Hi Omar
Thanks for the warning fo the EROS coin. I thought it had a good potential if it was not a scam
I do believe Bitcoin has replaced gold as the safe haven investment. That is why bitcoin even with the price correction is double now the price of gold. I agree there will be demand for gold & silver to create those mining chips need to create more altcoins. But not as store of value
I don’t think there will be a scarcity of FIAT currency as Central Banks can always print more dollars
But I am concerned if America does fall behind the adoption of crptocurrency . As other nations embrace Bitcoins and other alt coins, there will be less demand for US dollar as a reserve currency and
With US federal government and some state discouraging Bitcoins businesses , America might be left behind by the Bitcoin boom. This would really impact the Global economy as it get decoupled from the US dollar
http://www.coindesk.com/nail-coffin-day-us-regulators-stifled-bitcoin-startups/
https://cointelegraph.com/news/south-korea-to-soon-legalize-bitcoin-and-ethereum-protect-traders-from-bubble-burst
It like gold or the US dollar. you can convert it easily to fiat money. Not every country can cash ETH OR LITECOIN , you need to convert to convert it first to Bitcoin
Then also there is its high value, what alt coin is valued at above 2000 usd ?
Gold is valuable because it is worth more than 1000 usd. Other metals are rarer or more useful. But gold is what we use as one of the foundation of our financial system
Basically value of a coin it not always what can it can do but what value we assign to it. And we place value on US DOLLAR, GOLD and BITCOIN
http://www.economist.com/node/16536800
That is what I don't understand. Why is Bitcoin a good store of value? What is that value? Steem is clearly useful, ETH is needed for running the EVM, Dash is good for privacy, etc. But Bitcoin? It's useless for anything other than buying with fiat and trading for altcoins. Once you can buy altcoins directly, Bitcoin will be worthless. Or am I not seeing things. With Ethereum, anybody can "replicate Bitcoin" by making a simple contract. Please explain where does the Bitcoin value come from.
Thanks!