What is your stance on cryptocurrency (such as bitcoin, ETH)?

[californiaroll]

Had lots of conversations lately with my friends about cryptocurrency. I'm sure there are many cryptocurrency investors/users here in LTT, what are your opinions?  

[TacticlTwinkie]

The idea is nice, but the public still doesn't get it, and I don't think they ever will. People like those of us on the forum and other tech enthusiasts understand how it works. But bitcoin still has the reputation as the "currency of criminals", and it is demonized on the news. This bad PR has, in my opinion, irreparably damaged its image and it won't see mainstream adoption. Plus the price is speculative. It is capable of crashing, and has is in the past. I would not put a large sum of money in something so volatile. But I would buy some in the hopes of its value rising, and then cashing out, like a stock market.

[Mooshi]

It's something that doesn't physically exist. With the currencies that expand across centuries, it's a neat piece of history. With crypto currency, we're ripping off future generations. 

[Volbet]

Depends on how we look at it. 

 

As it is right now, the picture painted seems to be of cryptocurrency as a novelty product. 

It's something you either buy for the novelty, use for the novelty or use for something illegal.  

With this mindset cryptocurrency's won't ever find a widespread usage. 

 

However, among tech enthusiasts (and some of the more shady elements of society) cryptocurrency is seen as the ultimate democratization of currency and value. 

For the first time since the introduction of fiat currency the power is in the hands of the people rather than the powers that be.

We decide the value and therby we decide the fate of the currency. 

The main problem with this is that the userbase is rather limited meaning the faith in the system is easily shaken,. That's why BitCoins have traditionally had a lot of peaks and valleys when it coms to it's value.