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The irony of making it difficult to exit crypto means traditional banking will long-term be on the losing end as people who buy into crypto (even as novelty) wo
by staplers 9y ago
The irony of making it difficult to exit crypto means traditional banking will long-term be on the losing end as people who buy into crypto (even as novelty) won't want to "cash out" due to difficulty while realizing how convoluted the fiat process is when viewed from the outside. They'll find ways to stay in crypto and get things done.
- JumpCrisscross 9y ago> traditional banking will long-term be on the losing end as people who buy into crypto (even as novelty) won't want to "cash out" due to difficulty There is context for this. China and Venezuela's capital controls are why everyone wants to hold renminbi and bolivars.
- nwah1 9y agoThey want to hold renminbi and bolivars because it is necessary in order to pay taxes.
- mhluongo 9y agoNeither of those is true, lol
- JumpCrisscross 9y agoMy comment was facetious. Both countries’ currencies are plagued with flight problems.
- Nursie 9y agoSurely this is only true if the point of cryptocurrency for those people is to get things done. If it's mostly speculation, as it seems to be right now, not so much.
- vkou 9y agoThis is false. When you find that you can't sell your tulips for dutch guilder, you don't set up a mirror economy that uses tulips for currency. Instead, you find tulip prices collapsing, and yourself broke. Why would my landlord, who is not vested in crypto, want to exchange goods and services for bitcoins that he can't cash out to pay his contractors, taxes, etc? Nobody wants to be paid in illiquid assets, what on earth would possess him to get into that horror show.
- toomim 9y agoMaybe that's what you do, but that's not what I do, and that's certainly not the hacker way. So instead of saying "this is false", you should be saying "well, this is just, like, my opinion, man."
- geezerjay 9y agoYour comment adds nothing to the discussion and only serves as an attempt to disregard every point without any reason or fact, and simply because you prefer not to face the facts.
- toomim 9y agoIt adds a datapoint (my own behavior) that contradicts the parent's claim of what people will do. I think what you really mean is "your statement does not contribute to my argument," not "your statement does not contribute to the discussion." There are arguments besides your own, and I am living proof that they live in people.
- down 9y agoin every thread there is a tulips idiot, tulips didn't happened, is just propaganda of those times, was no crash, meltdown, whatever, there are landlords that will take bitcoin, especially younger ones, hell, I could even find escorts that will take bitcoin and give me a discount, bitcoin is fungible, why would not take bitcoin, with all the quantitative erasing.
- mythrwy 9y agoI'll take your crypto as payment though. And so will other people. Maybe not everyone, but as long as enough people do to make it a currency it has value.
- juicyfroot 9y agoAs a landlord myself (obviously you are not by your comments) I offer accepting BCH or ETH for payment. I buy more and more stuff online with BCH and then convert back to fiat when I need to use local currency here at merchants that are not yet supporting BCH.