Can you clarify what you mean by this?
You literally can't buy groceries with it, let alone fast food because of the lack of infrastructure and high cost of transactions. There was an app that was available to facilitate this and it has been abandoned.
It's not something that is going to get fixed. The same people who claim it will are the same liars who claimed it was going to be essentially free to use. The reality is that the longer the block chain gets the more it will cost to record. And trying to record every transaction everywhere in the world on hundreds of ledgers is retarded. It's a retarded system.
When I can get a bitcoin credit card that works everywhere with less than 1% charge and bitcoin keeps its value to within 5% year over year I will take another look. So far all the promises have turned out to be lies.
It's not viable in it's current state and dispite more propaganda and the bitcoin madness that it created the project failed to evolve. If it ever had a change for widespread adoption that would have happened when literally every news station was hyping it and following its valuation daily. People were in a buying frenzy for any stock that had bit anything or blockchain in the name.
That kind of hysteria is once in a lifetime. People aren't going to fall for it twice. Even if the whales pump the price to 1 million.
Ok, I see your definition of currency then. That seems to be a very limited measure of value though. For example, you can't use t-bills or bearer bonds to buy groceries, but those aren't valueless.
Incidentally I agree bitcoin is never going to be M1 for the reasons you outlined, but that's not an argument against blockchain based currency in general (which you seem to be angling for).
That kind of hysteria is once in a lifetime. People aren't going to fall for it twice. Even if the whales pump the price to 1 million.
This is the third major spike I've personally seen. First was in 2014 when it peaked at almost $1,000 from barely $100 per coin in the space of a few weeks. Second was in 2016 when it almost hit $20,000. This one hit $30,000.
Unless the average lifetime has shrunk to four years this kind of hysteria is clearly more than once in a lifetime.
T Bill's and bonds are not currency, they are investments and they are very stable the way investments need to be.
Price spikes are not hysteria per se. There is no regulation so the price can be manipulated. That does not constitute hysteria. The hysteria is when people throw their money at stocks because they make some claim about exploring block chain. It's when billion dollar investment companies all decide to diversify into bitcoin at the same time and create a frenzy. That only happened once. And now it's over. And when it happened that was bitcoins chance to become adopted and it failed.
Bitcoin is useless because it can't be used as a currency
T Bill's and bonds are not currency, they are investments and they are very stable the way investments need to be.
Your original claim was that bitcoin is useless because it's not a currency. If t-bills and bonds are useful despite not being currency then have you abandoned this position?
Anyhow, they're stable if you believe the US federal government is stable. Given everything that's been going on that's far from a sure thing.
Price spikes are not hysteria per se. There is no regulation so the price can be manipulated.
Coversely, state regulated assets can be manipulated too... by the state.
The hysteria is when people throw their money at stocks because they make some claim about exploring block chain. It's when billion dollar investment companies all decide to diversify into bitcoin at the same time and create a frenzy.
Sure. Bubbles happen. That's life. They're not unique to crypto.
And when it happened that was bitcoins chance to become adopted and it failed.
Ah yes. Like how the .com crash meant the end of internet businesses forever.
You literally can't buy groceries with it, let alone fast food because of the lack of infrastructure and high cost of transactions.
You can't buy groceries with gold, silver, Amazon stock, or your house either. Some stores don't even accept physical cash anymore, only electronic.
Gold is not a currency either, no one ever said it is, and no one is telling you gold is valuable because it is a currency. So what the fuck are you even talking about?
If you want to compare it to gold, which has a value as an investment then you need to compare it to bitcoins value as an investment. You can't claim bitcoin has a similar value to gold because gold is also a shit currency.
(post is archived)