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It'll always have some value and may always be traded. I'm sure people still own and trade pogs but I wouldn't call pogs a currency. When I said that it'll fad
by migrantgeek 13y ago
It'll always have some value and may always be traded. I'm sure people still own and trade pogs but I wouldn't call pogs a currency.
When I said that it'll fade into history I meant that sites like Amazon will never accept it. By definition, currency is "the fact or quality of being generally accepted or in use".
If it isn't widely accepted, it's just not currency IMO.
The primary benefit seems to be anonymity and the majority of people don't care about that. I live in the US and we already have an anonymous form of money (cash) and I rarely see that used.
Why would "normal" people start using a more difficult to use currency just to be anonymous?
- mathattack 13y agoI'm not so sure about this. That's like saying, "People will always have AOL accounts." Well, eventually they became irrelevant. In addition, there are other ways it could end. Perhaps a government finds a way to shut it down. Or there's some kind of fraud. Or perhaps they become a victim of their own success, and someone else creates a better version.
- migrantgeek 13y agoYou're right, there are other ways it can end. Of course I really don't know what's going to happen but my best guess with what I know is that it'll fade into obscurity within a year. Probably my #1 reason for BTC failing is that it's not fiat. All popular currencies are fiat for good reasons. BTC sort of reminds me of the gold standard being finite and initially "mined". Maybe it's fate is similar. People who don't trust state backed currencies will find use but it will ultimately remain on the fringe for everyday trade.