Just think of it rationally and logically ... Bitcoin uses a base standard currency = USD / EUR / CNY .... now think of it, those currencies alone account for 80% or more of the worlds GDP with established economies and backing of those currencies with the IMF and in net imports and exports to account for their value. How ever Bitcoin is based on backless speculation of a realized "Value" ... How is this value determined?? a ledger? value in property? value in its source code? backed by debt? ... There is only one way to increase "bitcoins value" currently its low volume and an influx of increase of buyer side = short term DELTA of a sellers market instead of a "buyers" market... just think of it as wanting to buy candy and the candy maker was not expecting for an increase in 100% of volume so he has to increase the price to decrease the volume. This is easy to manipulate when there are very small key players in the market. So to the question of delusional... it is up to you to understand the economics and viability of bitcoin. It is only valued as people pump real currency into it and this money is held by your Exchanges... Remember what happened when MT Gox? that is just a reminder.
Edit and addition to my post.
Jeffrey Robinson is quite correct about virtual and digital currency as the future path for currency as its more efficient and is the only measurable answer for the future. Example is Denmark, how ever it is not a "Crypto" system of money its more of a standardized system like using your debit card. This way they can deter fraud and account for various aspects of the system.
Wow, sounds revolutionary, and not already completely saturated. People who want a central party to "back" bitcoin (with the servitude of people's future labors), would best be advised to shun, stay in low load mutual funds, cash, and bonds plz.
LOL, I had a good laugh, Thanks Cconvert2G36 ...
The current question boils down to
what purpose can a crypto coin serve that current currency/ banking has not already served?Side note: There are still lots of liabilities in crypto coins Eg. Lost Wallets, irreversible transactions, no insurance, Exchange defaults, liquidity etc..
It has inflation that approaches zero, vs approaching infinity. QED
The liabilities you name are commensurate with its status in the global financial market, i.e. tiny, illiquid, volatile, and unforgiving. Scale and services will rise to meet this challenge, and/or the burden will be on the holder of the keys, as it always has been.
I don't know if you have the appropriate idea of inflation vs deflation and the usability of currency, but ill use a case example. Lets just say by 2025 bitcoin reaches 95% of all of its coins into the market, Lets put this figurative number at 20,000,000 coins... Then lets just say every year per annum (year over year) approximately 5% of coins are lost (currently as of 2015 30% of all bitcoins are "lost").... so by year 2025 there would only be approximately 20-40% viable coins left(4,000,000-8,000,000) ... Okay and then lets account for the halvings as well. At this point lets just say there are "active bitcoin holders" of 100% increase every year lets just say by year 2025 that is a total 250,000,000 active bitcoin holders (not accounting for empty wallets that number could be in the "billions") ... so if we calculate everything people would have to be accounting their bitcoins in satoshi's how would that work out as a viable solution for economical trade. Will everyone have to be a millionaire to even purchase 1 bitcoin?
addition to post:
my brain went on a tangent and forgot to give case example for inflation of the base currencies of USD / EUR / CNY .... currency for inflation on the high end for USD = 3-4% inflation , EURO = 1-2% , CNY = 3-4% ... (These values are greatly optimistic in inflation) ... so 1 dollar in 2025 would still be valued at approximately 80ish cents but you have to remember standard of living and minimum wage increases as a whole, as well as gdp should in the case it doesn't then natural deflation or stagnation occurs.
