Place taker #1
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
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