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Bitcoin is a store of value. When they need money to buy groceries or pay rent they will sell an amount of bitcoin. Stores and landlords won’t take payment in

by wyre 6y ago

Bitcoin is a store of value. When they need money to buy groceries or pay rent they will sell an amount of bitcoin. Stores and landlords won’t take payment in gold or index funds either.

ChuckNorris89 6y ago
You're making the bold assumptions that landlords or grocery stores accept bitcoin in those countries. Do they really? Or are you fantasizing a Cyberpunk future where they would? Because fantasies are cheap, but food and shelter is not, and the ones who make the bread might be more into the cash in hand right now rather than waiting for your BTC transaction to clear.
- asenna 6y ago
  > You're making the bold assumptions that landlords or grocery stores accept bitcoin in those countries. The parent is clearly not making that statement. Parent said ".. they will sell an amount of Bitcoin" which can be done either through exchanges or just as easily peer-to-peer through platforms like LocalBitcoin. If you have Bitcoin in a scenario like that, most definitely will not be a problem.
  - ChuckNorris89 6y ago
    >If you have Bitcoin in a scenario like that, most definitely will not be a problem. Until the regime decides to cut off access to crypto exchanges or the whole internet country wide. Good luck cashing out your bitcoins then.
    - wyre 6y ago
      If a regime is cutting off internet country wide that is a problem larger than bitcoin.
      - ChuckNorris89 6y ago
        Pretty sure if you have your money tied into bitcoin, as the people above suggest as the killer use of BTC, then having your internet cut off easily becomes your biggest problem. How else are you gonna spend your crypto to buy food or pay for shelter or pay for travel or smugglers to get you out of the country? Crypto would be great if it could be used 100% offline, like tap your phones via NFC, and boom, coins transferred, here's your bread.
heterodoxxed 6y ago
> Bitcoin is a store of value That's what's said now because it failed as a currency.
- wyre 6y ago
  It hasn’t failed at being anything. Bitcoin is still very new to this world. Just because at this moment it isn’t realistic to use as a currency does not mean it has failed.
  - heterodoxxed 6y ago
    It's been around for 12 years and nothing even close to a killer app has come and it's one promise of utility (as a currency) has proven to not be scalable.
    - wyre 6y ago
      It’s decentralized. Why does it need “a killer app?”
      - heterodoxxed 6y ago
        A killer app would prove utility. Something that shows that it has use outside of the ideological and invested. In other words, something that someone on the outside can use. The internet is decentralized and produced "killer apps" that did just that almost immediately. People used the internet and their use of it only increased over time. Cryptocurrency cannot sustain that. DApps are effectively useless. Blockchains are expensive and environmentally destructive merkle trees and do nothing that git couldn't do faster and easier and cheaper. Decentralization has not proven itself to be useful at all to anyone. A killer app doesn't even have to be complicated, it only has to be useful. Nothing about cryptocurrency is useful. It is an ouroboros of busywork and self-justification. So I would ask, why wouldn't a new technology need to demonstrate utility?
heavyset_go 6y ago
> Bitcoin is a store of value. When they need money to buy groceries or pay rent they will sell an amount of bitcoin. Seems like a great way to lose any stored value in transaction fees. Transaction fees are $26USD right now, which is likely more than what most pay in those countries for their groceries.
- ChuckNorris89 6y ago
  Why do people miss the substantial transaction fee when proclaiming BTC as a viable day to day currency? And in poor countries out of all places.

by wyre 6y ago

Bitcoin is a store of value. When they need money to buy groceries or pay rent they will sell an amount of bitcoin. Stores and landlords won’t take payment in gold or index funds either.

ChuckNorris89 6y ago

You're making the bold assumptions that landlords or grocery stores accept bitcoin in those countries. Do they really? Or are you fantasizing a Cyberpunk future where they would? Because fantasies are cheap, but food and shelter is not, and the ones who make the bread might be more into the cash in hand right now rather than waiting for your BTC transaction to clear.

asenna 6y ago
> You're making the bold assumptions that landlords or grocery stores accept bitcoin in those countries. The parent is clearly not making that statement. Parent said ".. they will sell an amount of Bitcoin" which can be done either through exchanges or just as easily peer-to-peer through platforms like LocalBitcoin. If you have Bitcoin in a scenario like that, most definitely will not be a problem.
- ChuckNorris89 6y ago
  >If you have Bitcoin in a scenario like that, most definitely will not be a problem. Until the regime decides to cut off access to crypto exchanges or the whole internet country wide. Good luck cashing out your bitcoins then.
  - wyre 6y ago
    If a regime is cutting off internet country wide that is a problem larger than bitcoin.
    - ChuckNorris89 6y ago
      Pretty sure if you have your money tied into bitcoin, as the people above suggest as the killer use of BTC, then having your internet cut off easily becomes your biggest problem. How else are you gonna spend your crypto to buy food or pay for shelter or pay for travel or smugglers to get you out of the country? Crypto would be great if it could be used 100% offline, like tap your phones via NFC, and boom, coins transferred, here's your bread.

heterodoxxed 6y ago

> Bitcoin is a store of value That's what's said now because it failed as a currency.

wyre 6y ago
It hasn’t failed at being anything. Bitcoin is still very new to this world. Just because at this moment it isn’t realistic to use as a currency does not mean it has failed.
- heterodoxxed 6y ago
  It's been around for 12 years and nothing even close to a killer app has come and it's one promise of utility (as a currency) has proven to not be scalable.
  - wyre 6y ago
    It’s decentralized. Why does it need “a killer app?”
    - heterodoxxed 6y ago
      A killer app would prove utility. Something that shows that it has use outside of the ideological and invested. In other words, something that someone on the outside can use. The internet is decentralized and produced "killer apps" that did just that almost immediately. People used the internet and their use of it only increased over time. Cryptocurrency cannot sustain that. DApps are effectively useless. Blockchains are expensive and environmentally destructive merkle trees and do nothing that git couldn't do faster and easier and cheaper. Decentralization has not proven itself to be useful at all to anyone. A killer app doesn't even have to be complicated, it only has to be useful. Nothing about cryptocurrency is useful. It is an ouroboros of busywork and self-justification. So I would ask, why wouldn't a new technology need to demonstrate utility?

heavyset_go 6y ago

> Bitcoin is a store of value. When they need money to buy groceries or pay rent they will sell an amount of bitcoin. Seems like a great way to lose any stored value in transaction fees. Transaction fees are $26USD right now, which is likely more than what most pay in those countries for their groceries.

ChuckNorris89 6y ago
Why do people miss the substantial transaction fee when proclaiming BTC as a viable day to day currency? And in poor countries out of all places.