456 sats \ 3 replies \ @Jonathan_Adly 27 Jan 2023 \ on: What is the best takedown of Bitcoin out there? bitcoin
Bitcoin could fail because
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Most people on the planet have no savings ever
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No new money/currency took hold in a society without violence historically
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Freedom is really foreign concept to half the planet. Like, the idea that someone is “free” to use his money without constraints is not even considered in the realm of possibilities. I lived half of my life in the Middle East, this place would be the last to adopt Bitcoin because of #3
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The fiat structure permeates everything in our society, Bitcoin doesn’t just change money, it changes everything. The more change something introduces, the harder it will be fought
Wow, my friend, I like the way you think, thanks so much for your input. I think these are all extremely solid points.
El Salvador comes to mind, but not their current monetary transition, rather the last one. Colon to Dollar. I'll definitely be doing some research on how that transition happened, the timescales, the violence related to it and as much info as possible since your last point is what peaked my interest here. I have more personal experience with the current situation in Venezuela which is going down the dollarization path now, and though it does involve a whole lot of economic uncertainty, instability and confusion, the amount of violence directly related to it is small. This of course is a rather poor comparison since Venezuela is not the global hegemon that the US is with their petro-dollar, which they have enforced violently in the past.
Amazing points all around man, top contender so far for the bounty
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Good points, Family connections and debts to close kin come first.
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Most people not having a savings is precisely why I think bitcoin won’t fail. Network effects will ultimately determine its success and by today’s standard it’s already successful.
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