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I don't know about so called blockchain projects like ethereum, but bitcoin has value because it has inelastic demand. There are a lot of underserved people out
by ruiquelhas 9y ago
I don't know about so called blockchain projects like ethereum, but bitcoin has value because it has inelastic demand. There are a lot of underserved people out there that need bitcoin, regardless of its value, in their daily lives because they can't use fiat currency for things like buying quality drugs online, getting rid of ransomware, laundering money, etc.
Hell, if these don't pass the ideological test, just ask someone from Venezuela why do they need bitcoin.
- CPLX 9y agoI'll bite. Why does someone from Venezuela need Bitcoin?
- ruiquelhas 9y agoYou have some good answers here: https://apnews.com/f7ccc4ea283746f28b261cabeaf8f0c5 https://apnews.com/f7ccc4ea283746f28b261cabeaf8f0c5
- Goladus 9y agoIt's not clear that the Venezuelan case is due to inherent property of Bitcoin, or merely that Bitcoin just has good timing and is the most conveniently available alternative to cash out of a tanking currency. Basically, saying that bitcoin can (at the moment) function as a better currency than one that is completely failing is valid and interesting, but not exactly a ringing endorsement.