It seems to me that most bitcoiners and crypo enthusiasts are so focused on the exchange rate that they are completely oblivious as to what is taking place around them.
The exchanges are essentially under gov. control now and any exchange that isn't compliant will be ostracized in the very near future. Just look at what happened to Bitfinex.
Many major exchanges like Bittrex already demand lots of information before new/existing accounts can deposit/withdraw and make trades. That was not the case just a few months ago!
Cryptos are not destroying the old system, they are being absorbed into it!
The exchange thing is true, and on-ramps are going to continue to be a problem... BUT once you're in the ecosystem it will start to be seamless. Cross-chain atomic swaps are going to be amazing. Two people using different cryptocurrencies being able to transact with each other with no centralized entity. Each one would spend and receive the coin of their choice with no need for an exchange in between... just a decentralized network of nodes.
At that point I think we'll see crypto absorb the old system.
I hope you're right about the last part, but I'm skeptical. The thing that bothers me is this: bitcoin was invented to replace fiat, but as it currently stands, it's completely dependent on it!
May I add that I've walked along the path of advocating decentralised crypto running alongside fiat.
You could say the same about many new technologies. The internet was invented to communicate over long distances and replace things like phone lines, but in the beginning was completely reliant on the infrastructure developed by the phone companies. Eventually they built their own infrastructure and the phone companies started using it themselves.
You left out the fact that the same phone/media companies now own the infrastructure that everyone else is using. If bitcoin goes the same way as the internet, it will be a complete disaster as the same large corporations/banks will become the dominant players.
For the crypto experiment to succeed, bitcoin has to displace the fiat system while simultaneously remaining completely decentralized.
Every other path leads back to the fiat overlords.
Very true. Let's hope we can learn from mistakes of the past!