I couldn’t see anyone telling a complete story about BTC: 1- Governance by governments and the consequences of having something out of the government control (definitely there should be consequential cons). Ex. How a governments gonna be able to stimulate a dead economy in a BTC era? .. handling fraud? 2- If BTC <<dominated>>, the current financial system has to be killed first (both cannot live together). (i.e. BTC dominance destroys the banking system which is the heart of the world economy) what are the consequences of killing the current financial system for the housing, retirement plans, corporates, employment, crime ....etc?? Do you really think governments, banks, ..etc will allow that? #personalfinance #investments #bitcoin #btc #economy
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Btc and fiat can and will continue to grow together
This feels like stream of consciousness but I’ll bite. BTC on it’s own, is still worthless. The only reason it has any value is because ultimately you can sell it for real currency that is backed by governments. There is nothing revolutionary about cryptocurrency until it stops being traded for cash and is only traded for itself or commodities. While I like the idea of having a currency system outside of a centralized government power, the social contract between bitcoin holders is weak and that’s part of what makes it so risky. Even for our own paper money, we create a social contract backed by numerous laws, guarantees on savings (e.g. accounts FDIC insured up to 250k in the US) and interdependencies in the credit system that make it bad for everyone if it were to suddenly become worthless. That is not the case with BTC.