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Wouldn't functional digital currencies simply remove any remaning non-speculative use for Bitcoin and further tank it? I fail to see how it provides any confide

by shkkmo 4y ago

Wouldn't functional digital currencies simply remove any remaning non-speculative use for Bitcoin and further tank it? I fail to see how it provides any confidence that bitcoin will regain value.

UltraViolence 4y ago
Because there's no added value in having a digital dollar variant which is ultimately controlled by the government and Big Money. But its existence will give independent digital cryptocurrencies like Bitcoin more legitimacy, which translates into higher demand, which translates into a higher price. I foresee countries like Russia, China and other rogue nations betting big on digital cryptocurrencies to evade sanctions. From what I gather they're already doing this now, but in the future more non-aligned countries in Africa, Asia and South America may join them. The best way for them to do so would be to use Bitcoin since most financial networks (SWIFT) are controlled by Western nations. These countries are fed up with the West's incessant financial terrorism and misuse of financial institutions to strangle them or to put them on a leash.
- onlyrealcuzzo 4y ago
  > Because there's no added value in having a digital dollar variant which is ultimately controlled by the government and Big Money. You mean beside paying taxes or going to jail, right?
  - UltraViolence 4y ago
    I recently read a frightening article which postulates that a move towards digital currency will make NEGATIVE interest rates feasible for Central Banks.
- shkkmo 4y ago
  > But its existence will give independent digital cryptocurrencies like Bitcoin more legitimacy How exactly? The legitimate uses will move to the legitimate digital currencies which will leave only illicit and speculative users, further tanking Bitcoin's reputation.
  - UltraViolence 4y ago
    There's no such thing as bad publicity.
    - shkkmo 4y ago
      Objectively not true. What the common idiom "There's no such thing as bad publicity" actually is intended to mean is that "sometimes bad publicity can actually be good", which is true.

by shkkmo 4y ago

Wouldn't functional digital currencies simply remove any remaning non-speculative use for Bitcoin and further tank it? I fail to see how it provides any confidence that bitcoin will regain value.

UltraViolence 4y ago

Because there's no added value in having a digital dollar variant which is ultimately controlled by the government and Big Money. But its existence will give independent digital cryptocurrencies like Bitcoin more legitimacy, which translates into higher demand, which translates into a higher price. I foresee countries like Russia, China and other rogue nations betting big on digital cryptocurrencies to evade sanctions. From what I gather they're already doing this now, but in the future more non-aligned countries in Africa, Asia and South America may join them. The best way for them to do so would be to use Bitcoin since most financial networks (SWIFT) are controlled by Western nations. These countries are fed up with the West's incessant financial terrorism and misuse of financial institutions to strangle them or to put them on a leash.

onlyrealcuzzo 4y ago
> Because there's no added value in having a digital dollar variant which is ultimately controlled by the government and Big Money. You mean beside paying taxes or going to jail, right?
- UltraViolence 4y ago
  I recently read a frightening article which postulates that a move towards digital currency will make NEGATIVE interest rates feasible for Central Banks.
shkkmo 4y ago
> But its existence will give independent digital cryptocurrencies like Bitcoin more legitimacy How exactly? The legitimate uses will move to the legitimate digital currencies which will leave only illicit and speculative users, further tanking Bitcoin's reputation.
- UltraViolence 4y ago
  There's no such thing as bad publicity.
  - shkkmo 4y ago
    Objectively not true. What the common idiom "There's no such thing as bad publicity" actually is intended to mean is that "sometimes bad publicity can actually be good", which is true.