3 ms·
a) China's new digital yuan isn't a novel competitor to bitcoin. It's just the same old fiat in a new, more authoritarian enabling form. b) China, while increa
by anonporridge 5y ago
a) China's new digital yuan isn't a novel competitor to bitcoin. It's just the same old fiat in a new, more authoritarian enabling form.
b) China, while increasingly powerful, is not the whole world. If the rest of the world decides that bitcoin is the only viable fair global reserve currency that doesn't disproportionately benefit some global empire, then they'll eventually be forced to come along for the ride, and will be hurt from their decision to take themselves out of the game in the early days.
- verdverm 5y agoBitcoin is too volatile, when will it become stable enough to be used for pricing IRL goods?
- anonporridge 5y agoDid you not read my GP comment?
- verdverm 5y agoYes, the logic doesn't add up, it's a chicken egg problem. It has to be stable before it's used for pricing any serious amount of IRL goods. Given how it's usage has evolved, I don't see a path to a stable Bitcoin.
- anonporridge 5y agoIt will likely be the same kind of path civilization had to using gold and silver as its primary currency for thousands of years. If it happened for those metals, why do you think it's so unbelievable that it can happen for a superior form of digital gold?
- dmitriid 5y ago> the same kind of path civilization had to using gold and silver as its primary currency for thousands of years. Until we came up with better ways to provide payment for goods and services.