Disappointed, unstable cryptocurrency has no future!

I’ve realized that the cryptocurrency industry is of lack economics theory backing.

Bitcoin, a toy from IT industry has no future at all, as a currency.

When bitcoin came along I was impressed by the technology and the mathematics … The fact there’s a finite number of bitcoins bothers me a lot, and second their variable value bothers me a lot. So I’m not impressed. I think something rooted in the banking system is a lot safer for consumers.

-------vinton cerf, the father of internet

So far almost all of the Bitcoin discussion has been positive economics — can this actually work? And I have to say that I’m still deeply unconvinced. To be successful, money must be both a medium of exchange and a reasonably stable store of value. And it remains completely unclear why BitCoin should be a stable store of value.

—Paul Krugman, 2008 Nobel winner.

If you sniff at Serf and Krugman, how about Hayek?

They are also interdependent in such a way that, although at first different attributes of money may seem desirable for its different uses, money renders one service, namely that as a unit of account, which makes stability of value the most desirable of all.

----From Charpter XIII, “Denationalization of Money” by Hayek, 1974 Nobel winner.

I was a crypto believer, and my faith collapsed because of volatility of those sucking coins.

Should I awake you? Gold is bad money for its deflation. Cryptos are much more worse coins than gold and fiat.

According to Hayek:

Inflation=bad
Deflation=bad

Volatility=? He did not mention this kind of toy at all!

Recently I think that this forum should be called [size=18pt]volatilitytalk.org[/size].
Let’s face that - only IOUs can be less volatile. Less volatile doesn’t mean non-volatile, e.g. RUB/USD (and Russia spent lot of $ to counter downtrend). How would it look like if Russian RUB had less than 1M users?
Plain crypto-currencies/assets are superb global medium for:

  • transfer
  • advance
  • deposit
  • high risk investment
  • gambling
  • online content delivery
    Hmmm, maybe more. And all of this with pseudo-anonymity. From now, I’ll ‘smite’ every post complaining on volat***** :slight_smile:

In Ancient Greece a great philosopher Heraklitos once said “All is flux, nothing stays still”
http://www.greeceathensaegeaninfo.com/h-who/philosophy-heraclitus-ephesus.htm

why do you expect a coin to go against this very truth :slight_smile:

Panta Rhei

Bitcoin (and Peercoin) will always be volatile, but they can still be used as a storage of value. That said, I always smile when I hear the argument, “People will hoard Bitcoin, so it will be too valuable to be useful.” ::slight_smile:

LoL, bitcoin is just a heat machine which doesn’t comply with the law of thermodynamics.

Side chain can’t solve its volatility. Just asset, hard to be a currency.

LoL, bitcoin is just a heat machine which doesn’t comply with the law of thermodynamics.

Side chain can’t solve its volatility. Just asset, hard to be a currency.[/quote]

With my proposal for the Nubex wallet it could be an intermediary medium of value at least in the short and medium term. See the long proposal I posted earlier here: http://discuss.nubits.com/t/vision-for-nunet-ecosystem-with-stable-non-volatile-bitcoins-and-peercoins-for-end-users/457/18