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Saying that there is no reason to buy a crypto-currency is absolutely false. You probably live in a Western country where you mostly trust the banking system an
by vvpan 8y ago
Saying that there is no reason to buy a crypto-currency is absolutely false. You probably live in a Western country where you mostly trust the banking system and stability of your own currency. That is not the case in many other countries. You will probably say that most crypto-currencies are extremely volatile, which is true, but there are already existing and active projects that have addressed that issue, for example the DAI stablecoin. In Russia there's been a banking crisis recently, stablecoins, tokens tied to commodities and such would have directly benefited people keeping their money in these opaque and vulnerable institutions.
- acdha 8y agoCountries without stable currencies tend to use things like USD which have stable values rather than wild fluctuations. That’s a product of a social system and years of practice, not hand waving about magic real-soon-now technology. In your Russian example, the value would be in the link to the commodity rather than whether it’s a printed bill, entry in a database, or record in a block. If that’s honest, any of them will work and if it’s not, none of them will. Besides, if I lived in Venezuela or Russia, would I really want to record my black market activities in a public ledger which is hard to disavow?