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> Maybe a tiny minority Wait, what? That’s like the main reason people give when pumping it - “Bitcoin will replace fiat and it’s a good hedge against normal m
by yunohn 5y ago
> Maybe a tiny minority
Wait, what? That’s like the main reason people give when pumping it - “Bitcoin will replace fiat and it’s a good hedge against normal money.”
- mech422 5y agoPersonally, I don't know anyone that believes that.. I mostly see it as an adjunct - like credit cards. Another option..
- yunohn 5y agoI find it hard to believe that you spend time on HN and possibly other crypto-focused websites, but have never seen this sentiment?
- mech422 5y agoI've seen it...I just don't personally know anyone that subscribes to it. Just like I don't know anyone that plans to retire off lotto winnings? Most of the people I know, might dream a bit about 'hitting it big' - but none are expecting cash/fiat to go away.
- mech422 5y agoI should probably mention, no one I know is taking out second mortgages, risking their homes, or anything else like that.
- graeme 5y agoWhat the heck does that mean? Credit cards in the US are a dollar based instrument, and they extend credit to consumers and simplify payments for merchants and consumers both. Crypto isn’t credit. Or much of a payment means at present. So what specifically do you mean by “other option”? This seems like a dodge. The common meme is that crypto will be valuable because it will be the money of the future and appreciate along the way.
- mech422 5y agoIt means an easy way to pay for goods and transfer value. I had good luck doing both with crypto in the past. And being old enough to remember when the only options for 'moving' money were wire transfer and western union - I appreciate the speed and low cost. If you really are that bothered by it - think of it as a 'collective barter' system. You can pick which systems you want to support (if any) and collectively a 'value' is placed on the 'points'. As I recall, there were a few good sized barter collectives in the US, big enough the govt. started taxing barter 'income'? (it was years ago though, so my memory could be off) As for 'a dodge' - you're the one quoting the least nuanced views, and throwing aspersions. Maybe stop getting financial advice off you-tube ?
- rijoja 5y agoYeah so within the US it wouldn't really matter. On a global scale it would be nice to have a form of money that is not dependent on the whims of politicians.
- graeme 5y agoThat’s a nice way to describe anti money laundering and tax compliance laws. Easier money transfers for the law abiding are a real problem to be solved (and new companies are making it much easier!) but widespread evasion of laws isn’t a great approach.
- mech422 5y agoIf it helps any... With the new KYC stuff, I can't get fiat out of my cryptos till after they sequence my DNA.. Seriously, its ridiculous.. Neither my bank, credit, or brokerage accounts required jumping thru so many hoops.
- Tenoke 5y agoFor quite a while the prevailing sentiment has been that bitcoin is a store of value and more akin to gold not dollars. At any rate, there's plenty of crypto with much different aims.
- shkkmo 5y agoOnly by people with no understanding of economics. The demand for Gold is primarily functional and is generally larger that the speculative demand. This puts a floor on on its value. Cryptocurrency is almost pure speculation and thus has no floor to its value.
- injidup 5y agoWhen normal money has failed good luck finding a wall charger to get into your Bitcoin wallet. Or more precisely the thing that makes electricity and computer hardware cheap and which is a prerequisite for crypto is a functional economic system. It is unlikely that a functional economic system will stay a whilst there is at the same time a collapse in fiat and a subsequent rise in crypto. It feels like wishful thinking.
- wyager 5y agoCurrency collapses happen all the time without bringing down the electrical grid/internet.
- shkkmo 5y agoWhat are you talking about? We have never seen the collapse of all fiat currencies nor even the collapse of a single major fiat currency.
- crispyambulance 5y ago… and crypto fluctuates wildly all the time, with the electricity on for no reason whatsoever other than random whims of speculative investors.
- yunohn 5y agoThis is exactly what I don’t understand about the doomsday crowd. How exactly do they plan on using crypto amidst worldwide pandemonium?
- crispyambulance 5y agoThey think they’ll be able to exchange their funny money for real money, just in time, and stash it in their bug-out bags along with bullets and beef jerky.
- rantwasp 5y agoyou’re thinking of “normal money” failing as a on/off switch. Things are going degrade over time and there needs to be mass adoption if crypto is going to replace fiat currency. so in reality I think a transition to crypto is possible/likely if it’s indeed a transition and the incentives to do so will be aligned with what the people in power want.