What is the thesis for bitcoin to endure and eventually replace government backed currency? Or not even go that far, but gain a legitimate market share of commerce transactions. People seem to really struggle explaining how this mass adoption will occur.
It's a nice little idea but I don't see it.
Vitterd, what do you think?
Can crypto-currency play a major role as banking and commerce goes more digital? I think it probably just goes the way of playplal eventually, which isn't a bad thing, it helps facilitate transactions.
When playplal 1st started their goal was to replace government backed currency with crypto-currency, but it proved harder than they thought. Especially with 9/11 happening and the banking regulations that came after.
Can crypto-currency play a major role as banking and commerce goes more digital? I think it probably just goes the way of playplal eventually, which isn't a bad thing, it helps facilitate transactions.
When playplal 1st started their goal was to replace government backed currency with crypto-currency, but it proved harder than they thought. Especially with 9/11 happening and the banking regulations that came after.
I hope I explained it the best I could down in the poli. To understand it you have to first understand that money doesn't have to be backed by anything, whether it be backed by Gold, or the US government. Money is just an exchange of goods and services, the goods and services is what gives it it's value. It's backed by things like gold and governments because of counterfeiting, which is a currencies real biggest enemy. If bitcoin can survive counterfeiting then it is possible it could replace paper money at some point, it just has to keep growing. Money is backed by goods and services and is really just a promise to trade you back other goods and services when you want them. Gold really is just a rock that is rare and nearly impossible to counterfeit which is why it makes good money.
Anyway even though I don't agree with AK and think he can be juvenile, I think posting his personal info or pictures crosses the line. Since I'm a mod and I can, I'm taking away some guys avatar.
