In the medium-sized to long-term I've written off all crypto that serve no useful function except, perhaps, as "digital gold" for asset safety. Comparing BTC to national monies, how many would use a currency whose fee "friction" made it impractical to use except as a replacement for Wire transfers?
On Jan 7, 2018 2:40 PM, "g2s" <g...@riseup.net> wrote: > James Kunstler's cynical forecast includes BTC > > "Bitcoin and other cryptos have a superficial appeal as a wealth safe > haven supposedly out-of-reach of avaricious governments — if you don’t > consider everything else that’s wrong with it. (Yesterday, Dec 31, > Australia’s biggest banks froze the accounts of Bitcoin investors.) I think > the safe haven idea will prove fallacious. Governments are already finding > ways to interfere, using taxation schemes and shutting down exchanges. > Bitcoin’s other claims on “moneyness” look bogus as well. It’s too unstable > to be a medium of exchange, and too difficult to even access when need to > sell, and you certainly can’t price anything in it as it shoots up and > crashes every day. Bitcoin went way up because people — or maybe just > algorithms — saw it going way up, so they hitched a ride. The rush to the > exits will be brutal. Its final resting place will be zero, but perhaps not > without a trip or two to nosebleed levels in 2018, especially as other > markets wobble in the first half of the year. Bitcoin $50-K wouldn’t > surprise me. But I’m not among the buyers. Enjoy the show...: > > In full http://kunstler.com/clusterfuck-nation/forecast-2018-go-wrong/ >