What will happen with Bitcoin and other cryptocurrencies in the coming global economic crisis?

in #bitcoin7 years ago

Some people like the idea of a global financial crisis because they think it will "send bitcoin to the moon."It may be true that Small-scale regional crises could show people why alternative systems (to protect against inflation and currency controls, for refugees to send money home, etc) are better and give them an opportunity to escape. Remember that such events would cause investment to dry up. During the crisis in Greece, people didn't flock to buy gold or bitcoin, because they didn't have any money in the bank! They took out their paychecks as fast as they could and tried to make it until next week. Ugly, sudden, painful crises kill, imprison, and persecute a lot of people. Gradual, non-violent transitions to superior systems are obviously preferred. The way to achieve success is through informed choice, not desperation.

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I like the insight. People are short sighted and want to make a quick best. What's best for cryptocurrencies is to prove how they create value. Slow sustained growth. The more value that the cryptos create the more investors will invest and the more everyone wins that is hodling the coin.