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Even though Bitcoin was initially called a cryptocurrency, I think it's now becoming more clear that cryptocurrencies are more like "cryptoassets" [1] or crypto
by mtgx 9y ago
Even though Bitcoin was initially called a cryptocurrency, I think it's now becoming more clear that cryptocurrencies are more like "cryptoassets" [1] or crypto commodities.
Some of the people who started calling it digital gold a while back got it right. Using Bitcoin is more like using gold (not necessarily physical gold) to pay for stuff. Gold's value also fluctuates significantly over one year's time.
[1] - https://medium.com/@cburniske/why-i-like-the-term-cryptoassets-ab6b76e1ee33 https://medium.com/@cburniske/why-i-like-the-term-cryptoasse...
- discombobulate 9y agoThat's questionable. I believe there may be an issue with the economic model if there aren't sufficient transactions (once the issuance starts to slow). Not enough crypto for the miners. They then don't support the network. The network is then less secure. The price then reflects the lack of security. There's thinking that the winning crypto(s) currency will be both gold + currency.