The whole point of Bitcoin and all the Crypto-currencies was to create a medium of exchange that was not dependent on central banks or national governments.
These were going to be “community-based” forms of money that would be supported by a de-centralized group of “miners” and users.
As in all Socialist schemes that rely on any community to actually do anything, there is the Tragedy of the Commons which was first written about in the mid-1970’s and is the subject of 385,675 articles and dissertations since that time, and I won’t list all those articles here.
How about we just say that when a “community” is relied upon to get something done, it generally does not get done.
Now bitcoins are costly to mine, not just in talent, wattage, and computer time but also in the skills required to integrate them smoothly into the blockchain system. Currently it costs about $6,000 to make a bitcoin, and the price of a bitcoin is around $6,000, and headed lower.
If it goes lower, there will be no more miners to make the system work. If the system stops working, even for a day, all bitcoins everywhere become worthless. Value = zero.
Silicon Valley is in love with bitcoins. They have pumped hundreds of millions of dollars into bitcoins.
Paper Bullion Bank Bills actually do what bitcoins were intended to do. Nobody anywhere in the universe can figure out how to pay $8 million for the patent to make Paper Bullion Bank Bills, which do not depend on a “community” to makw them work, and are not a Socialist scheme. They are the real deal.
So the phony baloney gets half a billion in eager venture capital money, and the real deal gets zero.
OK, my patent is good for 20 years. I do not rely on Americans to buy it. I will find a buyer.