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I don't think you are wrong, but in the case of Bitcoin I think a lack of user focus is a secondary problem. The primary problem is that Bitcoin's economics don
by api 8y ago
I don't think you are wrong, but in the case of Bitcoin I think a lack of user focus is a secondary problem. The primary problem is that Bitcoin's economics don't work.
If it becomes popular, its nominal value explodes due to deflationary effects. This makes it inconvenient to use for money and rewards speculation and Ponzi type behavior. This drives people away from using it as money and it crashes. Repeat.
Bitcoin was getting some adoption in 2016 and early 2017, but the late 2017 bubble led to many retailers dropping it due to price instability. The late 2017 Bitcoin bubble was actually a deflationary collapse of the currency. After it there were only speculators left holding bags and trying to gradually get out before other speculators realized it was time to get out. That's where we still are today.