Lol, gotta love the rampant manipulation of a totally unregulated market. Not sure how we handle this long-term, without government regulation.
no need for government in crypto... but they re trying hard
Like it or not, those incentives will be necessary for Bitcoin to replace fiat long term.
Bitcoin will never replace fiat. It will always be just another option along with fiat.
IMHO, the whole Bitcoin incentive system & game theory behind it is dependent on rapid global adoption.
I think another crypto will replace fiat. Not bitcoin. Bitcoin will be like Linux, that crypto will be like windows or mac. Bitcoin BTC... BCH might be that crypto.
Then how will it ever be truly useful, if its is always susceptible to rampant manipulation against fiat?
It has certain characteristics that make it useful that fiat can't do. Like sending to another country in a second. Just like a credit or debit card didn't replace fiat.
If Bitcoin remains an obscure vessel for only a select subset of transactions, then the game theory behind the network crumbles over time as difficulty increases and block reward drops
I think that at the end of the day, Bitcoin provides no built in incentive mechanisms to keep fiat exchange value honest / legitimate. They need to come from elsewhere. But where?
What to you think has to happen for Bitcoin to become a stable currency? Even with significantly more use, it is still susceptible to this kind of manipulation.
