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Sure but again let's be a little more nuanced. When the Euro came out, trillions in wealth were automatically converted to it. Pretty apples to oranges comparis
by gleenn 4y ago
Sure but again let's be a little more nuanced. When the Euro came out, trillions in wealth were automatically converted to it. Pretty apples to oranges comparison. If all USD was converted to BTC, BTC would become useful everywhere as fast as people could change the POS systems. Not a fair comparison at all.
- woodruffw 4y ago> When the Euro came out, trillions in wealth were automatically converted to it. This is true, but also misleading: the physical Euro switch took place over months, and involved a coordinated public campaign to encourage millions of Europeans to exchange their physical bills. Digitalization helped with banking, but a significant human and policy effort occurred in parallel. And there's another problem: it's really not clear what it would mean for "all USD to be converted to BTC." BTC has already been issued, and will continue to be algorithmically issued. The Euro switch could not be economically triaged per se, because it was an in-kind transition. No such transition is possible for cryptocurrencies, unless we allow a central authority into the mix.