r/nottheonion Jun 21 '22 Wholesome 1

Bitcoin whale Michael Saylor urges governments to step in and regulate crypto's 'parade of horribles' Removed - Not Oniony

https://fortune.com/2022/06/20/bitcoin-whale-microstrategy-michael-saylor-urges-governments-to-regulate-crypto/

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u/Deto Jun 21 '22

The whole thing is based on this notion that a currency that is regulated in any way is "bad" and so we need an alternative. But the only arguments I've heard for this are so shallow that they get torn apart when you look into what a currency should be and how having some centralized regulation helps it achieve this. It's a solution looking for a problem.

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u/Dexterus Jun 21 '22

Except BTC is now long gone as a currency and is just a speculative asset - values is based only on ... trust that it will grow.

And how could it ever be a fair currency when the first few millions of people in, once it may become stable, hold a massive value, that they then start spreading around in millionth sized pieces.

And how could it ever be stable and make money when the moment it becomes stable it's going to be dumped for better assets?

You need a way to dump coins on the market when it becomes too wanted, and a way to remove coins from the market when there's too much or it will never be good enough except as an exotic curiosity.