Was hoping to have a well thought out debate with someone on Bitcoin, thats on me I guess.
https://ift.tt/UG2oAiL
The argument presented is a short-term consequence of a brand new technology. The 100 level IQ view of things, as it were. The longer term, higher level IQ view of what’s happening recognizes the birth of a brand new protocol/technology undergoing growing pains and price discovery.
Earliest days, so few were involved that the ‘value’ rarely changed and the transactions never bunched up in queues. Seemed like a ‘curremcy’. Was called one in the white paper. Currency it was! Excitement followed.
Middle days (today): adoption ramps, prices fluctuate wildly as they ramp up consistently over the long term. Transactions get queued up and delayed due to popularity coupled with protocol/toolset immaturity. The whole ecosystem evolves.
Long days (end game): the world’s assets are valued in bitcoin such that the full 21 million coin supply is effectively spread out across them all. “Price”, or “value” is as stable as the value of the world’s assets themselves (in other words, more stable than any fiat currency ever devised). Price discovery has ended. Furthermore, higher level solutions, tweaks to the original protocols, etc have conspired to build a network capable of practically endless and instantaneous transactions for all, where warranted.
It’s amazing. It’d be like judging the telegraph and completely discounting the possibility of the smartphone in the future. And while doing so, padding yourself on the back for how damn smart and visionary you are for not buying into such an expensive, slow, and crappy communications method.
I feel sorry for people who can’t see what’s coming.
Cryptocurrency
