Quote:
Originally Posted by crucifissio
bitcoin and a national currency are not the same...a national currency has governments, institutions, courts, the entire legal system, armies and the filthy rich and powerful standing behind it...bitcoin does not...there is no reason to cash out currency in developed countries because it is accepted in many forms like credit card or bank wire...bitcoin is not...
you can not buy shit with bitcoins even though newegg.com accepts them 99% of all merchants will never ever accept bitcoin...on the other hand 100% of all merchants accept national currency...
even if 0.1% of bitcoins wanted cash out this would be 100 million...aint no exchanger got that...the top 100 exchangers simply do not have 1million on average each...I dont think there is 100 exchangers for bitcoin TBH...
now its super fair to say that most bitcoin owners are speculators...speculators will want that lavish lifestyle and want to cash out and live the easy life once their bitcoin grows to say 20.000$/bitcoin...just 0.1% of them have to decide that its safer to cash out...game over...
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It's not a ponzi scheme, but it is an unstable, risky currency. As others have said, if 1% of the people took their money out of the banks, the banks would crash. As you said, the banks have countries, the wealthy, other banks etc backing them so they could get through it while Bitcoin doesn't. That doesn't make bitcoin a ponzi scheme as they are not taking money from one person in order to give it to another and cooking the books to make it seem like everything is fine. It is simply a high risk investment that, at the moment, is doing well, but could crash.