I would tend to agree on this but, only at the current time, and only with certain cryptos. A digital replacement for fiat CAN be stable if thats what we really want. I think too much emphasis is placed on the "Holy Grail" of stability. In fiat, be it paper, coin or electronic, yes, stability is needed and desired for a 100 dollar bill to represent a steady and constant value so it's buying power remains more or less constant as it is a physical thing that cannot be physically altered to represent different values, the proof is in what you can exchange it for . But, due to inflation and all the other forces that push and pull on the money supply, stability is not really attainable, if you rob Peter you have to pay Paul, it's a wash somewhere. In digital there could be an instant price to payment ratio that could be adjusted on the fly.
I would argue that a digital representation of value does not need to remain so stable since the conversion rates and actual value can change without the whole issue of a physical "dollar" always saying "I represent one dollar" In a truly electronic world with a digital money supply, value can be allowed to change and those assigning the value need to be much more attentive to inflation/deflation or, the code can handle it without human intervention depending on volume and circulation among other factors. That's a whole conversation right there: Do we let crypto maintain its on value via supply and demand or, do we control it if it is being used in the global market in everyday transactions?
Imagine this: You go to the super market and your looking to get some steaks for dinner. Some are priced at 3 DNotes a pound and some are priced at 5 DNotes a pound. There both look exactly the same and are both the same cuts. Without any input from you, your wallet brings up a quick overview of each. You see that the 5 NOTE steak has been grass fed, free ranged and contains 1/3 less hidden fat and no preservatives in the packaging and comes from a local farm. The other, not so much! Not hard to spend the other 2 NOTE but hold on, your wallet tells you the value of NOTE is trending upward and predicts that if you wait for ten to fifteen minutes you will save 20 percent on your purchase. You go about your other shopping and come back later, pick up your steak, scan it with your wallet and head home.
I believe bankers like the woman in the article and others in the Banking & Financial industries are so set in their "physical" ways they can't really see what is possible with "virtual" or crypto even though it's right there in front of them every day. They refuse to open their minds for various reasons crypto far outpaces physical including pride, ignorance, self interest and the belief that there could never be a way to transact and store value that is better than what they have known all their lives. Some speak without ever taking the time to learn about their "adversary" as they would call crypto, some speak with authority but without knowledge and some just speak because they have been told to do so. But, I am convinced that most of these detractors have been told to speak against Bitcoin and don't have much choice if they want to continue in their industry.
As sad this is this, when their industry finally realizes what crypto can really do for finance, those same people that bashed it on behalf of their handlers will be out of a job.
It's a shame really, some of crypto's most vocal detractors are brillant people who just cant bring themselves to the realization that what they have been supporting all their lives may possibly be coming to an end and, actually SHOULD come to an end. The world is place of constant change. Everything here, even the very bedrock itself, is constantly changing and being reborn. Money is not immune to this natural process and neither are we.
PS: There are also those who have honed their skills of theft and deception that don't want to relearn in a different medium, learn to spot them and ignore them, their in the news quite a bit!
