I don't know where the author is from but I am almost certain he doesn't live in an authoritarian regime with capital controls. This is, by definition, illegal, but is it a net benefit to society? I don’t know. > Citizens moving money out of authoritarian regimes. Sure it would be great if they got rid of capital controls but that's not the reality and people in these countries have to live with it. And to top it off you're not allowed to hold USD or another stable currency. You get one exchange rate, while foreigners get another. In places like Argentina you're forced to use and hold a currency that's depreciating 50% a year. More liquidity allows people to get their money of their home currency and evade capital controls.
> What if that person was unimpressed by Bitcoin 5 years ago, could you explain what changed in the last 5 years (again, not mentioning change in price) to change their opinion of bitcoin?
You can see the beginnings of this movement in some places, but it has a long way to go. This will allow for increased competition and evolution in the blockchain space. My hope is that some day we'll have ubiquitous inter-chain protocols so, rather than obsessively hyping the coin/chain we're invested in, we can move all our digital assets and contracts to whatever blockchain offers the best technology, the best performance, and the lowest fees. While I also consider it a bad sign for Bitcoin, I think it's a good thing for the ecosystem. Everyone's got 2c on bitcoin but here's mine: I don't consider the price of crypto when looking to see progress / success.Ĭould you explain to somebody why Bitcoin is successful without mentioning that the price goes up, by talking only about the technology, product, and adoption? What if that person was unimpressed by Bitcoin 5 years ago, could you explain what changed in the last 5 years (again, not mentioning change in price) to change their opinion of bitcoin?ĪFAICT the main changes in Bitcoin in the past 5 years have been some incremental evolution of the technology that I'm not aware of changing the fundamental usage of the product in any way (SegWit, LN, and most recently Taproot).Ī note on blockchain proliferation: The author considers it a bad sign that there's an explosion in new blockchains.