Wouldn't we die out by now or slowly be sinking towards insignificance? Wouldn't market forces be at play and all of us "propping up" the value eventually say to hell with this rubbish cash out and leave? Wouldn't miners be like why I should secure this network its a waste of my time? Wouldn't we all eventually find that we're not being productive and building on a technology that's going anywhere? I mean after ten years, how stupid can all these smart people coding be?
Hey Jessypherpunks
As an owner of a range of cryptocurrencies and an enthusiast in the industry, I'm compelled to call out bullshit when I read it, smell it or see it about my beloved coins. It's sad thinking that I have to say or categorise or be categorised as a cryptocurrency enthusiast. Do we call everyone on the normal internet and internet enthusiast? An email enthusiast?
Image path - bitcoin.com
Its a scam
No so what makes this protocal particularly troublesome for people and people of power to accept. I've heard all the fear-mongering about it before its a place for scammers, yes it is, you're right, and we shut that shit down before it goes too far, Bitconnect and ICOs of which plenty were scams.
Its for nefarious purposes
Oh, it's for hackers, techies and these anti-establishment types, well on Steem I've seen stay at home moms sharing their knitting projects, hardly seems the threat to global intelligence and our way of life unless those moms are knitting sweaters with kevlar in them.
If we have to go by that logic than fiat should be banned too for the percentage of illegal activity conducted with fiat far outweighs what is done with cryptocurrency.
It's a bubble
If we look at the biggest bubbles in history none of them lasted 11 years, and when they did collapse there was no rally yet here, we are continuing to soldier on. I think 2017 was a bubble, but any healthy free market has boom and bust cycles, Because artificial economies have removed that to smooth out transitions, we've forgotten how a healthy economy reacts.
It has no value
So cryptocurrency has no value and is based on thin air, but if you run with this argument surely anything, we trade-in is based on thin air. How is fiat worth anything apart from your country forcing you to use it as a means of trade? Imagine you had a choice on what you wanted to trade with from the beginning. I doubt fiat would compare. Its value is its confidence and ability to be accepted everywhere, which is the infrastructure that cryptocurrency doesn't have yet but is building towards WITHOUT the force of the law.
The bubble will eventually pop
Yes, it will, it's inevitable, it has to pop but popping out of its current value and use case and adding new ones. Cryptocurrency will continue to shed layers on pricing and add layers of functionality and become something far more than just a way to move money/value around the internet in an instant.
Surely if your livelihood and control are threatened, you would lash out, its an act of self-preservation on their part and I get that. If your position on top of the totem pole is threatened, would you not condemn the tool that is going to displace you?
Crypto brings with it a few ideas that I feel the world is lacking, such as personal responsibility and not trusting everything so-called "experts spoon-feed you". Remember your self-interest will always trump that of the interest of others, so why is it different for these experts? Are they so righteous and charitable?
Will this be a bubble? Don't take my word for it, as we say in crypto DYOR - Do your research.
Here's a Nobel prize-winning economist with his take on this sham that is cryptocurrency. This is what we're up against? If they are so adamant that a small subset of the internet can disrupt the world economy, how strong is the world economy in the first place?
Okay, boomer, you take your fiat, and we'll take our crypto and go our separate ways and see who ends up regretting it, isn't that a fair compromise.
Sources
Have your say
What do you good people of steem think?
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So have at it my Jessies! If you don't have something to comment, comment "I am a Jessie."
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