[Barrin92]

There is no incentive for any average citizen to engage in crypto-currency activity if it is a shoddy means of exchange and favours individuals who own a large pile of it. Most individuals are debtors, not creditors, and for them, inflation is a boon because it benefits them and erodes debt burden over time at expense of creditors.

It is in the interest of someone who uses money as a means of exchange and not as a store of value (which is the overwhelming majority of individuals) to reject crypto-currencies in favour of fiat currency.

Your average citizen gains nothing from adopting a currency that is highly volatile, concentrated in the hands of a few, and awful at completing everyday transactions.

[ericb]

> Your average citizen gains nothing from adopting a currency that is highly volatile, concentrated in the hands of a few, and awful at completing everyday transactions.

Maybe, but those problems are not necessarily permanent, and it can be valuable without targeting the "average citizen." As a counterpoint to your "gains nothing" view, many "average citizens" used bitcoin for transactions in the early days, only to find out that holding some of their currency in bitcoin made them rich, so they did gain something. Even if that is only a small possibility, the possibility is still there.

[GenericsMotors]

> As a counterpoint to your "gains nothing" view, many "average citizens" used bitcoin for transactions in the early days, only to find out that holding some of their currency in bitcoin made them rich, so they did gain something. Even if that is only a small possibility, the possibility is still there.

Confirming that it is preferable to "HODL" than spend this currency...and any gains were at the cost of new bagholders who in turn expected to sell their coins for an even higher price.

[ericb]

I'm sure that's intended as some sort of damning critique, but that's true of most assets in a portfolio. Real estate, commodities, stocks, currency, options, index funds, precious metals--all held in hopes of selling for a higher price.

[GenericsMotors]

Then don't call it a crypto currency and pretend its going to replace fiat currencies any time soon.

A currency is something people want as means of exchanging goods and services, an investment instrument isn't that.

And crypto has performed terribly as an investment instrument as well...can you imagine the chaos if the stock market swung 5-15% from one week to the next for months on end?

Lastly you're conveniently ignoring that stocks can pay dividends, and don't serve only as a speculative asset... Because publicly traded companies generally produce something useful and of tangible value to society, unlike cryptocurrency projects.