Bubblesofearth wrote:NotSure wrote:
yes. Edit, somebody, presumably the 'inventor' of bitcoin, mined about a million of them (from memory) in the very early days (when a zx spectrum could mine). They have never been touched. All is logged on the blockchain. They've presumably either lost the keys or think the price is still too low...
So advocates of Bitcoin becoming the Global currency believe that not only will Governments abandon monetary control but will also accept a currency that will be more strongly deflationary than gold. If so then I can understand why no-one will want to touch their Bitcoin holdings.
BoE
They would use the phrase "Harder than gold", but in essence yes, that is the extreme position.
Try this thought experiment.
https://satoshi.nakamotoinstitute.org/p ... ntalk/428/
Very few would argue that bitcoin is perfect, but bitcoiner's would probably argue that it's better than the alternatives.
However crypto currencies can be designed with a fixed inflation rate, if that is felt to be desirable. Monero is designed to have a long term inflation rate of 1%, similar to gold. I seriously doubt that any government will adopt Monero though as it increases the privacy of transactions far beyond bitcoins pseudo anonymity. Design one with a 2% inflation rate and all central banks tasked with that objective can go fishing, assuming that we agree on what inflation is.
Bitcoin as a global currency? Well it already is. Just not one used by many governments as yet.
When I buy bitcoin, I do so in $'s from a Bahamian exchange. I then use a miner to update the ledger so that the bitcoin is not held by the exchange (in it's custody). You may consider that I have moved the bitcoin to the UK, but that is not the way that bitcoin actually works. My bitcoin exists in the US, China, Russia, etc all at the same time. You can't get more global than that.