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Sure, but I'm referring to transactions that currencies are used for: goods and services. Coinbase's wellbeing depends on transaction volume and on the asset it
by rmk 4y ago
Sure, but I'm referring to transactions that currencies are used for: goods and services. Coinbase's wellbeing depends on transaction volume and on the asset itself being desirable / a 'solid' asset class. For example, penny stocks are an asset class, but are not in the same class as blue-chip stocks or stocks on any major index. Most brokerages would prefer to be in the middle of transactions in the latter, not the former.
- cellis 4y agoNot a crypto maximalist, but Zillow and Redfin ( and lots of other "collectible" marketplaces ) are just fine, even though we don't exactly "transact using houses".
- rmk 4y agoHouses are not intended to be a medium of exchange, and neither are they collectible... But they fulfill an fundamental need in society, so they are going to be assets that will have some value in and of themselves. At the end of the day, people find utility even with some of the collectibles you allude to, like art works, whereas in crypto there is nothing tangible, and the buyers seem to be buying on the greater fool theory for the most part. It's not as if the money is growing because of value being added and part of it being captured as a result of the investment, e.g., a stock investment, C.D., or a money market account. People seem to be more interested in it as a store of value than as a medium of exchange...