The very polarization of opinion as seen in the comments here is an indication of the intrinsic instability of the crypto construct (at least as it now stands). This polarization is only possible in a "I say, you say" type competition that has no reference to any independent reality that can anchor things
Groups of people can hype themselves into anything. with the advent of digital networks we are literally hit by recurrent storms on digital teacups. unless things get tied back to physical reality those metastable collective mental states can flip back as inexplicably as they have formed.
While a good part of the existing financial system is also based on little else than belief there are some critical parts that aren't: the use of its tools (cash, bank money, credit systems etc) to support real economic interactions. you can't simply switch that system off at will because it is a way for society to keep account of its function. think also of the enforcement of contracts and obligations (eg taxation) - ultimately with the use of physical power.
In other words, for the bitcoin nation its a case of: get real or go to zero.
Groups of people can hype themselves into anything. with the advent of digital networks we are literally hit by recurrent storms on digital teacups. unless things get tied back to physical reality those metastable collective mental states can flip back as inexplicably as they have formed.
While a good part of the existing financial system is also based on little else than belief there are some critical parts that aren't: the use of its tools (cash, bank money, credit systems etc) to support real economic interactions. you can't simply switch that system off at will because it is a way for society to keep account of its function. think also of the enforcement of contracts and obligations (eg taxation) - ultimately with the use of physical power.
In other words, for the bitcoin nation its a case of: get real or go to zero.