I'm a bit weary. Say this cryptocurrency thing does take of and it's not a bubble. Then wouldn't this have similar effects that quantitative easing would have? I understand quantitative easing as 'printing money', because I'm not an economics person.
But if this would take off and get a strong foothold at the prices that we're seeing now (bitcoin almost 10K in dollars), then didn't some subset of techies print a lot more money than there is?
To me it seems there might be a chance that we're devaluing real currencies by quite a bit over the course of the next couple of years. Of course, the bigger chance is that this is a bubble and it will pop, but what if it isn't?
I know this is quite an unnuanced comment. I'm putting it out here, because I feel other people have the same concern and would like to see people who know a bit more comment on these ideas.
But if this would take off and get a strong foothold at the prices that we're seeing now (bitcoin almost 10K in dollars), then didn't some subset of techies print a lot more money than there is?
To me it seems there might be a chance that we're devaluing real currencies by quite a bit over the course of the next couple of years. Of course, the bigger chance is that this is a bubble and it will pop, but what if it isn't?
I know this is quite an unnuanced comment. I'm putting it out here, because I feel other people have the same concern and would like to see people who know a bit more comment on these ideas.