how about the real world? Where bitcoin is nothing more than a buzz word right now. Nobody is actually spending any substantial amounts, they are just speculating on the price.
The ones who are actually SPENDING coins, is the silent majority I referred to in the OP.
to reference a quote a lot of hipsters probably adore on this website
Look, the people you are after are the people you depend on. We cook your meals, we haul your trash, we connect your calls, we drive your ambulances. We guard you while you sleep. Do not... fuck with us.
ok i agree there are a lot of naive people related to the whole system , but that's not a problem , economically i see them as children i can't help this , and i do not do it in an arrogant way - but let me tell you Cryptocurrency has more important factor than "Drugs" or "pizza" although of course as they related to humans are really very important -
people in England use to speculate on the price to a degree of a stick of wood - look up what a Tally stick is. it was a currency, people speculate on the price of shiny malleable metal called gold.
are you starting to understand?
how often do you pay for drugs with gold
pizza? tally stick pay pass?
have you actually considered that you exist in an informational hologram? no?
well forget about that then , and focus on this:
Things have value due to in part the confidence in the market , as it relates to that information environment - so to simplify that if confidence is low against the market in which say, Gold competes , and Gold keeps that same amount of "confidence" it always had, you might say that the "market" will shift towards Gold.
Golds confidence did not increase - but the confidence in the competing market went down, you see?
that's simple right?
now confidence and "Things" kind of have a relationship - because "Things" are what humans recognize , and thus if human can get "things" with X , human has more confidence that "X" is "Valuable".
that's all being =
what if confidence drastically drops in the competitive market against "X" .
so "X" gets you "things" and "Y" gets you "things" = confidence starts to slip from Y , where will the market move to ? in this equation?
that's homework.
