Posted by: donmihaihai | January 27, 2022

If BTC is dung, it will still worth as much until the view changed.

What is cryptocurrency?

From Wikipedia –

cryptocurrencycrypto-currency, or crypto is a digital currency designed to work as a medium of exchange through a computer network that is not reliant on any central authority, such as a government or bank, to uphold or maintain it.

What is currency?

From Wikipedia –

currency in the most specific sense is money in any form when in use or circulation as a medium of exchange, especially circulating banknotes and coins. A more general definition is that a currency is a system of money (monetary units) in common use, especially for people in a nation. Under this definition, U.S. dollars (US$), euros (€), Indian rupee (₹), Japanese yen (¥), and pounds sterling (£) are examples of currencies. Currencies may act as stores of value and be traded between nations in foreign exchange markets, which determine the relative values of the different currencies. Currencies in this sense are defined by governments, and each type has limited boundaries of acceptance.

When I was a young man. I would change my SGD to say Thai Baht before travel to Thailand and bring some extra SGD along with me. If I spent all my Thai Baht before my trip ended, I would need to find a money changer with a lousy rate to change my remaining SGD, or I will be as good as broke. The only way to spend is to use my credit card but I will still worry about the SGD hidden somewhere in my wallet. All currency other than Baht is as good as useless to those street stalls in Thailand and SGD is actually quite powerful, I have a higher chance that those stalls will accept my SGD when I am out of Baht (Done that before at some crazy rate).

For me, SGD has no value. It is merely a paper where my wealth/or money is stored, perhaps the money I received for working in KFC for a day. If I picked up a SGD50 dollar on the roadside, I am picking up a SGD50 dollar that a guy/lady dropped, his or her lost wealth.  If I am from Indonesia, I am pretty sure that those street stalls in Thailand would never take my IDR when I am out of Baht. The different between SGD and IDR is “in Singapore we Trust or in Indonesia we Trust”. Just a saying, not as in really that. But we all trust strong to weak countries and responsible to irresponsible governments.

I don’t care how unique Crypto or BTC is. It is just another currency, and it will act like a currency. So BTC has no value by itself.  BTC will reflect my money and in whatever we Trust. Here is the problem, that whatever, that reputation seen to be like a god to fan of cryptos and shit to many others. What is what, time will tell.

I know the chart of BTC price. Don’t need to tell me about it. And there is a simple truth. If BTC is dog dung, I am pretty sure that everyone will start looking for dog dung in the park or even kill someone for some dungs. What change is not the dung, what change is the view on dung. Now the value of dung depend on everyone views at any particular time.

If BTC is dung, it will still worth as much until the view changed.

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