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Trump Won’t Kill America, Bitcoin Will
- OnlineCourage 9y agoThe US has far more than $3 trillion in assets when you take into account land holdings, as well as the idea that money itself is representative of continued faith in the existance of an issuing institution. There are so many layers of incentives pushing for the continued existence of the US one can't dismiss that by arbitrarily assigning a value of '3', and then declare, "See, 3-21=-18...therefore bitcoin."
- eternalvision 9y agoBTC itself won't replace USD or kill America. A crypto-currency successor to BTC that eliminates the frictions for using BTC as a full replacement for fiat eventually could, however. BTC is a fascinating social experiment, truly. It offers a glimpse into the future of money, as well as a modern-day manifestation of tulip mania.
- omarchowdhury 9y agoWhat are some of the frictions for using BTC in your view?
- dTal 9y agoThe median time for a transaction to clear fluctuates wildly between 10 and 20 minutes. This alone kills it completely as a cash replacement.
- moomin 9y agoFor context, the market cap of bitcoin is believed to be around 30 billion right now. Whereas that sounds like a lot, to a country it's chump change. Lithuania makes (way) more than that every year. (Yemen, that famously rich and peaceful state, makes about 27B a year.) I think the TL;DR of this article is "people are really bad at understanding scale."