okay, a little thread on cryptomarkets and what I think is going on:
It's not really a currency in the sense of the official money of a state, unit of account, means if final settlement for debts and taxes, etc. Eg the dollar is a currency, but your deposit account, denominated In dollars, although money in the broader sense, is not.
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There's also an imaginable alternative reality in which Bitcoin is the ultimate reserve asset of the banking system, but Bitcoin seems quite unsuitable for this since it's extremely difficult to create new liquidity (by design).
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Bitcoin is the nemesis of the banking system.
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if it's true that some people are using their mortgage money to buy bitcoin, banks are inevitably going to have bitcoin in reserve at some point. whatever its problems, it's way more liquid than houses.
End of conversation
New conversation -
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Bitcoin could potentially function as money in the broader sense, but is unlikely to for the reasons you mention (transaction costs, etc).
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