Last Topic: 6:02:20pm, 06/15/2021
Last Post: 3:06:52am, 09/26/2021
That's basically why I didn't feel it (Bitcoin specifically, but crypto in general) was something valuable in 2011 that was worth mining and why I stopped, sold, and didn't buy any crypto until recently. I didn't see it going anywhere. I didn't expect it to be something to be as speculative as it is now. I think that's the value and I don't really see it changing anytime soon.
We're getting close to it, especially with El Salvador making Bitcoin an official currency alongside the US dollar. I've seen Bitcoin and Dogecoin being accepted at some businesses, but that's usually for marketing purposes; the exchange rate changes often, and I imagine they just sell the coin after they get it.
But ultimately, the price is too unstable for people to really trust it if they want the stability of money they own. I think most people getting into crypto are doing it not to exchange it for goods and services someday, but as an alternative investment. It's like digital gold. Nothing wrong with that, but it's more of a speculative asset unless you're actually holding it AND using it for goods and services. It hasn't been proven as a real currency people want to use instead of a traditional currency and it won't be until it's not seen as any more of an investment than a US dollar, Euro, Yen, etc.
In all honesty, the time I saw any crypto most as a currency, El Salvador aside, was when I read a story sometime after the Bitcoin crash but before the boom where some people decided to completely stop using anything but Bitcoin. But right now? Like Elon Musk joked about on SNL about Dogecoin, crypto seems more like a hustle to me than a currency.
Last Post: 1:54:19am, 10/18/2006
Now I see it. XD
- Board 8 Wiki, for anything Board 8-related
Squall is going to the championship! BEST CHAR EVA! [Lost sig bet to goku z, expires 10/19]