It seems like it's slumping further with each (negative) market open. Wall street had a terrible day and now markets in asia are slumping another 7% or so.
In theory, this should have been cryptocurrency's time to shine - a certain mathematical store of value, more convenient than gold and immune to the vagaries of central banking. Clearly something was wrong with the theory.
You can't use Bitcoin to buy food, pay rent, or commute. If people were interested in long term storage, then the USD would be down and Gold would be up, instead of the other way around.
BitPay, among others, has a debit card that pulls from your crypto wallet instead of your bank account, using the current exchange rate. You can use it just like any other debit card.
That's still USD at the end of the day. That just sells it to somebody else who wants to use it as an investment (unless things have changed since I've last looked into it). I'm not saying it wouldn't work, but the lack of people actually accepting it as payment is preventing it from being treated as a currency
6 comments
[ 4.3 ms ] story [ 36.5 ms ] threadIn theory, this should have been cryptocurrency's time to shine - a certain mathematical store of value, more convenient than gold and immune to the vagaries of central banking. Clearly something was wrong with the theory.
File that under "No shit, Sherlock."
Currently at $4300 and still falling.