When will all crypto collapse?

NoahA said:
I do agree with this. As unlikely as this scenario is, bitcoin requires that is it broadly accepted and used.

But this very same thing can be said about money or gold. If someone had every dollar bill, people would just barter what they need. Money and gold only have value because they are so easily exchanged. Clearly the analogy between a business and bitcoin only goes so far. With bitcoin, we really only want it to do one thing. Gold for example does many things and it therefore just complicates the some of its intrinsic values.
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Fiat and gold are widely used and accepted. You are using fiat to value bitcoin.
Can you see why bitcoin might not be as widely accepted as you think it should.

Now when you say that you only want bitcoin to do one thing I'm not sure what that is. What are you looking for it to do?
 
NoahA said:
So essentially what this means is that the lending business is a crap business. So perhaps we should get away from a debt based system where we force everyone to take out loans and be a debt slave their whole life. Hmmm.... isn't this pro bitcoin??
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No it's pro common sense.
I have no debt. I did have at one time, I would rather pay a mortgage than rent.
Can you really envision a world where there was no debt?
 
deaddog said:
No it's pro common sense.
I have no debt. I did have at one time, I would rather pay a mortgage than rent.
Can you really envision a world where there was no debt?
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Yes, not that long ago, people needed 50% downpayment for a house. There were no credit cards. You left home when you saved up enough money to move out. The world works just fine on savings. It's of course more difficult to become a billionaire, but it's something that the world can do without.
 
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