Originally Posted by
Patriot76
First I must admit to being a greenhorn on this topic. As such, I am the type of individual BTC is trying to win over for it's value is dependent on acceptance of the masses. Please correct any of my inaccurate statements because it is this thought pattern that will make or break BTC. To be fair you are not advocating a full by in, just providing an opportunity for diversification.
It was introduced by an anonymous individual or entity. We do not know if it is European, Asian, Middle Eastern, etc. in nature nor do we know the true reason for it's existence. Is it an economical or political tool? Is it a tool of the World Economic Forum and part of a plan for a world currency or an economic reset?
It is not backed or supported by any physical asset, commodity, or entity. Most currencies are backed by a standard (gold, silver, diamonds, a nation, etc.) When other currencies fluctuate in value it affects the value of commodities, exchanges, or other physical elements. Is it's support the black market and money laundering. If it supported by the deep state and illegal activity, it will be a strong currency.
To my knowledge there is no direct correlation between the fluctuations of BTC and other economic factors. Can it be electronically manipulated by an individual, entity, or even AI? Does this make it purely a speculative venture dependent on winning over additional converts such as myself? If one individual is dependent on BTC and another does not have an account there cannot be an exchange of goods and services without winning over a convert.
The argument that the dollar is not supported might be partially accurate. The difference is it's fluctuations reverberate through the world economy. The other major difference the United States has natural resources and American ingenuity to support the economy and therefore any currency.
These are the items that need to be addressed to win me over. Please understand I am not critiquing the decisions of others, only pointing out that a barter system would be my choice before cryptocurrency based on my limited knowledge. Ultimately, which cryptocurrency will emerge as a world standard? For now the five senses will guide investments.