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Crypto pushers pushed two contradictory messages: 1. hodl, don't sell, don't spend! 2. Try to replace fiat with crypto in your life! No wonder that its adoptio
by zirgs 3y ago
Crypto pushers pushed two contradictory messages:
1. hodl, don't sell, don't spend!
2. Try to replace fiat with crypto in your life!
No wonder that its adoption for legal purposes didn't go anywhere.
- hunter2_ 3y agoSaving more than spending has also been popular advice for fiat, at times. More for medium/long-term personal purposes at the expense of immediate macro purposes, but I think that applies to both systems.
- zirgs 3y agoCentral banks inflate their currencies on purpose to discourage hodling. Short term savings for emergencies are good. But by hodling fiat long term - you are just losing money. Cryptobros thought that they are smarter than central banks and didn't bother to implement proper monetary policy in the Bitcoin protocol to prevent its volatility.
- tome 3y ago> But by hodling fiat long term - you are just losing money. Real interest rates are typically positive, so no, you are not.
- hunter2_ 3y agoThe concept of hodling fiat could mean cash under the mattress or could mean an interest-bearing account. It's ambiguous.
- eric_cc 3y ago“Proper monetary policy” Want to elaborate? Bitcoins monetary policy is beautiful in its simplicity and predictability. In that sense, it stands in stark contrast to fiat.
- zirgs 3y agoA proper monetary policy would ensure price stability and predictable inflation. Bitcoin price has been all over the place, and its volatility makes it both a bad investment and a bad currency.
- eric_cc 3y agoBitcoin is priced in fiat which is itself volatile. Bitcoin must detach from fiat to gain true stability.
- BowBun 3y agoYou're conflating the wallstreetbets crowd with the crypto crowd who are kinda polar opposites. Some of the applications crypto folks were going on about: decentralization (of course) until the IRS started taxing your crypto transactions; helping 3rd world countries with weak currencies (partially happened); international trade (quickly became untrue and monitored by government agencies), ledgers for tech companies (they can all already build audit trails. i've yet to see many applications where companies are willing to give up control over their trust to a 3rd party system with no scrubbing functionality. looking at you, AWS status page). Like I said, same vibe, different applications. Until some are built it's all just hype and conjecture. The applications we've seen work well are already well-accepted for their faults (content generation, summarization, etc)
- eric_cc 3y agoIts adoption is growing every day. Read up on bitcoin lightning network growth.