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RE: Let's mourn Bitcoin's 160th death.

in #bitcoin7 years ago

Well, to be fair, some of those articles are pointing out that crypto currency is definitely going to rise but "bitcoin" in the "long term" might not be the leader. I especially liked Yanis Varoufakis' argument that Bitcoin only rewards hoarders (don't forget that he's an economy professor and #1 enemy of the banks in EU):

"If bitcoin succeeds in penetrating the marketplace, an increasing quantity of new goods and services will be traded in bitcoin. By definition, the rate of increase in that quantity will outpace the rate of increase in the supply of bitcoins. In short, a restricted supply of bitcoins will be chasing after an increasing number of goods and services. Thus, the available quantity of bitcoins per each unit of goods and services will be falling causing deflation"

To prevent that would need regulation; which is directly against the idea of decentralisation.

This is why Bitcoin is "eventually" doomed to fail; but we don't know when. For all that we know, perhaps 1BTC might reach 1 million dollars before that happens.

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