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
https://win-vector.com/2013/11... [win-vector.com]
Ponzi schemes all run on the variant of the aphorism “The best time to plant a tree is 20 years ago, and the second best time is now.” So unless you intend to assert Bitcoin is a Ponzi scheme you don’t want past performance to be your sole justification of purchase (you need to find and reason about underlying mechanisms). Don’t confuse holding means of production (like a tree) with holding assets (like money, Gold or Bitcoin).
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:Yes, make bitcoin illegal tender (Score:2)