Re:Bitcoin Bubble Makes Dot-Com Look Rational
by leereeves on Tuesday November 28, 2017 @07:41AM
(#15796669)
Would a country whose currency isn't worth the paper it's printed on have the infrastructure to use BTC? Would they be able to afford the transaction fees?
BTC would really need the support of a developed government, but those governments aren't eager to give up control of their currency.
Re:Bitcoin Bubble Makes Dot-Com Look Rational
by charlesdm on Tuesday November 28, 2017 @07:48AM
(#15796718)
Not saying it will be Bitcoin. It could be Ethereum, or some other crypto with (very) low transaction fees.
I don't think Bitcoin is a currency anyway.
Building a crypto banking service that can be controlled through a phone (e.g. in Africa) should have tremendous value given the very high inflation in some countries there.
I don't know whether governments will buy Bitcoin, but I wouldn't consider it unlikely that some country decides to use crypto as a replacement to their fiat currency -- either the government of a developed nation does it, or the people just decide that their local money isn't worth the paper it's printed on, and decide to use some sort of cryptocurrency.
I know this sounds crazy, and I would've called it a ridiculous notion if someone told me this 5 years ago, but I don't consider it too unlikely anymore. It has grown on me.
Due to quantitative easing, money just isn't worth much anymore and asset prices have gone up a lot across the board. Just look at the recent acquisition of a painting by Leonardo da Vinci: $450m. That could not have happened 20 years ago.