What there is no dispute about is whether or not China is a currency manipulator. They are a currency manipulator. They actively intervene every single day to keep the value of their currency less than it would be against the dollar than if it floated freely. We think. Even China barely disputes that.
If the American government can't stand behind the dollar, the world's benchmark currency, then the global financial system will very likely enter a new era in which there is much less trade and much less economic growth. It would be, by most accounts, the largest self-imposed financial disaster in history.
What bitcoin does better than the current financial system is it's a better stored value globally. There are a lot of countries that really don't trust their banks or their currency, and bitcoin is an alternative.
Bitcoin has so much potential, and that's why the believers are trying to facilitate its use as a currency, so people use to buy things and spread it around more.
The world is a global economy. I thought, 'It's a bummer we don't have a unifying currency.' Then I saw Bitcoin had already had a crash and had the resistance to recover. The community was strong enough to push it through again. That's really exciting.
I think that the future of currency is digital, and Bitcoin has a good shot at being the currency of the future.
Bitcoin is here to stay. There would be a hacker uproar to anyone who attempted to take credit for the patent of cryptocurrency. And I wouldn't want to be on the receiving end of hacker fury.
Bitcoin is really a fascinating example of how human beings create value, and is not always rational... tt is not a rational currency in that case.
I do not understand where the backing of Bitcoin is coming from. There is no fundamental issue of capabilities of repaying it in anything which is universally acceptable, which is either intrinsic value of the currency or the credit or trust of the individual who is issuing the money, whether it's a government or an individual.
The most important thing that most countries around the world believe in is letting the markets determine the currency.
