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RE: Why Cryptocurrencies will fail… eventually.
Do you think 'paper' have an intrinsic value ? People value it , if not, its only just like a 'toilet paper'. Bitcoin is modern acceptance of money.
Do you think 'paper' have an intrinsic value ? People value it , if not, its only just like a 'toilet paper'. Bitcoin is modern acceptance of money.
Hello @Suhaimi. No, I do not think paper money has "intrinsic value". Neither paper money nor cryptocurrencies have any intrinsic value.
This is not an argument about "value". It is an argument about "power". Right now, governments (who are generally speaking corrupt and abusive) have a monopoly of coercive power and a monopoly on money. They are the big kid on the block. Bitcoin wants to threaten this monopoly; therefore, governments have everything to lose. Do you think they want the tax slaves to taste freedom and actually get used to it? No way.
Since governments have printing presses and banks that can make money out of nothing, it is explicitly in their interests to sabotage Bitcoin and the other cryptocurrencies. Governments have been sabotaging precious metals NON-STOP for DECADES. They never let up. Do you actually think that they are going to let cryptocurrencies slide? Not a chance.
Will cryptocurrencies keep some momentum for another short while? Maybe. But, don't be too shocked when the assault comes. Sorry to be the bearer of bad news.
Remember this: power corrupts and absolute power corrupts absolutely. Governments have the power. If you don't believe me, just wait and see.