06-13-2016, 04:24 PM
So i tried to convince someone of this today.
The only thing what really stuck is that a lot of functions performed by the banking industry would be automated. Therefore releasing people bpto become productive in another way.
For the rest it was said that its the same as fiat. I tried to make the point that it was inherently deflationary, and then she said, they can just decide to raise the limit. I said they dont have an incentive to do that, but realized thats not true. Why would the miners once bitcoin is the main currency and the economy cant swich to ether or ltc easily anymore, why would the miners then not be able to come together and say we need to have more bitcoin?
It would be beneficial for them. Price would not crash significantly as long as they dont overdo it, kinda like the government now with fiat. If you say people would swamp to an alt as soon as they tweak bitcoin, then i think you're wrong. Now yes, and in a society with competing currencies, but at some point you would probably have governments favoring one crypto over the other therefore making it arteficially difficult to be overtaken as the main crypto.
So the only thing left is the inability to do fractional reserve banking. And thats though to sell amongst non anarchists.
So what will enable bitcoin in the future that fiat cant do?