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Yeh, it failed so hard no one even uses it anymore.
by kylebenzle 2y ago
Yeh, it failed so hard no one even uses it anymore.
- karlgkk 2y agoIt’s being “used” as a speculative asset. That’s not a firm foundation to run a governmental monetary system on. Maybe there are other cryptocurrencies better suited to the task, but BTC isn’t
- dodoisdodo 2y agoGovernmental monetary systems are usually founded on hopes and prayers (and military might).
- ethbr1 2y agoGovernment monetary systems are all inflationary, for a lot of very good reasons.
- whoiscroberts 2y agoMilitary Might ( and hopes and prayers)
- notpushkin 2y agoDepends on the particular government. The ones that are heavy on hopes and prayers usually don’t do well though.
- oblio 2y agoGovernmental monetary systems have been used by every government for what now? 3000 years?
- deleted 2y ago[deleted]
- hshshshshsh 2y agoHumans didn't have the technology to build a decentralized currency for 3000 years. That tech was invented only 17 years back 3000 years from now what would be the store of value would be the question to ask.
- oblio 2y agoI'm fine with letting decentralized currency maturing for say, 300 years, in some small corner of the world, before letting it loose on the rest of us.
- lxgr 2y agoThey're founded on the shared illusion that the money they create is worth something, and the fact that this works pretty well is arguably one of the most important achievements of human civilization.
- Gud 2y agoDon’t forget buying drugs online! Which is mostly what I use it for…
- girvo 2y agoWell, for buying Monero to buy drugs online right?
- passwordreset 2y agoDon't try to reason with them. Their minds are as closed as a MAGA.
- Gud 2y agoSorry what?
- passwordreset 2y agoI said "Don't try to reason with them. Their minds are as closed as a MAGA."
- Gud 2y agoAnd what was your point?
- passwordreset 2y agoMy point is: Don't try to reason with them. Their minds are as closed as a MAGA.
- Gud 2y agoYes. First I buy bitcoin from the X, then I transfer it to my bitcoin wallet. Next I transfer it to kraken, convert it to Monero and deposit it on my drug market of choice. It used to be simpler but this is how I do it nowadays.
- hshshshshsh 2y agoEverything is a speculative asset. Your marriage is a speculative asset that your wife doesn't cheat on you in future and actually loves you. S&P is a speculative asset that it will perform like it has been performing in last 30 years. USD is a speculative asset on US not going bankrupt. Your career is speculative asset that you don't get fired tomorrow and you can find another job if you do get fired. Bitcoin is a speculative asset that a decentralized cryptocurrency is better than relying on coins issued by bankruptable nations. You are a speculative asset of your ego.
- tel 2y agoYeah, that’s true. We invest in a lot of things, hoping for future value. But I guess I still treat those differently. I only hold enough USD for upcoming purchases. And I struggle to understand how investing in my marriage is speculative. For a variety of reasons I can’t (or wouldn’t want to) manage that risk like I would in normal speculative investment. I can’t hedge, size up, size down. So I think I’m missing something. I feel like you’re suggesting that we should be more comfortable speculating because we do it all the time, but I’m not seeing how those are all the same.
- hshshshshsh 2y agoIn my POV it's all the same since all of them are essentially beliefs with various probabilities. You don't know what will happen in any of the cases. You just choose to believe one more over the other based on what has happened in the past.
- tel 2y agoI think that's right. At some level, any anticipation of a future state has to be measurable in some kind of confidence level. I suppose where I get lost is that, at least subjectively, I end up treating different anticipated return distributions differently. I want a mixture of risks, both in terms of their covariance and the absolute properties. When I think of "speculation", I am intentionally shaping only a small portion of my personal portfolio toward high risk, high reward activities. And I only really feel comfortable doing that because a larger fraction of my personal risk is in safer vehicles. Atop that, I also think a lot about liquidity time bounds. I want access to a reasonable amount of highly-liquid, low-risk investments. I need that flexibility to be safe in the event that I need to buy something. To my eye at least, I qualitatively differentiate between speculative investments and these liquid/low risk ones. If I felt I only had one kind of risk, I would seek out the other in some proportion.
- Kindra 2y agoAre you able to point to a single case where Bitcoin was used as legal tender in an every day business transaction? By this I mean, can you give an example where someone ordered a cup of coffee with Bitcoin directly and not through a proxy?
- freedomben 2y agoI used to pay my dish network bill with it before they stopped accepting it. I've also used it to send money to friends and family, and to donate to open source projects and other things. If the fees were lower I'd use it for plenty of other things too.
- deleted 2y ago[deleted]
- listenallyall 2y ago> If the fees were lower Aye, there's the rub. With all due respect, why not Bitcoin Cash or some other coin? Bitcoin Cash is the exact same thing as Bitcoin - same protocol, same 21 million coin limit, same Satoshi whitepaper, same everything, except bigger blocks and thus, much lower fees. If you are using a coin as an actual currency, and not as a speculator, why stick with high-fee Bitcoin?
- loophole27 2y agoTook a lot of scrolling to find a mention of Bitcoin Cash. I used to believe in Bitcoin in the beginning, but the high fees make it impractical to use as everyday currency. Bitcoin Cash is much closer to what I had hoped Bitcoin would become. It’s the same as Bitcoin, except that it ideologically split exactly for the reason that some people wanted it to behave more like an actual currency, while others invented the “digital gold” narrative.
- notatoad 2y agodoes buying drugs count?
- 2y ago
- EVa5I7bHFq9mnYK 2y agoThe article says "92% of Salvadorans did not use bitcoin in their transactions in 2024". Which means that 8% did use it in their transactions.
- pasquinelli 2y agothis is the funniest way to reply
- nicbou 2y agoI wonder what volume of all transactions it represents. I've used Swiss Franc this year but it's a fraction of a percent of all my transactions.
- chii 2y agoit is probably the same with gold - in fact, i say gold is used even less in transactions. Yet, nobody would deny that gold cannot form a good monetary foundation . Of course, it's not the best - fiat is still, imho, better - but it doesn't mean it can't work. So why is the IMF so against bitcoins that they'd rather pay to eliminate it? Or are the IMF scared that bitcoin can actually succeed, in a way which prevents IMF members from asserting monetary pressure in ways that benefits them?
- freen 2y agoAhh yes, the age old “let’s use a precious metal to denominate our currency” idea. Cryptocurrency bros are literally speedrunning the entirety of monetary system failures. All of them. You’d think, maybe after the first couple they’d read a book or something? Heck no! YOLO!
- robertlagrant 2y agoJust to be clear, people who have downvoted you are likely doing so because of tone and attitude, not because they're pro-bitcoin.
- deleted 2y ago
- DonHopkins 2y ago[flagged]
- cb33 2y agoThis really feels like it doesn't belong here.
- jazzyjackson 2y agoFine but what does this have to do with the price of bitcoin in El Salvador?
- wrongun 2y agoYou should report him to the police for misogyny.