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I said it before and say it again. These things you call cryptocurrencies can be anything you want but currencies. Who ever claims the contrary has no clue abou
by nucatus 9y ago
I said it before and say it again. These things you call cryptocurrencies can be anything you want but currencies. Who ever claims the contrary has no clue about how a currency works.
If you claim this is a highly speculative asset, then yeah, you are right. But if you really want to call this a currency, you have to convince a government to use it as an official currency. No central bank in this world will accept to use a currency that is out of its control, that can't depreciate or appreciate at will.
- Anderkent 9y ago> But if you really want to call this a currency, you have to convince a government to use it as an official currency Since when does a currency have to come from a government? People used representative money in forms of IOUs before those were formally issued by governments. Sure, we've moved to government-issued fiat since, because it solved a coordination problem (how do you ensure the value of money doesn't unpredictably change), but that's just one possible solution now.
- pixie_ 9y agoCrypto is already being used as a currency. And governments have no ability to depreciate it. I don't know what will happen next, but that is the reality today. What I do know is a lot of people find value in a currency that cannot be depreciated at will.