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The problem is that cryptocurrency is terrible money because it's hyperdeflationary, or at least the most popular coins are. Bitcoin is far more deflationary th
by api 5y ago
The problem is that cryptocurrency is terrible money because it's hyperdeflationary, or at least the most popular coins are. Bitcoin is far more deflationary than gold since with gold you can't lose your key and render your gold non-existent. We don't even know how much Bitcoin has been lost to "breakage."
The insanely deflationary nature of these currencies makes them prone to wild swings in value, which is not something you want in money. It also attracts a lot of Ponzi schemers and get rich quick types.
- t0mbstone 5y agoOh, trust me, I’ve been saying Bitcoin is fundamentally broken since day one. That doesn’t mean all crypto coins are scams though. There are a number of stable coins that are in development that look really interesting, but a lot of them suffer from various faults. We still haven’t figured out the perfect coin yet, but I do believe it’s only a matter of time.