current value in Fiat. 1 Bitcoin = 1 Bitcoin after all, right? But the whole world goes around Fiat (the Fiat standard) so this is very unlikely to happen anytime soon.
If Bitcoin becomes the main unit of account, then it would serve as an alternative to the existing financial system. Some governments are adopting Bitcoin as legal tender, but that's not enough to "hyperbitcoinize" the world. I wouldn't worry about that as long as decentralization prevails. Just my opinion
