Bitcoin MIGHT collapse, but not because of JP Morgan or China

People have a problem with differentiating Bitcoin from the concept of crypto-currency or from blockchain technology.

Yanis Varoufakis argues that Bitcoin only rewards hoarders (don't forget that he's an economy professor and #1 enemy of the banks in EU):

"If bitcoin succeeds in penetrating the marketplace, an increasing quantity of new goods and services will be traded in bitcoin. By definition, the rate of increase in that quantity will outpace the rate of increase in the supply of bitcoins. In short, a restricted supply of bitcoins will be chasing after an increasing number of goods and services. Thus, the available quantity of bitcoins per each unit of goods and services will be falling causing deflation"

To prevent that would need regulation; which is directly against the idea of decentralisation.

This is why Bitcoin is "eventually" doomed to fail; but we don't know when. 1BTC might reach 1 million dollars before that happens. But it will likely happen.

I find value-adding coins more useful; like Steem which is power by its users or JSEcoin that allows your browser to do mining or SiaCoin that allows you to lend your extra storage space.

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