When Bitcoin first came out, many years ago, it was sold as being a decentralized currency and that phrasing caught my attention. I'd follow it avidly and watch with interest as different shops and retails were starting to accept payments in Bitcoin. I'd make it a point to spend Bitcoin with those places to show my support.
But over time, as the currency experienced volatility, all of those places withdrew the option.
When I tell people about this and how much I've spent, their reaction is always that I could have been rich if I had held on to the coins, and to me that misses the point or the original intention. In fact I think very few people still subscribe to its original intention.
My point: it's always been speculation and gambling, right since the beginning. You will need to settle now, or plan your escape.
I didn't mine, I didn't buy, but I thought it was cool. Over time it started to become a big deal when more and more online services started accepting bitcoin, and it just seemed like it would become more and more useful.
Now? It's all HODL and online scams.
I think in the future we will have some digital currency, but it won't be bitcoin, or anything else we have at the moment. There are so many ways it could be used, from micropayments for news, to cross-border payments. But having seen all the fallout from current systems it will probably be a long time coming..
Does anyone have an example of someone who was unable to get mortgage from a traditional banks but was able to do so via Crypto? Are there any examples of someone with a great business idea who couldn't get a loan from a bank but was able to get funding via Crypto?
The only benefit of this I can see is converting tokens to cash as a hedge against a crypto crash. If you pay off the loan and the token price continues to grow, you get all your tokens back and it only cost you the interest. If the token price crashes, well you already have the cash, so you can default on the loan and the only collateral is worthless tokens.
When do we get an honest cards-on-the-table post mortem for the past few years of crypto?
