@malleysweetonzzu
From practically the time bitcoin launched in early 2009, I have been wondering what the heck it is good for.
In the beginning, there were two basic theories: One said this first cryptocurrency was a refuge from government, and the other — possibly the one embraced by bitcoin’s creator — said it was an alternative to the corruption, instability and self-dealing in a financial system that had just finished wrecking itself, and everyone else along with it. Alas, neither of these theories has panned out. Indeed, as in Monday’s market meltdown, cryptocurrencies have often done the opposite of what they were supposed to do.
Though bitcoin and other cryptocurrencies might be useful in places such as Venezuela, where monetary policy is so awful that anything — including a can of mackerel — is an improvement over the local currency, it isn’t a good substitute for money anywhere that has a reasonably well run central bank.
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