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A hedge against instability of local currencies. (E.g. Venezuela) But really only if it would be difficult to obtain and safely keep USD.
by cyberlurker 6y ago
A hedge against instability of local currencies. (E.g. Venezuela)
But really only if it would be difficult to obtain and safely keep USD.
- iso1631 6y agoWouldn't a basked of currencies like XDR be more sensible than something as instable as bitcoin? If you don't like USD, then say a mix of CHF, EUR, GBP, USD, Yen and Yuan
- cwkoss 6y agoIt may be a better unit, but I'd imagine most Venezuelan bitcoin users would have trouble obtaining XDR and/or transferring that ownership stake across borders. I would also worry that FX accounts could be subject to government seizure.
- noch 6y ago> something as instable as bitcoin? Bitcoin isn't unstable. It has a fixed supply of 21M. It is the other currencies to which it is compared that are unstable. Bitcoin allows you to measure fiat currency instability.
- rspeele 6y agoIt's astounding how these nocoiners refuse to understand Bitcoin is the ONLY asset that is always worth exactly 1 BTC. The rest of the world's unstable goods like gold, fiat currency, real estate, stocks, cars, and even groceries are always fluctuating in BTC value but BTC stays perfectly level.
- SketchySeaBeast 6y agoIsn't that a feature of literally every currency? Has 1 USD ever not been worth exactly 1 USD?
- Jtsummers 6y agoGP is being sarcastic. The idea that a currency is stable because it always has the same value with respect to itself (1BTC is always 1BTC) even though literally every other good or service price is fluctuating wildly is a fundamentally absurdist position to take, and what GGP seems to be suggesting (and others have on here and other places, earnestly, before, not sarcastically or ironically about BTC). It's irrelevant that you can always trade 1 USD for 1 USD or 1 BTC for 1 BTC if the prices for goods are so unstable that every purchase or sale becomes a risk ("Wait, did the pizza price drop by 10,000x? Crap, that delivery guy can retire on his tip now and I'm broke!").
- SketchySeaBeast 6y agoOk, yeah, thank you. At this point I can't tell sarcasm from satire from honesty. Edit: I now again have no idea if they are or not. Looking at their comment history it doesn't appear they are.
- Jtsummers 6y agoYeah. Me neither. A definite problem in these discussions, especially text only. You can't tell who is being earnest, who is being a contrarian, and who is being sarcastic.
- SketchySeaBeast 6y agoI'm thinking they may be being sarcastic again, but they sure are committed.
- rspeele 6y agoSorry for yanking your chain. I tried to be absurd enough in my initial post to make it clear. When that failed, my reaction was to add more absurdity. It's not the first time this has failed. I should have known better when imitating a group that defies parody, like crypto aherents.
- SketchySeaBeast 6y agoIn the last 5 days bitcoin has fluctuated (by my quick math) 7% compared to both CAD and USD dollars. That seems to indicate to me that's its instability, not the currency of either nation.