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They moved away from the gold standard for some pretty good reasons. And countries don't use other currencies unless they are in a very bad position and have no
by DagAgren 7y ago
They moved away from the gold standard for some pretty good reasons. And countries don't use other currencies unless they are in a very bad position and have no other choice. Bitcoin is gleefully copying all the bad features of these kinds of systems, and not really any of the benefits.
And I have explained why it is negative sum. It is an exceedingly simple system and easy to analyse. There is no value creation involved at any point. Any value creation happens outside of the bitcoin economy.
There are only three factors:
1. People putting real money into markets.
2. People taking real money out of markets.
3. Exchanges taking a cut of that real money.
Nothing else involves actual value.
The combination of 3 and the fact that miners are allowed to do 2 without transferring any value in means that for the reason of the users, the sum is negative.