Unless said crises is global and the internet is dead world wide you would always be able to sell your cryptocurrency to someone in a stable economic market somewhere in the world. When the local fiat currency inflates to worthlessness cryptocurrencies shine.
I don't say cryptocurrency can't be a thing. If widely supported it can succeed as any other fiat currency.
It's just that I think it's nonsensical to apply analogy between gold/bitcoin because of the lack of practical value of BTC.
For instance if the Russian ruble lost 30% of it's value during late Cold War. Would you argue that it's like gold and that we should'nt worry? Well actually some people thought that way... and got burned.
Again I'm not comparing, I'am precisely stating that we should not compare crypto currency to previous markets. We should embrace the fact that we are totally in an unknown territory.
> We should embrace the fact that we are totally in an unknown territory.
Well, not really.
One, we aren't - hugely volatile charts like this are usual in commodities, which cryptos are constructed so as to imitate.
But two, when people start saying phrases like "a whole new form of money" or "the old rules don’t apply any more", people get gullible and the ethically-challenged get creative. And a whole pile of old cons come back into the world.
The best book ever written on Bitcoin is still Memoirs of Extraordinary Popular Delusions and the Madness of Crowds by Charles Mackay, and that was written in 1841. Chapter 1 on tulip mania and chapter 2 on the South Sea bubble will seem eerily familiar.
"Unless said crises is global and the internet is dead world wide you would always be able to sell your cryptocurrency to someone in a stable economic market somewhere in the world."
Its not true.
