Re: Of course its a bubble
What I find disturbing is the willingness to always focus on the unstable nature of digital currency. I believe it's not going anywhere any time soon and it's here to stay. But I don't think it can be reliably compared to traditional currency because they both fluctuate quite a bit. If you try to mentally stabilise one of them for the purpose of comparison, then the fluctuations in the other one will always be more pronounced.
The banks must be shitting themselves - every +1 for digital currency equals a -1 for the control the banking sector has. You think they don't know this? You think they don't try to play it to their advantage when something bad happens in the digital world? Of course they do - traditional banking is not there to make your life easier, it is nothing more than a business model and the banker's main objective is maximising their returns. This mostly happens at the expense of the little people with little bank accounts.
The biggest meltdown in recent history of the traditional banking world happened around 2007 / 2008. It was caused by mass incompetence of those who were supposed to be looking after the currency for you. It wiped beeeellions of the value of currencies all over the planet and we are still recovering from it 10 years later. Why? Because despite being the cause of the meltdown the bankers still want to gain financially in every way possible from the recovery and they can manipulate how long it takes, who pays for it and how much they make from it.
The biggest meltdown in the digital banking world happened when that guy stole a load of coin from his company. It wiped beeeellions of the value of this currency but it took a year or two to bounce back. Look at the price now.
So without comparing actual value of the two against each other, which one is really more stable, more trustworthy and a more accurate representation of how the general population really feel about it?
Yes I'm all for digital currency but we need to focus on how we can use traditional currency less and stop comparing the two against each other. The day we mentally detach from comparing physical items to the value of traditional currency is the day things will start to change. The day we start looking at digital currency in terms of 'how many BTC = a can of Cuke(tm)' or 'how many BTC was my weekly shop' is the day traditional banking really needs to put on a fresh pair of undies. That day will we will see the 'BTC to real world items' value begin to appear stabilised and the 'BTC to pound' value will begin to look really unstable.