51–60 of 77 posts
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You are an old man who thinks in terms of nations and peoples. There are no nations. There are no peoples. There are no Russians. There are no Arabs. There are no third worlds. There is no West. There is only one holistic system of systems, one vast and immane, interwoven, interacting, multi-variate, multi-national dominion of dollars/bitcoins
Bravo. It's time to watch "Network" again! https://sfy.ru/?script=network
Isn't that a problem because it will mean also higher transaction costs (in dollar)?
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Bitcoin is living up to it's reputation as digital gold. The Chinese are running away from RMB and buying bitcoin, Venezuelans are running away from Bolivares into Bitcoin. And to a lesser extent some Indians are escaping the Rupee. It'll be really interesting to see how governments try to deal with decentralized currencies if they really take off. Governments lose a lot of control when they can't control money.
It's hard to get reliable numbers of the number of Venezuelans having bitcoin. According to [1], surbitcoin.com had 85,000 users in November 2016 (on a population of 30 million). Quartz reported in November 2016 a weekly bitcoin volume below 400 bitcoin on localbitcoin.com. That is not bad, but I would not call it Venezuelans running away from Bolivares into Bitcoin. One of the problems is that you would have to be c…
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You'll find a lot of such dismissive articles about Bitcoin throughout its existence. Here's a collection of 'Bitcoin obituaries' if you want to reinforce that view: https://99bitcoins.com/bitcoinobituaries/
It's not an obituary, it's a fact. I am tired of rehearsing how a currency is enforced to be accepted in the issuing country, has a monetary authority etc. Otherwise while theoretically it could be called a currency, that's a thing for dictionary writers, it's just not usable in everyday life therefore anyone pushing for it has a not-entirely-straight agenda. There's no killer app for bitcoin yet and it's hard to eve…
Bitcoin is living up to it's reputation as digital gold. The Chinese are running away from RMB and buying bitcoin, Venezuelans are running away from Bolivares into Bitcoin. And to a lesser extent some Indians are escaping the Rupee. It'll be really interesting to see how governments try to deal with decentralized currencies if they really take off. Governments lose a lot of control when they can't control money.
Not to mention the community debates over hard forking which threaten the future of the currency entirely.
Bitcoin is living up to it's reputation as digital gold. The Chinese are running away from RMB and buying bitcoin, Venezuelans are running away from Bolivares into Bitcoin. And to a lesser extent some Indians are escaping the Rupee. It'll be really interesting to see how governments try to deal with decentralized currencies if they really take off. Governments lose a lot of control when they can't control money.
https://www.washingtonpost.com/news/wonk/wp/2015/06/08/bitco...
You could make the exact same arguments against gold but that doesn't stop central banks of the world from hording it: https://en.wikipedia.org/wiki/Gold_reserve The only differences are 3,500 years of history and... teleportation.