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> Three-quarters of Salvadoreans surveyed in July by Disruptiva, a polling firm, were sceptical of the plan to adopt bitcoin. Two-thirds were not willing to be

by aorth 5y ago

> Three-quarters of Salvadoreans surveyed in July by Disruptiva, a polling firm, were sceptical of the plan to adopt bitcoin. Two-thirds were not willing to be paid in it and just under half knew nothing about it. Well that's pretty damning! I know fiat sucks, USD sucks, the central bank system sucks, bankers and corporations are evil, etc... but how is Bitcoin—or any other cryptocurrency—better? Especially in a country like El Salvador, where you're most likely going to get your coins stolen from you by a thug on the street. What recourse do you have?! In other countries, let's say authoritarian ones, the government will definitely send goons to hit you with a rubber hose and steal your coins. Again, what is your recourse?

programmarchy 5y ago
Seems like if you're walking down the street, it'd be much more difficult for someone to steal your bitcoin compared to traditional forms of money. But if your bitcoins did get stolen, I don't see why you wouldn't have the same recourse as cash, check, credit cards, etc. -- prosecute the theft in a court or pay a premium for an insurance policy.
pharmakom 5y ago
Bitcoins can be hidden more easily since they are basically a password. I’m more concerned about scalability (how ready is lightning really?) and price fluctuations (how can shops put price tags on things if the value keeps moving?)
- sunshinerag 5y ago
  Lightning usage continues to steadily climb. There is no singular ready point as it will continue to improve. https://1ml.com https://1ml.com
sunshinerag 5y ago
> but how is Bitcoin better? But if you try explain why fiat sucks, USD sucks you would know the answer isn't it. Bitcoin is the answer to central mismanagement of monetary policy, theft via inflation and corruption by monetary expansion. And you can't grab it from citizens like a physical commodity. They have to try harder. much harder.
- imtringued 5y ago
  >Bitcoin is the answer to central mismanagement of monetary policy, theft via inflation and corruption by monetary expansion. But Bitcoin is just a different kind of mismanagement. If you apply Say's law with the modification that money is also something to be produced then all that Bitcoin mining is fighting a mismanaged monetary policy. During the gold standard people realized that mining gold is more profitable than other forms of work. People hate negative interest rates just as much as inflation even though negative interest rates allow perfect price stability and would allow Say's Law to apply without the modification.

by aorth 5y ago

programmarchy 5y ago

Seems like if you're walking down the street, it'd be much more difficult for someone to steal your bitcoin compared to traditional forms of money. But if your bitcoins did get stolen, I don't see why you wouldn't have the same recourse as cash, check, credit cards, etc. -- prosecute the theft in a court or pay a premium for an insurance policy.

pharmakom 5y ago

Bitcoins can be hidden more easily since they are basically a password. I’m more concerned about scalability (how ready is lightning really?) and price fluctuations (how can shops put price tags on things if the value keeps moving?)

sunshinerag 5y ago
Lightning usage continues to steadily climb. There is no singular ready point as it will continue to improve. https://1ml.com https://1ml.com

sunshinerag 5y ago

> but how is Bitcoin better? But if you try explain why fiat sucks, USD sucks you would know the answer isn't it. Bitcoin is the answer to central mismanagement of monetary policy, theft via inflation and corruption by monetary expansion. And you can't grab it from citizens like a physical commodity. They have to try harder. much harder.

imtringued 5y ago
>Bitcoin is the answer to central mismanagement of monetary policy, theft via inflation and corruption by monetary expansion. But Bitcoin is just a different kind of mismanagement. If you apply Say's law with the modification that money is also something to be produced then all that Bitcoin mining is fighting a mismanaged monetary policy. During the gold standard people realized that mining gold is more profitable than other forms of work. People hate negative interest rates just as much as inflation even though negative interest rates allow perfect price stability and would allow Say's Law to apply without the modification.