Electric Sheep on Nostr: "The success of bitcoin as an investment asset does not guarantee the success of ...
"The success of bitcoin as an investment asset does not guarantee the success of Bitcoin as a peer-to-peer electronic cash system."
I'd go further. It has effectively prevented BitCoin ever taking off as a day-to-day payment systems, outside of a niche of true believers. Once the tulip mania took off, the tokens became way too valuable to buy pizza with, and their value far too variable.
Now that the initial mania is over, a huge numbers of wealthy individuals and institutions are holding BTC as a speculative investment. It seems even less likely to work as an everyday payment system, and more likely to be the prototype for a federated clearing system between banks.
I'd go further. It has effectively prevented BitCoin ever taking off as a day-to-day payment systems, outside of a niche of true believers. Once the tulip mania took off, the tokens became way too valuable to buy pizza with, and their value far too variable.
Now that the initial mania is over, a huge numbers of wealthy individuals and institutions are holding BTC as a speculative investment. It seems even less likely to work as an everyday payment system, and more likely to be the prototype for a federated clearing system between banks.