Re: What is it?
What is the cost of mining minerals such as gold or extracting oil? Or even the cost to create an iPhone or Android phone? Or the computers that we all love, let alone powering the racks and racks of cloud servers. The arguments used against mining bitcoin are ignored for practically every other thing in our society.
And how fungible are precious metals across the globe? Can you easily make payments on a huge number of websites for anything you wish to buy with either Gold, Silver, Oil, a few cars or a House? Any argument for classing Bitcoin as currency should be straightforward if viewed with no prejudices and ignoring its astronomic rise in value.
Granted there are a lot of crypto coins (almost all?) that are ponzi schemes but I don't believe in any way that Bitcoin is. It's a very cleverly thought out solution to create a hardened digital currency and has actually scaled impressively well to date with teething problems that you'll be naive to suggest hasn't also occurred with Swift or aany other 'official' non cash based method.
If you have any idea just how the s*** show of our banking system created the crash of 2008 and are continuing to create a debt bubble of epic proportions today, with consequences potentially worse than anything we saw before and how the regualtors were powerless to do anything then and as powerless now even after 2008. I think an interest in a decentralized currency like Bitcoin and SOME of the off shoots are in the best interest of much of the population.
Add to that the scary precedence of India's push for a cashless society and it becomes even more important in my eyes.
Biting the hand that feeds IT
