i do laugh at those that only care about a future FIAT value while pretending "banks are bad, governments are bad"
I share your opinion, but we also can't focus on Bitcoin alone and detach ourselves from linking it to fiat, not yet.We don't and we won't have "bitcoin only" economy, not in the foreseeable future.
I don't want to focus on fiat to btc value relation, but I have no choice, although flawed by design, this is the only benchmark we have.
^^ Brilliantly stated, I absolutely needed to read those words today, Maku.
Bitcoin needs fiat because fixed supply just doesn't work with a currency. The dynamic development and progress of the economy always needs dynamic supply of currency, because without it, there would be no value stability. And the lack of value stability is the criteria of a low quality currency. Even high inflation is better if it's devaluation is happening in a predictable rate. Unpredictable value is the worse, because it's impossible to make any future estimates while using an unpredictable value currency as a point of reference. If you make your calculations for a 3 year long project with currency, that can go -+500% in that time-frame, then you're gonna have a bad time.
A lot of youtube educated bitcoiners try to demonize not only banking in general, but also all the economic and financial practical issues that counteract with their hopes of becoming rich by bitcoin speculation.
Mervyn,
You are probably not wrong about the YouTube educated generation, of which I am a slightly embarrassed member. We do tend to dream a tad too far out of the bounds of reality, and I had not heard this perspective yet, believe it or not. It isn't so much that I aim to demonize traditional fiat, but I predict the methods in which traditional banking accounts for transactions will change forever. I know the adoption of a more clever way of reconciling the ledgers is altering the operation of all finance. I am talking about the functions introduced through our Blockchain, and of course the beloved centerpiece of the publicly distributed ledger, Bitcoin.
So I suppose I should say Banks will be forced to adopt blockchain type technology because it is a better way for consumers to properly account for their consumption, and a better way to keep transactions in the daylight where all hands on deck can be seen, and must be clean.
