G'day. Great post. Two points you make stood out for me:
Current fiat money has moved from "medium of exchange" to a "method of control".
and...
"so they don't want to use it to buy a sandwich today when it could buy them a Ferrari in two years and that is where stability comes in"
I've often wondered how cryptos could somehow be morphed to cover both spending ("medium of exchange") and saving ("store of value") without all the speculation and volatility??
Absolutely, money does not flow freely when that is one of the most important aspects
This is the million dollar question however we most certainly do have a store of value already, in fact, arguably one of the best stores of value we have ever seen. But as you say for a currency to be a currency it needs to be stable but we are in the most infant stage of crypto and that is causing so much volatility. Crypto is here to stay though, we just don't know in what form. I am extremely bullish on ETH yet it hasn't made the hugest gains in the last 3 months however it is the tech to beat.
Even though it's now a simple process, I wonder how many people actually use BTC as money as opposed to sitting on it?
I'm with you on ETH - what do you think of EOS? Very cheap at the moment but still heading south.
Not many now I bet lol, not with the potential that BTC could climb. The entire crypto market pales in comparison to the rest of investment world so what happens when they start jumping on board.. and they will, they have already started but they are treading carefully.
EOS - I must admit I haven't read the white paper on this one but it does nothing for me at this stage. I don't see a product yet, just an idea. That's why I'll happily invest in steem, you can see it, you can use it. It's real world, right now. Also Vitalik wasn't a fan.