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Exactly how do you convert from crypto to regular currency? If you can't how do you convince the full supplier ecosystem to take crypto as payment? and If you d

Exactly how do you convert from crypto to regular currency? If you can't how do you convince the full supplier ecosystem to take crypto as payment? and If you do, then who benefits from the rise in crypto currency use in one of the largest country. I'm an Indian, and I don't want to malign the intent behind it. But it is not going to convert into COVID-19 relief anytime soon, and not sure it will matter by the time it can be converted/translated into relief.

judge2020 5y ago
Exchanges, mainly Binance and Coinbase right now, have to offer SHIB/USD trading for there to be a market for this, and if there really was an unannounced selloff of this magnitude right now (with the relatively low transaction rate), the coin's value would instantly crash. There's also the issue that, since nobody is going to use it to trade commodities or actual goods and services, the value of this coin is entirely based on speculation of its future value by investors.
- anandaverma18 5y ago
  Binance listed it very early, Coinbase did not and might not even list. Coinbase announced to list DOGE after 6-8 weeks. I don't think there will list SHIB anytime sooner. Maybe a year later if it becomes something. Doge also started as meme coin, no utility but now slowly becoming a coin of choice for at-least transaction between two parties. who know how DOGE and SHIB turn out in near future.
- Yizahi 5y ago
  And on Binance it is probably not USD, but Tethers instead (hidden from user).
mgerullis 5y ago
Well, the recipient needs to sell them on an exchange or find a party which would be ready to swap the coins for something else. AFAIK Buterin never wanted these coins, which is why he donated them. What happens with them after that really isn’t his concern. It’s still free money
- nandhinianand 5y ago
  True.. but then the counterpoint is you can't eat money.. I mean, I understand why he gave it away, but I also don't expect it turn into anything anytime soon. May be even siphoned off by some officers.4.
  - mgerullis 5y ago
    If Buterin had sold the coins before donating he would have crashed their price by himself and I can see how that’s not something he wanted to do. He gave away a lot and burned the rest, thus theoretically creating scarcity which should play in favor of the price. Then again, SHIB is a hyped shitcoin, it was never going to be worth much in the long run and it’s remarkable that it even reached the price it has right now. Creating such a token can be done within an hour. If the COVID relief fund gets stolen by officers, then that is unfortunate to say the least but once again, all things considered, Buterin did the best thing he could.

judge2020 5y ago

Exchanges, mainly Binance and Coinbase right now, have to offer SHIB/USD trading for there to be a market for this, and if there really was an unannounced selloff of this magnitude right now (with the relatively low transaction rate), the coin's value would instantly crash. There's also the issue that, since nobody is going to use it to trade commodities or actual goods and services, the value of this coin is entirely based on speculation of its future value by investors.

anandaverma18 5y ago
Binance listed it very early, Coinbase did not and might not even list. Coinbase announced to list DOGE after 6-8 weeks. I don't think there will list SHIB anytime sooner. Maybe a year later if it becomes something. Doge also started as meme coin, no utility but now slowly becoming a coin of choice for at-least transaction between two parties. who know how DOGE and SHIB turn out in near future.
Yizahi 5y ago
And on Binance it is probably not USD, but Tethers instead (hidden from user).

mgerullis 5y ago

Well, the recipient needs to sell them on an exchange or find a party which would be ready to swap the coins for something else. AFAIK Buterin never wanted these coins, which is why he donated them. What happens with them after that really isn’t his concern. It’s still free money

nandhinianand 5y ago
True.. but then the counterpoint is you can't eat money.. I mean, I understand why he gave it away, but I also don't expect it turn into anything anytime soon. May be even siphoned off by some officers.4.
- mgerullis 5y ago
  If Buterin had sold the coins before donating he would have crashed their price by himself and I can see how that’s not something he wanted to do. He gave away a lot and burned the rest, thus theoretically creating scarcity which should play in favor of the price. Then again, SHIB is a hyped shitcoin, it was never going to be worth much in the long run and it’s remarkable that it even reached the price it has right now. Creating such a token can be done within an hour. If the COVID relief fund gets stolen by officers, then that is unfortunate to say the least but once again, all things considered, Buterin did the best thing he could.