It doesn't really matter. Even if bitcoin drops to five cents a coin, it can still be used as a currency. It's only bad for people storing their wealth in bitcoin which everyone knew was a bad idea - it's always been extremely volatile. The hope is that someday it will stabilize, but no one was ever claiming that it was in the present.
I'm sick of people treating the exchange rate of bitcoin as a metric for how successful it is. It doesn't matter.
>There's a reason precious metals like gold and silver have retained value for millennia, and schemes like this have not.
Ironic you would mention that. Gold only has value because people believe it has value. It's also somewhat volatile and not immune to bubbles.
Paper currencies are far more widely used and accepted than bitcoin and work just fine.
It was used as money because of its ornamental value and it derived its ornamental value from its inherent properties, for instance the fact that it doesn't perish,rust or degrade.
A cursory read of history would show that jewelry/ornaments are huge factor in the historical value of gold.
> Gold only has value because people believe it has value. It's also somewhat volatile and not immune to bubbles.
Gold and silver don't really have bubbles, they are kind of anti-bubbles. When it seems the music is about to stop in the musical chairs of the world economy, people pay a premium for precious metals because they feel safe in that they have value. Bubbles tend to happen in a go-go economy, precious metals become temporarily overpriced when people are worried about the world economy. Like the era when the Hunt brothers were buying silver.
Give some large gold coins to someone and let them play with them for a few minutes. I am no gold bug, but there is something about gold that makes it feel intrinsically valuable.
I'm sick of people treating the exchange rate of bitcoin as a metric for how successful it is. It doesn't matter.
>There's a reason precious metals like gold and silver have retained value for millennia, and schemes like this have not.
Ironic you would mention that. Gold only has value because people believe it has value. It's also somewhat volatile and not immune to bubbles.
Paper currencies are far more widely used and accepted than bitcoin and work just fine.