> Why can't we just put the currency back on gold?
Because politicians will take it back off gold again when it suits them.
Sorry to be "that guy," but this is why bitcoin was created.
Because politicians will take it back off gold again when it suits them.
Sorry to be "that guy," but this is why bitcoin was created.
[1] https://www.cnbc.com/2019/03/22/majority-of-bitcoin-trading-...
[2] https://cointelegraph.com/news/tethers-trouble-with-new-york...
> Don't be the guy advocating putting money into bitcoin to store value
Well, I didn't. Bitcoin was designed to be sound and honest money on theoretical grounds. But it hasn't yet achieved the needed liquidity to be relatively stable in value. I hope it does some day, but I don't know if it will.
Anyway, the issues you are raising with your references do not worry me in the least. I have been watching bitcoin a long time and I think that's just short-term news. It's not part of the macro picture. It's like if you came back from a 20 year stint in a monastery tomorrow and watched the news---you would think for sure the world is ending tomorrow. Everything seems like a crisis in the moment, but it isn't.
I like the idea of cryptocurrency, but bitcoin is an awful store of value compared to gold. I haven't found a recent calculation for the beta of bitcoin, but it's something pretty crazy. Also, china controls over 2/3 of btc hashing power; I don't trust her with a penny.