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Author Topic: "We need to think deeply about the economic function of money"  (Read 133 times)
The Pharmacist
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June 21, 2018, 02:23:01 AM
 #21

I think bitcoin was the result of some people deeply thinking about the economic function of money.
I agree, and I've also always thought Satoshi Nakamoto is not one person.  Makes sense, since no one can find out who he is.

That’s why bitcoin has a cap of 21 million, as a way to prevent to prevent devaluation.
Yeah, but there can be an unlimited number of cryptocurrencies.  I have to wonder how that's going to affect the crypto market as a whole and their utility as actual currency.  If bitcoin was the only crypto in existence, I'm sure the price would be through the roof right now, but I'm curious as to what's going to happen when even more altcoins are brought to market--and whether something better than bitcoin will ever be created.

It doesn't need to function as a traditional currency because traditional currencies all go to zero and eventually are useless.
But currency as a concept has never been useless.  Sure, individual ones come and go, but every country in the world needs a currency.  I also think the above sentiment tends to get used as propaganda by people pushing precious metals and I tend to just tune it out.  It may very well be that the US dollar, for example, might not die within our lifetimes and perhaps not even the lifetime of our grandchildren.

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