[2018-02-11] Bitcoin unlikely to last 100 years

[coin_lover]

The pioneering virtual currency bitcoin could have trouble sticking around for the long haul given its lack of intrinsic value and practical applications other than as a means of payment, according to Nobel Prize-winning economist Robert Shiller.

Despite his less-than-enthusiastic prediction, he recognizes the fast-growing cryptocurrency market and calls for government intervention to protect investors. Shiller spoke to The Nikkei at the World Economic Forum in January and answered additional questions by email.

The economics professor at Yale University views the blockchain technology that underpins virtual currencies as an important innovation. The technology has given rise to such services as cheap and fast money transfers.

The problem, Shiller said, is with bitcoin itself. "Gold has maintained value for thousands of years" because it is "inherently and uniquely scarce and beautiful and useful for certain purposes," he explained. But "bitcoin is none of these," making its value very difficult to determine, Shiller said. "While Bitcoin production is limited to 21 million coins, there is nothing to stop new cryptocurrencies" from emerging, he noted.

https://asia.nikkei.com/Spotlight/Bitcoin-evolution/Bitcoin-unlikely-to-last-100-years-says-Nobel-winning-economist

[1Referee]

As soon as people come up with Bitcoin not having any intrinsic value, then I already know that it is a complete snob. Some times people just need to understand that there is more than what this shitty system has to offer, and that we are moving into a new age where traditional values won't continue to matter endlessly. In other words, how long will this on debt based system continue to last before completely imploding? You can't just print more money to cover holes endlessly. It's either adapting to the new and improved situation, or you'll find yourself covered in regret later.

Shiller said. "While Bitcoin production is limited to 21 million coins, there is nothing to stop new cryptocurrencies" from emerging, he noted.

Learn the difference between Bitcoin and the rest of the shitcoins you baboon. Shitcoins and shitforks don't have anything to do with Bitcoin's limited supply.