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No, it won't. It's a negative-sum system that redistributes wealth from new entrants to old entrants and miners. It's a pyramid. And what exact path do you see
by arcticbull 5y ago
No, it won't. It's a negative-sum system that redistributes wealth from new entrants to old entrants and miners. It's a pyramid.
And what exact path do you see a 'dollar collapse'?
- gfodor 5y agoSorry, I'm not going to be dragged into a debate about if/when the collapse will happen. But if it does, your claim bitcoin is a pyramid will look silly, since it will be one of several assets that will be rushed into as a safe haven from inflationary forces. If you want to take the position such a collapse would cause a flight from crypto assets, be my guest.
- arcticbull 5y agoIn the mad max future you describe the only currency will be guns and ammo. Crypto requires a functional power grid and internet.
- gfodor 5y agoFalse - there are plenty of scenarios where you have a power grid and ability to reach the Internet and still need to transact illegally to survive.
- imtringued 5y agoThe value of cryptocurrency depends on how much people are willing to provide goods and services in exchange for cryptocurrency. If people are just trading crypto:dollar then a dollar collapse could destroy crypto too.
- chii 5y agoIt the dollar collapsed, but the internet & support infrastructure remained, then people might be more willing to accept bitcoin over dollars.
- olalonde 5y agoGold and the US dollar, to some extent, fit that characterization as well.