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by mattwilsonn888
1179 days ago
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The problem with any asset purporting to be money is that the final requirement for it to truly be money is belief. Bitcoin can be the best technical alternative for money, which I believe it currently is, but if people in general do not believe it is money then it simply is not money. But in fact, the bar is even lower than that for Bitcoin (or any alternative money's failure) - if the government(s) decide that you cannot accept Bitcoin (or any money) easily in trade, then it loses dominance as money (and thus is not really). When people say Bitcoin is not backed by anything, the intuition they are trying to communicate is that Bitcoin's value relies on people believing and accepting that value (of course so does the US Dollar, but look who is in the ring fighting for it). What people truly want out of a crypto-currency is value which is more objective, which is not reliant on the belief of others; it is the difference between a monetary chain, like Bitcoin, and a commodity chain. https://mukdde.substack.com/p/a-monetary-blockchain-is-less-... |
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