In my opinion , bitcoin's technology is robust. But bitcoin itself, as a unit of value, is flawed. In its concept.
Have you ever thought about the fact that 1 bitcoin is equal to 10 thousands dollars?
Therefore the value of that 1 bitcoin is still dependent on the value of that 10 thousand dollars ?
I mean what if 10 thousand dollars is worth NOTHING! then what ?
Unfortunately people dont look at these things at a core and deep level. This may sound crazy..but where is the value ? Is it just because 1 BTC is worth 10k dollars ?
Doesnt that mean that the value of 1 BTC is still ultimately tied to what we think 10k dollars is worth ?
Shouldnt the value of 1 BTC be tied to something else other than the fiat currency itself ? Because as long as it is..BTC is just just like any other comodity we buy and hold for its value (which may go up or down depending on what the market decides and what the technology unfolds in the future)
Bitcoin is built on existing capitalistic values, that makes it no different than any other capitalistic biproduct out there.
I could creat something of value (be it technological or whatever) and use it to transfer value and exchange value..it could be called salt, sugar or even leather...doesn't make it any different from any other comodity..
We need to study philosophy, and we need to understand the foundations of our world economy, if we want to reshape how things work..
I mean I have nothing against bitcoin i am all for it..and its technology..but this is just me thinking..the big labels of..changing the world! Giving power to the weak..reshaping the distribution of wealth ...
Aren't we not still in Capitalism anyway ? Think about it. Let me know your thoughts.
interesting... if the value of the dollar goes down the price of btc would just go up... wouldnt it.... like if the dollar became hyperinflated then one bitcoin could be worth like a million dollars..
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