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by pistle
4584 days ago
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Which is why bitcoin is secure and liquid - great as a utility currency. So you're saying the transaction costs of converting from bitcoin to any useful currency is really high and that we should see the unattractiveness of money-servicing costs as a security-assurance since script-kiddie criminals don't like seeing any portion of their free "money" siphoned away by the money-changers in the temple. |
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my point was simpler tho which is just that the real numbers being applied to these amounts rely on ecosystem stability and the market cap (a term a trader helpfully pointed me to in order to understand their favorite stat, which these "multiply by exchange rate" figures are an extension of) really doesn't represent the real world value of assets in Bitcoin since the value declines as money is pulled out of the system.
It seems to be anyone's guess as to whether or not it has real value or is a pyramid scheme. There's no way to tell without a mass cashout. Then we'd see how many BTC can get sold off before one starts to incur heavy losses. I think if some of the big players cashed out (early adopters with an inordinate amount of essentially self-printed wealth) the system would destabilize and finally flop. It's why they instead drive the price up & try to trickle units out one by one.