If people cannot use it to buy things, its value will crater, and people will stop mining it.
It's not like you can use and do use it to buy things today... as a currency, it's an utter failure: A currency should be a stable storage of value.
The magic of the cryptocurrencies is that purchasers will "invest" in it in hope that someone else will buy it later. These buyers again hope that someone else will buy it for a higher price... and repeat. At no point has it been a useful currency or an actual value producing asset, behind all the smoke(literally) and mirrors it's a pyramid scheme. Just a far
Yes, certificates from the stock market would also be a terrible form of currency. Currency needs to maintain an established stable value or it isn't a trustworthy means of exchange.
Yes, make bitcoin illegal tender (Score:5, Insightful)
Re: (Score:5, Informative)
If people cannot use it to buy things, its value will crater, and people will stop mining it.
It's not like you can use and do use it to buy things today... as a currency, it's an utter failure: A currency should be a stable storage of value.
The magic of the cryptocurrencies is that purchasers will "invest" in it in hope that someone else will buy it later. These buyers again hope that someone else will buy it for a higher price... and repeat. At no point has it been a useful currency or an actual value producing asset, behind all the smoke(literally) and mirrors it's a pyramid scheme. Just a far
Re: (Score:1, Insightful)
So, like the stock market, right?
Re:Yes, make bitcoin illegal tender (Score:2)
Yes, certificates from the stock market would also be a terrible form of currency. Currency needs to maintain an established stable value or it isn't a trustworthy means of exchange.