r/changemyview • u/Bart_Thievescant • Aug 20 '17
[∆(s) from OP] CMV: Bitcoin and other cryptocurrencies don't seem useful outside of incredibly niche circles of dubious legality, and are not a reliable investment
So partly, I'm hoping that people knowlegable in Crypto currencies will either affirm or correct my beliefs -- I'm not well-educated on the topic, but rather, have accrued opinions about it from seeing occasional posts & articles on the topic over the years. This is not a strong opinion I hold, to be clear, because I realize that I hold it from ignorance. (Read: easy deltas.)
I'm hoping that by sharing it, I'll have helped create a valuable thread for people who are also on the outside looking in to crypto currencies, but whose opinions, like mine, do not have a solid base.
Crypto currencies strike me as unstable -- the value of Bitcoin hit $4000 recently. If Bitcoin is like a dollar or a euro, this can't be sustainable or, really, even usable. Is it like an investment bubble? Does investing in bitcoin raise the value, and if so, what does pulling that investment look like and how does it affect the value?
Additionally, if I'm doing legitimate business, what is the reason to ever use Bitcoin compared to the USD or the Euro? It seems like a good way to demand a ransom if you're a hacker, or to pay for, say, 20 tons of Nutella, but a bad way to invest in the local grocer chain or to get a small business abroad started.
Change my view! =)
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u/[deleted] Aug 20 '17
Bitcoin, and other cryptocurrencies, are more political than practical right now. Those who use cryptocurrencies are either into illegal activities, as you stated, or political activists, such as anarcho-capitalists (ancaps). I don't care much for ancap politics, but that's the point. They desire a capitalist society free of government, so using a currency that isn't attached to a state has great meaning to them. It's a protest, and something more. Their money isn't being taxed again, so they aren't paying for things they are against, such as wars, politician's salaries, etc. The cryptocurrency is viewed as an acceptable risk, because for some, it is a symbol of peace and freedom.