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Remember the wheeze that governments were going to use Bitcoin as the world's reserve currency? That was a good laugh.

by automatic6131 3y ago

paxys 3y ago
Who actually believed that outside of /r/bitcoin?
- paulddraper 3y ago
  I mean, if you believed that you would be very long on btc
anon1199022 3y ago
You know, you people in comments, here were saying Bitcoin was scam years ago. Price made like 50x or more since then. So now that finance take it seriously, you come up with this? Thanks for reminding me this place has no important information.
- ForkMeOnTinder 3y ago
  It's been fun watching the goalposts move over the years. 2011 - it's a scam, nobody uses it 2013 - it's a scam, only criminals use it 2015 - it's a scam, no companies accept it 2017 - it's a scam, only small companies accept it 2019 - it's a scam, no countries officially recognize it 2021 - it's a scam, only small countries officially recognize it 2023 - it's a scam, it's not the world reserve currency
  - bugglebeetle 3y ago
    2023 - its what intelligence services use to monitor and steer criminal activities
    - anon1199022 3y ago
      2009 - CIA invented Bitcoin. With that logic.
      - andruby 3y ago
        I'd love to get some closure in my lifetime about Satoshi and the creation of Bitcoin. Which human(s) actually wrote the paper and the initial code? Afaik that's still an unsolved mystery with several competing theories.
  - anon1199022 3y ago
    Literally this is what they said for years.
  - lm28469 3y ago
    More like: 2023 - still nobody uses it
    - anon1199022 3y ago
      2023- Some people don't even know what "nobody" means? But still use it in a sentence. Wow.
      - lm28469 3y ago
        Yadda yadda yadda... and the year of the linux desktop is coming soon(tm) (I promise guys for real this time just hodl(tm) one more decade)
        deleted 3y ago
        [deleted]
        anon1199022 3y ago
        [flagged]
        lm28469 3y ago
        Only if you sell me a cryptobro course on how to become a millionaire for $99.99
        anon1199022 3y ago
        [flagged]
  - automatic6131 3y ago
    Wow, it's 2023 and 1 (one) small country officially recognises it (and no one actually[1] uses it there, except for small tourist attractions), no companies accept it, and criminals don't even use it anymore. [1] Number Go Up by Zeke Faux tries actually using BTC in El Salvdor. Many don't know how, some people tell him to leave, some try but it's strictly inferior to existing payment methods.
    - anon1199022 3y ago
      [flagged]
      - lawlessone 3y ago
        oh in that case ill use it next time a buy a ferrari on my weekly shop.
      - seanhunter 3y ago
        It would be worth you reading https://news.ycombinator.com/newsguidelines.html https://news.ycombinator.com/newsguidelines.html, especially Be kind. Don't be snarky. Converse curiously; don't cross-examine. Edit out swipes. Comments should get more thoughtful and substantive, not less, as a topic gets more divisive. When disagreeing, please reply to the argument instead of calling names. "That is idiotic; 1 + 1 is 2, not 3" can be shortened to "1 + 1 is 2, not 3."
      - kkielhofner 3y ago
        There have been plenty of these announcements over the years. They’re almost always rolled back in some number of months. See Tesla as the most famous example: https://www.cnbc.com/amp/2021/05/12/elon-musk-says-tesla-will-stop-accepting-bitcoin-for-car-purchases.html https://www.cnbc.com/amp/2021/05/12/elon-musk-says-tesla-wil...
  - paulpauper 3y ago
    BTC evangelists a decade ago were promising mass adoption by now. they were way wrong. no getting around this.
    - I_Am_Nous 3y ago
      I remember John McAfee promising to eat his own dick if Bitcoin wasn't worth $500k in 3 years. He later said those hyperbolic statements were just to onboard new users (making them lies? fraud?) which makes sense as he was doing a daily coin/project shill for a while which pumped and dumped various coins he held. A real world example of how Bitcoin didn't work, even though it could have worked is Steam[1]. They tried, and while gamers are more likely to be able to handle the intricacies of crypto than most of the rest of the population, there are just some really difficult issues to solve with using raw Bitcoin. Virtualized networks on top of Bitcoin like Lightning[2] seek to solve some of those issues, but bring their own complexity and issues including finding enough VC money to bootstrap the network into even having money to function. 1. https://steamcommunity.com/games/593110/announcements/detail/1464096684955433613 https://steamcommunity.com/games/593110/announcements/detail... 2. https://finance.yahoo.com/news/bitcoin-lightning-network-scaling-solution-111025791.html https://finance.yahoo.com/news/bitcoin-lightning-network-sca...
  - thelastgallon 3y ago
    Aswath Damodaran: https://www.businesstoday.in/crypto/token/story/currency-that-no-one-uses-why-valuation-guru-aswath-damodaran-isnt-bullish-on-bitcoin-395418-2023-08-24 https://www.businesstoday.in/crypto/token/story/currency-tha... Bitcoin is the currency that nobody uses and a collectible that doesn't behave like a collectible. He also questioned its role as a hedge, stating, "It's gone up as stocks have gone up, it goes down when stocks go down. This is not the way a collectible is supposed to behave."
  - beardog 3y ago
    >2015 - it's a scam, no companies accept it I have actively tried to use bitcoin to pay for daily life stuff in 2022/2023 and its basically impossible without converting to fiat. The only 2 bills I can pay directly with it is my VPS host and AT&T. I can't buy groceries with it, pay my rent, fuel my car, or see a doctor. I was once able to buy steam games and Chinese food with it but both have since dropped it. I would not call bitcoin a scam but I also would not say it is useful currency for Americans.
- tecleandor 3y ago
  It isn't like that good this past 3 years, isn't it?
toenail 3y ago
You may not know this, but there is no reserve asset on this planet any more. Central banks world wide use the dollar, which was backed by gold when this agreement started. But it isn't any more, and it is only backed by more debt creation/money printing. Historically, money backed by weak reserves has always lost against money backed by stronger reserve assets. I find it funny that people believe that infinite debt creation is superior and will win against absolute digital scarcity.
- digging 3y ago
  > Historically, money backed by weak reserves has always lost against money backed by stronger reserve assets. Can you say more about where this has actually happened, and how it's applicable in this situation? (I'm actually curious)
  - toenail 3y ago
    I'd recommend https://www.lynalden.com/broken-money/ https://www.lynalden.com/broken-money/
- matheusmoreira 3y ago
  USD is backed by literally nothing. LITERALLY NOTHING. https://www.treasury.gov/resource-center/faqs/Currency/Pages/legal-tender.aspx https://www.treasury.gov/resource-center/faqs/Currency/Pages... > Federal Reserve notes are not redeemable in gold, silver or any other commodity, and receive no backing by anything
  - garba_dlm 3y ago
    > USD is backed by literally nothing. LITERALLY NOTHING. that is not quite right. historically USD has been backed by the USA military
    - toenail 3y ago
      And the US military is backed by debt, it's turtles all the way down. Force is not a reserve asset.

Remember the wheeze that governments were going to use Bitcoin as the world's reserve currency? That was a good laugh.

paxys 3y ago

Who actually believed that outside of /r/bitcoin?

paulddraper 3y ago
I mean, if you believed that you would be very long on btc

anon1199022 3y ago

You know, you people in comments, here were saying Bitcoin was scam years ago. Price made like 50x or more since then. So now that finance take it seriously, you come up with this? Thanks for reminding me this place has no important information.

ForkMeOnTinder 3y ago
It's been fun watching the goalposts move over the years. 2011 - it's a scam, nobody uses it 2013 - it's a scam, only criminals use it 2015 - it's a scam, no companies accept it 2017 - it's a scam, only small companies accept it 2019 - it's a scam, no countries officially recognize it 2021 - it's a scam, only small countries officially recognize it 2023 - it's a scam, it's not the world reserve currency
- bugglebeetle 3y ago
  2023 - its what intelligence services use to monitor and steer criminal activities
  - anon1199022 3y ago
    2009 - CIA invented Bitcoin. With that logic.
    - andruby 3y ago
      I'd love to get some closure in my lifetime about Satoshi and the creation of Bitcoin. Which human(s) actually wrote the paper and the initial code? Afaik that's still an unsolved mystery with several competing theories.
- anon1199022 3y ago
  Literally this is what they said for years.
- lm28469 3y ago
  More like: 2023 - still nobody uses it
  - anon1199022 3y ago
    2023- Some people don't even know what "nobody" means? But still use it in a sentence. Wow.
    - lm28469 3y ago
      Yadda yadda yadda... and the year of the linux desktop is coming soon(tm) (I promise guys for real this time just hodl(tm) one more decade)
      - deleted 3y ago
        [deleted]
      - anon1199022 3y ago
        [flagged]
        lm28469 3y ago
        Only if you sell me a cryptobro course on how to become a millionaire for $99.99
        anon1199022 3y ago
        [flagged]
- automatic6131 3y ago
  Wow, it's 2023 and 1 (one) small country officially recognises it (and no one actually[1] uses it there, except for small tourist attractions), no companies accept it, and criminals don't even use it anymore. [1] Number Go Up by Zeke Faux tries actually using BTC in El Salvdor. Many don't know how, some people tell him to leave, some try but it's strictly inferior to existing payment methods.
  - anon1199022 3y ago
    [flagged]
    - lawlessone 3y ago
      oh in that case ill use it next time a buy a ferrari on my weekly shop.
    - seanhunter 3y ago
      It would be worth you reading https://news.ycombinator.com/newsguidelines.html https://news.ycombinator.com/newsguidelines.html, especially Be kind. Don't be snarky. Converse curiously; don't cross-examine. Edit out swipes. Comments should get more thoughtful and substantive, not less, as a topic gets more divisive. When disagreeing, please reply to the argument instead of calling names. "That is idiotic; 1 + 1 is 2, not 3" can be shortened to "1 + 1 is 2, not 3."
    - kkielhofner 3y ago
      There have been plenty of these announcements over the years. They’re almost always rolled back in some number of months. See Tesla as the most famous example: https://www.cnbc.com/amp/2021/05/12/elon-musk-says-tesla-will-stop-accepting-bitcoin-for-car-purchases.html https://www.cnbc.com/amp/2021/05/12/elon-musk-says-tesla-wil...
- paulpauper 3y ago
  BTC evangelists a decade ago were promising mass adoption by now. they were way wrong. no getting around this.
  - I_Am_Nous 3y ago
    I remember John McAfee promising to eat his own dick if Bitcoin wasn't worth $500k in 3 years. He later said those hyperbolic statements were just to onboard new users (making them lies? fraud?) which makes sense as he was doing a daily coin/project shill for a while which pumped and dumped various coins he held. A real world example of how Bitcoin didn't work, even though it could have worked is Steam[1]. They tried, and while gamers are more likely to be able to handle the intricacies of crypto than most of the rest of the population, there are just some really difficult issues to solve with using raw Bitcoin. Virtualized networks on top of Bitcoin like Lightning[2] seek to solve some of those issues, but bring their own complexity and issues including finding enough VC money to bootstrap the network into even having money to function. 1. https://steamcommunity.com/games/593110/announcements/detail/1464096684955433613 https://steamcommunity.com/games/593110/announcements/detail... 2. https://finance.yahoo.com/news/bitcoin-lightning-network-scaling-solution-111025791.html https://finance.yahoo.com/news/bitcoin-lightning-network-sca...
- thelastgallon 3y ago
  Aswath Damodaran: https://www.businesstoday.in/crypto/token/story/currency-that-no-one-uses-why-valuation-guru-aswath-damodaran-isnt-bullish-on-bitcoin-395418-2023-08-24 https://www.businesstoday.in/crypto/token/story/currency-tha... Bitcoin is the currency that nobody uses and a collectible that doesn't behave like a collectible. He also questioned its role as a hedge, stating, "It's gone up as stocks have gone up, it goes down when stocks go down. This is not the way a collectible is supposed to behave."
- beardog 3y ago
  >2015 - it's a scam, no companies accept it I have actively tried to use bitcoin to pay for daily life stuff in 2022/2023 and its basically impossible without converting to fiat. The only 2 bills I can pay directly with it is my VPS host and AT&T. I can't buy groceries with it, pay my rent, fuel my car, or see a doctor. I was once able to buy steam games and Chinese food with it but both have since dropped it. I would not call bitcoin a scam but I also would not say it is useful currency for Americans.
tecleandor 3y ago
It isn't like that good this past 3 years, isn't it?

toenail 3y ago

You may not know this, but there is no reserve asset on this planet any more. Central banks world wide use the dollar, which was backed by gold when this agreement started. But it isn't any more, and it is only backed by more debt creation/money printing. Historically, money backed by weak reserves has always lost against money backed by stronger reserve assets. I find it funny that people believe that infinite debt creation is superior and will win against absolute digital scarcity.

digging 3y ago
> Historically, money backed by weak reserves has always lost against money backed by stronger reserve assets. Can you say more about where this has actually happened, and how it's applicable in this situation? (I'm actually curious)
- toenail 3y ago
  I'd recommend https://www.lynalden.com/broken-money/ https://www.lynalden.com/broken-money/
matheusmoreira 3y ago
USD is backed by literally nothing. LITERALLY NOTHING. https://www.treasury.gov/resource-center/faqs/Currency/Pages/legal-tender.aspx https://www.treasury.gov/resource-center/faqs/Currency/Pages... > Federal Reserve notes are not redeemable in gold, silver or any other commodity, and receive no backing by anything
- garba_dlm 3y ago
  > USD is backed by literally nothing. LITERALLY NOTHING. that is not quite right. historically USD has been backed by the USA military
  - toenail 3y ago
    And the US military is backed by debt, it's turtles all the way down. Force is not a reserve asset.