Re:Bitcoin Makes Even Smart People Feel Dumb
by codingmyway on Friday August 11, 2017 @07:48AM
(#14988653)
"asset holders (i.e. mostly the upper classes) essentially made bank, because debt got extremely cheap and the value of the currency declined. The average saver lost money, or at least yield, because it didn't make any sense to save money"
So if you're a saver, this is the problem that bitcoin solves. A way for savers to protect themselves from being robbed by central bankers to bail out asset speculators.
Bitcoin is also easier to take with you when you relocate. Bitcoin is a weapon is the battle of savers vs debtors.
Re:Bitcoin Makes Even Smart People Feel Dumb
by charlesdm on Friday August 11, 2017 @10:20AM
(#14989896)
But Bitcoin is an asset as well. And savers don't generally like buying assets, especially not if they're very (very, very) volatile. The average joe could've bought stocks, in 2009, yet mostly didn't. And for those that didn't, then they probably wouldn't have bought Bitcoin either.
You describe Bitcoin as a currency. To me, while it looks like a currency, it's not actually a currency. It seems more like a pure asset class.
I mean, maybe I'm a minority here, but who holds significant cash in a checking account these days -- especially with the market booming during the last few years like it has?
If you look at what happened with QE in the last few years, asset holders (i.e. mostly the upper classes) essentially made bank, because debt got extremely cheap and the value of the currency declined. The average saver lost money, or at least yield, because it didn't make any sense to save money.
The reason why I can't see fiat disappearing is because the government is in control and makes laws as they see fit. I don't agree with all levied taxes yet will still pay them. Even if I didn't want to pay them, my only alternative is to relocate to a different country.
Useful PoV though, thanks!