alt Hacker NewsI haven't seen this question answered anywhere.
Why would anyone use bitcoin if the world's factory ie China wants gold as payments?
Even pro Bitcoin people like Balaji and Lyn Alden haven't answered this structural question. There exists market for what counts as money. If that market (led by China) says we don't accept Bitcoin, then these are just some random numbers.
China probably doesn’t accept Dominican pesos, either, and yet you’d be hard pressed to say that somebody with 100 billion Dominican pesos just has some random numbers. If you can exchange something for another form of value, then it has value. I think the trouble here is that there’s just nobody out there who would actually give you $100 billion worth of value for this particular asset. At least not as a lump sum.