The government can back a currency all they want. It means little when
hits the fan.
There are a number of countries now going through hyperinflation. Many of their citizens are choosing cryptos to transfer wealth or even pay for goods
Why is a Mickey mantle rookie card worth thousands? Because someone will pay it. Literally all that matters.
You're not getting my point.
You are a crypto kool-aid drinker, and that's fine. I'm interested in crypto as well, but I'm trying to look into the potential downsides and pitfalls before I put my financial future into it.
I see a lot of potential trouble, if the people wake up one day and realize that they're putting a lot of hard currency into something that has no real use, doesn't exist as a tangible commodity they can hold, and is only worth whatever we think it is at a given time - so that said, it solves nothing, in relation to the nature of our inherently valueless paper money, and it doesn't even have the protections put in place by governments and central banks, such as the full faith yada yada yada...
The pitfalls are there to see. That bitcoin could have a precipitous decline, and a market self-correction, seems likes a when, more than an if, is what I'm getting at.
This doesn't mean it doesn't have a place in the future, and it doesn't even mean I'm necessarily right about all of this either...it's simply a discussion that nobody seems to have any real rebuttals for, and something anyone who has, or is thinking of putting any significant capital investment into crypto, and bitcoin and it's clones in particular, should be discussing or have some answers for.
There are other cryptos I see that have addressed, or attempt to address some of the issues that bitcoin is facing or has faced in the past, but these coins are nowhere near the popularity or value of bitcoin obviously...plus bitcoin is what it is already, and there's nothing that can be done to put the cat back in the bag and start over - so what the future is for bitcoin, and whether it's a worthy long-term investment or a bubble that will burst leaving people broke or with huge losses on their hands remains to be seen.
Why won't crypto enthusiasts ever discuss the possibility of bitcoin failing in it's goals, the potential mistakes they made as the 1st to market, or the fact that cryptos are nowhere near a mature product/currency/investment class, and we don't really know what they will become or if they have a long-term viability as they're presently envisioned/constructed?
I want to hear people who know more than me discuss their fears and concerns, not tout crypto as the lord himself personified, come back disguised as bitcoin to make us all wealthy beyond our wildest dreams. This all out love affair with crypto/bitcoin by those who are invested, is a large part of why people think of it in terms of a pump and dump...