I think bitcoin is like any other commodity. People may indeed flock to it, but the relative stability of the current system is what makes it great -- can can predict with some level of certainty what $1 will be worth in say 10 years.
That's important because it makes longer term capitalization of things like homes possible. If the world was still using gold or BTC as currency, lending would be like it was in the gold era as well -- things like 30 year mortgages that make homes affordable would not exist.
As far as crises go, 2008 was a painful market contraction, but not a panic. Contrast an event like the Panic of 1907, when banks collapsed and many people lost life savings, mostly due to a shortage of short term cash. The nation averted disaster becuase JP Morgan happened to be in town and had enough money and clout to intervene.
In 2008, the Fed pumped money into the markets to allow banks to stay solvent. FDIC made depositors at the few failed banks whole. Thanks to the corrupt perversion of the banking regulations, the "too big to fail" banks required even more extraordinary aid. People were hurt and lost money -- but they did so because their assets lost value, not because their bank went out of business.
Our monetary system isn't perfect by far. But it's much better than the old style gold standards that BTC is reminiscent of.
That's important because it makes longer term capitalization of things like homes possible. If the world was still using gold or BTC as currency, lending would be like it was in the gold era as well -- things like 30 year mortgages that make homes affordable would not exist.
As far as crises go, 2008 was a painful market contraction, but not a panic. Contrast an event like the Panic of 1907, when banks collapsed and many people lost life savings, mostly due to a shortage of short term cash. The nation averted disaster becuase JP Morgan happened to be in town and had enough money and clout to intervene.
In 2008, the Fed pumped money into the markets to allow banks to stay solvent. FDIC made depositors at the few failed banks whole. Thanks to the corrupt perversion of the banking regulations, the "too big to fail" banks required even more extraordinary aid. People were hurt and lost money -- but they did so because their assets lost value, not because their bank went out of business.
Our monetary system isn't perfect by far. But it's much better than the old style gold standards that BTC is reminiscent of.