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That's a pretty big if. Also, currency is liquid nearly by definition, and bitcoin in relation to other currencies has demonstrated many properties that make it
by notthemessiah 9y ago
That's a pretty big if. Also, currency is liquid nearly by definition, and bitcoin in relation to other currencies has demonstrated many properties that make it practically very illiquid (e.g. the uncertainty of day-to-day price changes).
- deleted 9y ago[deleted]
- Empact 9y agoThe argument is basically an example of Gresham's law, which is used to explain why value-backed currency often loses out to fiat currency. IMO this doesn't apply to cryptocurrency because Gresham's law was formulated in contexts with lower liquidity and no electronic transmission. https://en.wikipedia.org/wiki/Gresham%27s_law https://en.wikipedia.org/wiki/Gresham%27s_law