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I thought the same thing, the core idea of this article is in direct opposition of its conclusion. Bitcoin is going up in value, and according to the market pr

I thought the same thing, the core idea of this article is in direct opposition of its conclusion. Bitcoin is going up in value, and according to the market predictions it will go way higher, so it's deflationary. Bitcoin holders will prefer to spend cash money to bitcoins anytime in speculation of future gains. I see bitcoin more of a speculative investment at the moment, than a type of currency. Only the ones that are riding the bitcoin trains seems to think this is the future of money. Outside that bubble nobody really uses it.

bga 9y ago
Bitcoin seems like an investment in proving the ideas that may eventually come to form a truly practical cryptocurrency.
- kylnew 9y ago
  Yes. Thank you. I honestly feel like it is a solution seeking a problem. Not to say it isn't solving any problems already, but I think it's still seeking a big enough problem that the general public starts paying attention and believing in its value. Just as an example: I don't see why the US government couldn't adopt the best parts of crypto (e.g. the public ledger) but also be able to control it and how that kind of move wouldn't make it instantly the most trusted cryptocurrency vs all the ones we speculate on today.
  - ramontayag 9y ago
    The interesting part for me is the more people speculate, the higher the price becomes, and the higher the price becomes, the more useful it is in the institutional level because the markets are deeper.
Rmilb 9y ago
I think its unfair to dismiss the currency aspect of bitcoin. The use case for the developed world is 95% speculation 5% buying contraband online however, for people in Venezuela[1], girls learning to code in Afghanistan[2], or women in Saudi Arabi who can't legally open a bank account, Bitcoin is solving problems that under banked people have now. Of course the ecosystem needs to mature so grandma can use it safely, but that will come with time. [1] https://www.cnbc.com/2017/08/24/bitcoin-mining-is-popular-in-venezuela-because-of-hyperinflation.html https://www.cnbc.com/2017/08/24/bitcoin-mining-is-popular-in... [2] https://www.coindesk.com/how-bitcoin-helps-afghan-girls-achieve-financial-freedom/ https://www.coindesk.com/how-bitcoin-helps-afghan-girls-achi...
- millettjon 9y ago
  I think it has high utility anywhere outside of the US and EU. There are billions of people that don't have access to stable currencies or reasonable banking.
  - notahacker 9y ago
    Sure, but access to reasonable banking is also highly correlated to access to ability to actually buy things with BTC or convert BTC to spendable money.
deleted 9y ago
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bga 9y ago

Bitcoin seems like an investment in proving the ideas that may eventually come to form a truly practical cryptocurrency.

kylnew 9y ago
Yes. Thank you. I honestly feel like it is a solution seeking a problem. Not to say it isn't solving any problems already, but I think it's still seeking a big enough problem that the general public starts paying attention and believing in its value. Just as an example: I don't see why the US government couldn't adopt the best parts of crypto (e.g. the public ledger) but also be able to control it and how that kind of move wouldn't make it instantly the most trusted cryptocurrency vs all the ones we speculate on today.
- ramontayag 9y ago
  The interesting part for me is the more people speculate, the higher the price becomes, and the higher the price becomes, the more useful it is in the institutional level because the markets are deeper.

Rmilb 9y ago

I think its unfair to dismiss the currency aspect of bitcoin. The use case for the developed world is 95% speculation 5% buying contraband online however, for people in Venezuela[1], girls learning to code in Afghanistan[2], or women in Saudi Arabi who can't legally open a bank account, Bitcoin is solving problems that under banked people have now. Of course the ecosystem needs to mature so grandma can use it safely, but that will come with time. [1] https://www.cnbc.com/2017/08/24/bitcoin-mining-is-popular-in-venezuela-because-of-hyperinflation.html https://www.cnbc.com/2017/08/24/bitcoin-mining-is-popular-in... [2] https://www.coindesk.com/how-bitcoin-helps-afghan-girls-achieve-financial-freedom/ https://www.coindesk.com/how-bitcoin-helps-afghan-girls-achi...

millettjon 9y ago
I think it has high utility anywhere outside of the US and EU. There are billions of people that don't have access to stable currencies or reasonable banking.
- notahacker 9y ago
  Sure, but access to reasonable banking is also highly correlated to access to ability to actually buy things with BTC or convert BTC to spendable money.

deleted 9y ago

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