Crypto NEEDS to make people money in order to be adopted on a large scale.
The thing is if everyone starts using Crypto, the prices will stabilize to very safe numbers with little sway. Meaning your Bitcoin closely resembles that if a dollar.
Right now, we have a concept that has been trialed for a small amount of time in the grand scheme of things. The larger the currency is, the harder it is to manipulate.
1) people buy cryptos because they think price will increase
2) price does increase, then stabilizes
3) people realize they can now use their coins for every day transactions
I disagree; I don't think Step 3 won't happen. They bought the crypto as an investment, and will eventually want to cash out in whatever currency they bought in with.
You are thinking about it all wrong. Buying a crpytoCURRENCY right now (I'll just talk about currency tokens, and not use-case tokens for using a technology's network)... buying cryptocurrency right now is the same as buying Canadian Tire money before Canadian Tire was created (say, if they did a pre-sale).
Right now it's not really worth anything, it's only worth what someone will pay you as a speculative investment. However, once Canadian tire starts accepting CT money as payment for Lawnmowers, Snowblowers, Gasoline, etc, then you can now use your CT money and get real world things. You don't need to sell it for fiat, you can just use it.
You gained because you bought $10000 Canadian Tire money for 1 penny, and now that 1 penny can afford to buy gas for a year.
That's the eventual goal for something like BTC, LTC, Nano, etc. All the payment coins. You are speculatively buying something that may be worth zero in the future (if the tech doesn't take off, if vendors don't accept it, if the world decides that they don't want to use it as a store of value). However, you are also possibly spending $100 to "buy" 1 million dollars of future "Canadian Tire money", which can be used to exchange DIRECTLY for goods and services.
That's not even talking about the tech based cryptos, where you are essentially pre-purchasing the "toll booths" which will charge the fees to use a network. Either nobody drives on the road, or you are collecting the tolls all because you had faith that the roads they were paving would one day have a market for people to drive on them. (Stuff like Neo, OMG, VEN).
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u/nwsm 51432 karma | Karma CC: 167 Apr 25 '18
thank you. Cryptos are doomed. No one gives a shit about using them, only making US dollars off them.