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<p>[QUOTE="HawkeEye, post: 3055637, member: 86305"]I certainly agree because it lacks the backing of any entity with staying power and it is not understandable to the general public. As has been stated many times, it is difficult as a customer and merchant to accept payment in the form of an asset that can fluctuate wildly in value. </p><p><br /></p><p>If you are Starbucks maybe because you can work off of the law of large numbers. But to any small merchant it cannot work in its present form. Let's remember that something like 90+% of all businesses in the US are small businesses. Worldwide ~80% and in the US ~40% of all transactions are in cash. Electronic advocates would have you believe these are largely illegal or uninformed consumers, but the truth is many people are just sick of being tracked as was evidenced by the Zuck testimony before Congress.</p><p><br /></p><p>I think it is more likely that digital currencies will be accepted once they emerge backed by governments than by some unidentifiable or unknown entity. Public understanding and confidence play a big role in acceptance of any currency. You can issue your own currency when it has the backing of taxing power or a metal, but some mystical concept that the general public cannot grasp is not backing. Two good smell tests are "is Warren Buffet buying it?" and "would I put my whole retirement savings in it?"</p><p><br /></p><p>There is a reason that most books are written to a sixth grade audience. Try to get a millennial cashier to make change to a dollar with any purchase. Most lack the basic math skills to add to a hundred much less grasp digital currency.[/QUOTE]</p><p><br /></p>
[QUOTE="HawkeEye, post: 3055637, member: 86305"]I certainly agree because it lacks the backing of any entity with staying power and it is not understandable to the general public. As has been stated many times, it is difficult as a customer and merchant to accept payment in the form of an asset that can fluctuate wildly in value. If you are Starbucks maybe because you can work off of the law of large numbers. But to any small merchant it cannot work in its present form. Let's remember that something like 90+% of all businesses in the US are small businesses. Worldwide ~80% and in the US ~40% of all transactions are in cash. Electronic advocates would have you believe these are largely illegal or uninformed consumers, but the truth is many people are just sick of being tracked as was evidenced by the Zuck testimony before Congress. I think it is more likely that digital currencies will be accepted once they emerge backed by governments than by some unidentifiable or unknown entity. Public understanding and confidence play a big role in acceptance of any currency. You can issue your own currency when it has the backing of taxing power or a metal, but some mystical concept that the general public cannot grasp is not backing. Two good smell tests are "is Warren Buffet buying it?" and "would I put my whole retirement savings in it?" There is a reason that most books are written to a sixth grade audience. Try to get a millennial cashier to make change to a dollar with any purchase. Most lack the basic math skills to add to a hundred much less grasp digital currency.[/QUOTE]
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