This article makes me bullish about the future price of Bitcoin and cryptocurrencies. Imagine that there is a very large community of people around Bitcoin and all it takes is for 1 strategically placed person to do something extremely risky and ruthless and then the whole community benefits. If just 1 person out of a community of 1 million manages to secure a massive loan and unscrupulously starts buying up Bitcoin with it then that person goes bankrupt; that person might go to jail, but everyone else in that community will profit from that act and bear 0 culpability. Creditors cannot get that money back. The unscrupulous buyer may go to jail and loses access to their coins in the process (thus reducing the remaining circulating supply of Bitcoin). The value stays in the network.
Cryptocurrency is an unjust financial scheme but IMO it's less unjust than any other financial scheme of our modern time such as those found on Wall Street or the Silicon Valley startup funnel with all the hype-driven unicorn startups which allowed a select few crooks to extract billions of dollars from the economy whilst providing no value in return.
So long as the current international fiat system (the giant pyramid scheme that it is) is allowed to continue, cryptocurrency will thrive. Fiat money will flow towards any financial scheme which is less fickle than itself; and unfortunately, at this stage in history, even speculative cryptocurrencies which can handle only 4 transactions per second seem to fit that description.
Cryptocurrency is an unjust financial scheme but IMO it's less unjust than any other financial scheme of our modern time such as those found on Wall Street or the Silicon Valley startup funnel with all the hype-driven unicorn startups which allowed a select few crooks to extract billions of dollars from the economy whilst providing no value in return.
So long as the current international fiat system (the giant pyramid scheme that it is) is allowed to continue, cryptocurrency will thrive. Fiat money will flow towards any financial scheme which is less fickle than itself; and unfortunately, at this stage in history, even speculative cryptocurrencies which can handle only 4 transactions per second seem to fit that description.