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Not cryptocurrency, Bitcoin. “The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust
by randomhodler84 5y ago
Not cryptocurrency, Bitcoin.
“The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust." - SN
Volatility is of far less concern than a 3rd party countries money printing.
- ceejayoz 5y ago> Volatility is of far less concern than a 3rd party countries money printing. Not when you get your weekly paycheck, it's not.
- thebean11 5y agoBoth seem like issues to me? Either your paychecks are being adjusted for inflation (in which case they could be adjusted to the Bitcoin price) or they are not adjusted for inflation and each check is smaller than the last.
- sonicggg 5y agoLet's start sending your weekly payment checks in Zimbabwean Dollars, and see how much of that matters.
- ceejayoz 5y agoZimbabwean dollars were highly volatile. Getting your paycheck and not knowing it'll be worth roughly the same amount next week when rent is due is a serious problem.
- stocknoob 5y agoDo you want your weekly paycheck in an inflationary or deflationary currency?
- postingawayonhn 5y agoEither, whichever is most stable.
- ceejayoz 5y agoI don't really care if it's inflationary or deflationary, as long as the rate of inflation/deflation is fairly small.
- fleddr 5y agoThen you swap it instantly to USD, which is part of the implementation. So citizens can chose. Conservative ones pick USD for its stability, others may pick BTC. Which has appreciated by 200% for 12 years straight, but hey, who's counting. Or, mix it up. 75% USD, 25% BTC. So...what is the problem again?
- gus_massa 5y agoReal green USD or just USDT? Can they get the USD in cash? What is the extraction fee?
- fleddr 5y agoReal dollars, and zero.
- wsatb 5y agoThe problem is it is only advantageous to hold BTC for those that can assume that risk. It's not being "conservative", they have no choice. If you're living paycheck-to-paycheck and the price collapses while you're sleeping, how do you eat the next day? This ultimately means the rich get richer and the poor get poorer.