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RE: Help me theorize this thought experiment
I am merely stating facts here. Cryptocurrency has deviated from its goal of becoming a better monetry system and is now an investment scheme to make quick bucks or get rich in the long term. There are a lot uncertainities in thr future if u think about a world where people only use crypto to buy and sell. Something i cannot process is, how much does a coin has to be to satisfy the current economy?
Let say the world economy is 280 trillion. We will only have 21 million bitcoins in circulation. Each coin will be worth 13million. Now we already have some people who own 1million bitcoins, how will that be fair to the world? Someone owning 13 trillion? And also bear in mind the world economy is ever growing.
I see. I agree that the current situation is not what cryptocurrency aimed to achieve but the is due to the people more than the currency themselves. I think eventually there will be regulations that limit the amount of manipulation which drives prices and produce a less volatile market in the future similar to the current stock market.
As for the price of a coin, currently, I think the coins are driven by hype and fundamental value. Bitcoin has a fundamental value as a secure store of wealth and some price bonus from the hype of it being the original coin.
Currently, the richest 1% own 50% of the world's wealth already so there is no difference to the crypto world. I think it sucks that there is such a divide and certain people have more money than they need but I suppose that's just the way the world is.