Article discussed, which was contributed by Bill Harris: https://www.recode.net/2018/4/24/17275202/bitcoin-scam-cryptocurrency-mining-pump-dump-fraud-ico-value
From the article, Bill Harris main claims are:
- Means of Payment. Bitcoins are accepted almost nowhere, and some cryptocurrencies nowhere at all. Even where accepted, a currency whose value can swing 10 percent or more in a single day is useless as a means of payment.
- Store of Value. Extreme price volatility also makes bitcoin undesirable as a store of value. And the storehouses — the cryptocurrency trading exchanges — are far less reliable and trustworthy than ordinary banks and brokers.
- Thing in Itself. A bitcoin has no intrinsic value. It only has value if people think other people will buy it for a higher price — the Greater Fool theory.
IvanOnTech arguments are:
1. Financial exclusion – a your country cannot exclude you from financial support, meaning you can get funding globally and don’t have to rely on the current laws of the country and be part of the bank. You don’t have to comply with the banks (for the most part). There is simply less control.
2. Hyperinflation – a currency that is not governed by a government and can’t be controlled by corruption of the government, makes the coin more reliable so hyperinflation does not happen and the currency can not become completely useless by a centralized authority (government).
3. Ownership – Money in your bank won’t mean you “have” the money. The government or the bank can have influence over that and make your ownership invalid. You can’t take away cryptocurrency unless by force (hacking, acquiring the password).
4. Anti-corruption – blockchain can introduce a lot more transparency, especially to the general public [although at the moment there is anonymity or pseudonymity which makes it harder to track].
IvanOnTech mentions that in general cryptocurrency isn’t required in financially stable countries, but in corrupted and unstable countries it is very preferable.
[] - personal thought
Congratulations @izolith! You have completed some achievement on Steemit and have been rewarded with new badge(s) :
Click on any badge to view your own Board of Honor on SteemitBoard.
To support your work, I also upvoted your post!
For more information about SteemitBoard, click here
If you no longer want to receive notifications, reply to this comment with the word
STOPSTOP
Notifications have been disabled. Sorry if I bothered you.
To reactivate notifications, drop me a comment with the word
NOTIFYCongratulations @izolith! You received a personal award!
Click here to view your Board
Do not miss the last post from @steemitboard:
Congratulations @izolith! You received a personal award!
You can view your badges on your Steem Board and compare to others on the Steem Ranking
Vote for @Steemitboard as a witness to get one more award and increased upvotes!