Why I’m Cryptophobic
There needs to be some basic economics here..Money has value because of the value of the economic transactions in which its conducted.Government-backed currencies are forced to have value in the sense they force people to use it for their taxes. The US, additionally, forces the world to use it for oil trades.Value is in those economic transactions. A currency is just a "liquifying" of that value, to make it easier to spread around. So that 1hr of my time/output can be more easily traded for 1hr of another persons. We are still just trading output.For BTC (or any coin) to have any value, it needs actual economic transactions to be conducted in it. If there arent any, its value is smoke-and-mirrors; its not real. If you can't trade the market cap of bitcoin for actual economic output, it isnt actual economic value.Imagine doing that right now. Imagine BTC was actually used for any scale of economic transactions. It would collapse overnight.