6 ms·

What are you talking about? Their Bitcoin holdings more than doubled in value.

computerdork 2y ago
Yeah, i really dislike bitcoin, but have to admit, it has been a very profitable investment for a lot of people (and still hasn't completely crashed like expected)... ... although as a form of currency (as opposed to an investment) for El Salvador, it looks like it's a failure
- lern_too_spel 2y ago
  The risk that IMF would be concerned about is that the value of their holdings could go to 0 overnight by a wallet hack, data loss, an unscrupulous government employee, or the world running out of greater fools.
  - codebolt 2y ago
    Tether collapse is still the big one.
  - computerdork 2y ago
    Yeah, that's my theory too on one reason it hasn't fully crashed (meaning "the world running out of greater fools"). Unlike tulip bulbs or the dot.com crash, bitcoin is a world-wide phenomenon so there is large supply of bitcoin buyers. Yeah, even the dot.com crash was done in the highly regulated US stock market. Also thinking, since it's extremely difficult to regulate, was wondering if some very clever people with huge holdings have formed a cartel and are doing a lot of price manipulation to prevent it from fully collapsing (maybe even during a rise in price, causing it to drop early to prevent a major run up). But that's just a theory.
- ornornor 2y ago
  It’s around 100k USD apiece, +875% in the last 5y, +340% over last 2y, +130% over last 1y… I’d also qualify this as “not quite crashed yet” I dont know what the future hodls but it’s looking pretty good for bitcoin so far
  - robertlagrant 2y ago
    > I dont know what the future hodls I see you.
  - nunobrito 2y ago
    That is not a currency in the same manner that gold isn't a currency or barrels of oil isn't either. Or in other words, you don't use for buying a coffee or grocery. Sure that you can always point some exotic and rare exceptions to prove differently but even yourself don't use it on normal daily financial operations, and no, Lightning isn't even bitcoin so please don't argue with that. There are more things backing up the value rise for that old tech. Just please diversify into other areas so you don't come out empty handed in some years from now.
  - johnnyanmac 2y ago
    >I dont know what the future hodls but it’s looking pretty good for bitcoin so far The future always looks good right before a crash. You really don't want a currency as unstable as bitcoin as your legal ledger. we would have had 2 crashes already in this decade alone: the obvious 2020 dip and the dip in 2023. All the DOGE/Trump shennaigans + the investigation on the Hawk Tuah coin will probably crash it again late this year.
    - Applejinx 2y ago
      I don't think DOGE/Trump are real bitcoin advocates. I think they're using it as a financial weapon to exploit its vulnerability to crash and break things they don't want to exist.
    - red-iron-pine 2y ago
      "the lightbulb is always brightest right before it burns out"
  - miningape 2y ago
    As we all know, past results ARE an indicator of future performance
hagbarth 2y ago
Would that not be a bad thing when using it as legal tender? Deflation tends to be disastrous for the economy.
- tankenmate 2y ago
  Exactly, too many people confuse investment (store of value) part of a currency with fungibility (medium of exchange) and debt (standard of deferred payment). Being good at one or even two of these things doesn't necessarily make it good at all three, good currencies balance all three to a greater or lesser degree.
  - motorest 2y ago
    > Exactly, too many people confuse investment (store of value) (...) The "store of value" trait of money has nothing to do with the investment angle. It literally means value you store. It's the assurance that it retains it's value so to allow you to use it in the future to purchase something just like you could do today.
- almosthere 2y ago
  that doesnt hold for a deflationary currency
  - troupo 2y ago
    If the value of your coin only goes up in value, why would you use 1 bitcoin now to buy a pizza slice if you can use it 5-10 years from now to buy a house?
    - oneeyedpigeon 2y ago
      A house in 5-10 years is nice, but it doesn't stop me from starving to death today.
      - hagbarth 2y ago
n144q 2y ago
If the wind blew the other way, you wouldn't be talking here.

Yeah, i really dislike bitcoin, but have to admit, it has been a very profitable investment for a lot of people (and still hasn't completely crashed like expected)... ... although as a form of currency (as opposed to an investment) for El Salvador, it looks like it's a failure

lern_too_spel 2y ago
The risk that IMF would be concerned about is that the value of their holdings could go to 0 overnight by a wallet hack, data loss, an unscrupulous government employee, or the world running out of greater fools.
- codebolt 2y ago
  Tether collapse is still the big one.
- computerdork 2y ago
  Yeah, that's my theory too on one reason it hasn't fully crashed (meaning "the world running out of greater fools"). Unlike tulip bulbs or the dot.com crash, bitcoin is a world-wide phenomenon so there is large supply of bitcoin buyers. Yeah, even the dot.com crash was done in the highly regulated US stock market. Also thinking, since it's extremely difficult to regulate, was wondering if some very clever people with huge holdings have formed a cartel and are doing a lot of price manipulation to prevent it from fully collapsing (maybe even during a rise in price, causing it to drop early to prevent a major run up). But that's just a theory.
ornornor 2y ago
It’s around 100k USD apiece, +875% in the last 5y, +340% over last 2y, +130% over last 1y… I’d also qualify this as “not quite crashed yet” I dont know what the future hodls but it’s looking pretty good for bitcoin so far
- robertlagrant 2y ago
  > I dont know what the future hodls I see you.
- nunobrito 2y ago
  That is not a currency in the same manner that gold isn't a currency or barrels of oil isn't either. Or in other words, you don't use for buying a coffee or grocery. Sure that you can always point some exotic and rare exceptions to prove differently but even yourself don't use it on normal daily financial operations, and no, Lightning isn't even bitcoin so please don't argue with that. There are more things backing up the value rise for that old tech. Just please diversify into other areas so you don't come out empty handed in some years from now.
- johnnyanmac 2y ago
  >I dont know what the future hodls but it’s looking pretty good for bitcoin so far The future always looks good right before a crash. You really don't want a currency as unstable as bitcoin as your legal ledger. we would have had 2 crashes already in this decade alone: the obvious 2020 dip and the dip in 2023. All the DOGE/Trump shennaigans + the investigation on the Hawk Tuah coin will probably crash it again late this year.
  - Applejinx 2y ago
    I don't think DOGE/Trump are real bitcoin advocates. I think they're using it as a financial weapon to exploit its vulnerability to crash and break things they don't want to exist.
  - red-iron-pine 2y ago
    "the lightbulb is always brightest right before it burns out"
- miningape 2y ago
  As we all know, past results ARE an indicator of future performance

hagbarth 2y ago

Would that not be a bad thing when using it as legal tender? Deflation tends to be disastrous for the economy.

tankenmate 2y ago
Exactly, too many people confuse investment (store of value) part of a currency with fungibility (medium of exchange) and debt (standard of deferred payment). Being good at one or even two of these things doesn't necessarily make it good at all three, good currencies balance all three to a greater or lesser degree.
- motorest 2y ago
  > Exactly, too many people confuse investment (store of value) (...) The "store of value" trait of money has nothing to do with the investment angle. It literally means value you store. It's the assurance that it retains it's value so to allow you to use it in the future to purchase something just like you could do today.
almosthere 2y ago
that doesnt hold for a deflationary currency
- troupo 2y ago
  If the value of your coin only goes up in value, why would you use 1 bitcoin now to buy a pizza slice if you can use it 5-10 years from now to buy a house?
  - oneeyedpigeon 2y ago
    A house in 5-10 years is nice, but it doesn't stop me from starving to death today.
    - hagbarth 2y ago

n144q 2y ago

If the wind blew the other way, you wouldn't be talking here.