"Buy Bitcoin"
"Join Steemit"
"Buy Bitcoin"
"Join Steemit"
Okay, I here I am, but why does everyone have to be so aggressive about it?
Come to think of it why are all the supporters of block chain getting so aggressive when anyone brings up legitimate criticism of this method of currency?
I'm constantly told;
"You're stupid"
"Bitcoin is the future"
"You don't understand it"
Yes, I do. You are creating a digital fiat currencies. Please note the plural, currencies. What's the point in talking about finite supply when you're making new cryptocurrencies exchangeable for the others every year?
Finite supply per cryptocurrency X Growing number of cryptocurrencies = Infinite currency supply
Now we have Steemit dollars to trade for bitcoin, more currency generated from nothing.. What will we have tomorrow?
Imagine if you tried a cryptocurrency model out in the offline world, just make your own currency to trade but with the larger population of people not glued to the internet. Might go something like this..
Infinite currency supply backed by nothing but the belief its users have in it.. Digital fiat..
I'm starting to believe its greatest advocates are figuring it out too.
This is why they're getting so aggressive selling it and so defensive defending it, Crypto will fail if it's user base doesn't grow.
The price of cryptocurrencies will rise only if the rate at which people pumping other forms of currency into it outstrips all the rate of cryptocurrency being generated.
We have an alternative to fiat currencies right now. Gold and Silver. You can hold it, you can bury it, you store it. They have real world uses and value, particularly silver. Cryptocurrencies do not compete with real money.
"... but gold is inconvenient to move around the world"
Everyone needs to stop thinking like a globalist. Why do you need to speculate globally if we had sound money to invest in actual wealth generating enterprises in our local towns and cities?
Oh alright, If you absolutely have to be a globalist go check out https://www.goldmoney.com/ . You can use that to transfer the ownership of Brinks held gold around the world instantaneously. I don't use it to as intended, and I hold very little gold there because it is either likely pool allocated or unallocated storage.
If you are making money off cryptocurrency, good for you, I hope you're sleeping well and I hope you know the right time to get out.