A response to this article:
http://www.marketwatch.com/story/stay-away-from-bitcoin-its-complete-garbage-2017-06-15
I want to start off by saying I am not an expert on economics by any means. Actually...very far from it.
Hey all, I don't even know how I came across this article. I thought I'd post it in attempt to provoke discussion, and hear some defending arguments for cryptocurrency. The writer of this article says bitcoin is only good for money laundering and online gambling. I'm going to go out on a limb and say most of us here disagree with the idea that bitcoin/cryptocurrency is useless.
I think most of us here knows that everything has the value we give it. We are ultimately in control of the price of bitcoin and other cryptocurrencies, as we are everything else. I feel like one could have a similar opinion on things that have been valued for hundreds of years, such as gold. What is gold really good for? Sure it is used in electrical equipment and dentistry in small amounts..among other things, but most of the gold consumed each year is made into Jewelry. What kind of usefulness is that? So much of it is sitting in vaults in gold bars (which are totally useless in their current form) because gold is used as a store of value. I'm not bashing gold, just making an observation. It has value because it's rare and humans give it value.
We give cryptocurrency a value. We've been giving gold a value for thousands of years, too. Maybe this guy is just upset he missed the crypto-boat years ago. Who knows? I personally will stay on board for the ride.
Comment your reactions to this article below.
