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I’m not so sure. The volatility of crypto makes it really unattractive to me as a place to keep most of my money. Sure that volatility seems pretty tolerable if

I’m not so sure. The volatility of crypto makes it really unattractive to me as a place to keep most of my money. Sure that volatility seems pretty tolerable if my national currency plunges 30% overnight but that’s a pretty unusual thing to happen. So I really wonder how crypto is supposed to help regular people who just a few weeks ago thought this war wasn’t going to happen.

rmbyrro 5y ago
Would you really argue the Ruble is more stable than Bitcoin?
- Loughla 5y ago
  >Sure that volatility seems pretty tolerable if my national currency plunges 30% overnight I feel like that addresses the Ruble. >but that’s a pretty unusual thing to happen. Is the larger point. If you can magic 8 ball your country's future with all certainty, then yes, it is a good idea. Otherwise it's just speculative investment with your actual savings?
- cthalupa 5y ago
  Yes? Just look at a chart of conversion rates between the two to USD over the past 5 years.
hutrdvnj 5y ago
Yup, for Bitcoin it's pretty normal and expected to see double-digit changes in either direction.
jfroma 5y ago
Easy, use an stablecoin like DAI or MIM you can get also as much as 12% APY. Edit: previously I used the example USDC which you can argue can be controlled by Coinbase.
- haakon 5y ago
  Earning interest like that requires leaving your money with a custodian, which negates any protection against confiscation.
  - jfroma 5y ago
    No, checkout decentralized finances (DeFi). You are leaving your money with an smart contract, which is an inmutable piece of software. https://en.m.wikipedia.org/wiki/Decentralized_finance https://en.m.wikipedia.org/wiki/Decentralized_finance
    - ptx 5y ago
      So they must have solved the problem of writing completely bug-free software then? Otherwise leaving your money with an unpatchable service seems like a really bad idea.
      - jfroma 5y ago
        I can see you didn't click the link otherwise you will have read the section about that. "They" didn't solve that problem, it is not the solution to all problems in finances. So, whats your point? Vaccines does not prevent 100% of infections, does that means that they are worthless? Nirvana fallacy: https://en.wikipedia.org/wiki/Nirvana_fallacy https://en.wikipedia.org/wiki/Nirvana_fallacy
        ptx 5y ago
        Which section are you referring to? The one that says "Coding errors and hacks are common in DeFi"? You said that the contract, i.e. the software, is immutable. This means that it can't be patched. If it can be patched it's not immutable, excepting semantic trickery like each version of the contract being immutable while what "the contract" points to can be changed in order to patch it.
- lottin 5y ago
  And if you buy Turkish bonds you may get as much as 53%. Your point is?

rmbyrro 5y ago

Would you really argue the Ruble is more stable than Bitcoin?

Loughla 5y ago
>Sure that volatility seems pretty tolerable if my national currency plunges 30% overnight I feel like that addresses the Ruble. >but that’s a pretty unusual thing to happen. Is the larger point. If you can magic 8 ball your country's future with all certainty, then yes, it is a good idea. Otherwise it's just speculative investment with your actual savings?
cthalupa 5y ago
Yes? Just look at a chart of conversion rates between the two to USD over the past 5 years.

hutrdvnj 5y ago

Yup, for Bitcoin it's pretty normal and expected to see double-digit changes in either direction.

jfroma 5y ago

Easy, use an stablecoin like DAI or MIM you can get also as much as 12% APY. Edit: previously I used the example USDC which you can argue can be controlled by Coinbase.

haakon 5y ago
Earning interest like that requires leaving your money with a custodian, which negates any protection against confiscation.
- jfroma 5y ago
  No, checkout decentralized finances (DeFi). You are leaving your money with an smart contract, which is an inmutable piece of software. https://en.m.wikipedia.org/wiki/Decentralized_finance https://en.m.wikipedia.org/wiki/Decentralized_finance
  - ptx 5y ago
    So they must have solved the problem of writing completely bug-free software then? Otherwise leaving your money with an unpatchable service seems like a really bad idea.
    - jfroma 5y ago
      I can see you didn't click the link otherwise you will have read the section about that. "They" didn't solve that problem, it is not the solution to all problems in finances. So, whats your point? Vaccines does not prevent 100% of infections, does that means that they are worthless? Nirvana fallacy: https://en.wikipedia.org/wiki/Nirvana_fallacy https://en.wikipedia.org/wiki/Nirvana_fallacy
      - ptx 5y ago
        Which section are you referring to? The one that says "Coding errors and hacks are common in DeFi"? You said that the contract, i.e. the software, is immutable. This means that it can't be patched. If it can be patched it's not immutable, excepting semantic trickery like each version of the contract being immutable while what "the contract" points to can be changed in order to patch it.
lottin 5y ago
And if you buy Turkish bonds you may get as much as 53%. Your point is?