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> BTC is failing as a currency because > it's in a speculating bubble This feels pretty inevitable. There's no reliable tie to any economic activity, virtu
by peteretep 9y ago
> BTC is failing as a currency because
> it's in a speculating bubble
This feels pretty inevitable. There's no reliable tie to any economic activity, virtually no raw materials are priced in Bitcoin, and there's no central institution that can price stabilize, so pricing anything in Bitcoin (rather than: x USD/EUR/GBP/whatever as Bitcoin) seems a long way off.
It's also -- comparative to fiat or commodities -- massively untested, so price shocks seem inevitable. Regulatory or technical risks that could reduce (or massively inflate) the value seem almost certain.
- ActsJuvenile 9y agoApparently Bitcoin is trying to re-position itself as Digital Gold instead of currency now. https://multicoin.capital/2017/09/21/bitcoin-better-digital-gold/ https://multicoin.capital/2017/09/21/bitcoin-better-digital-... https://medium.com/@tuurdemeester/bitcoin-digital-gold-or-digital-cash-both-382a346e6c79 https://medium.com/@tuurdemeester/bitcoin-digital-gold-or-di...
- umanwizard 9y agoWhat does it mean that "Bitcoin is trying to re-position itself" ? There is no central "Bitcoin" organization, and the only person who might have been able to speak with authority about the goals of the project hasn't been heard from in years.
- kobeya 9y agoBitcoin was always digital gold. That was it’s value proposition from the beginning: a return to the gold standard, in digital form.