Bitcoin’s first day as El Salvador’s legal tender
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Re: Bitcoin’s first day as El Salvador’s legal tender
#2In other news, bitcoin is at the same price as it was 2 to 3 weeks ago.
I'm also intrigued that this has 29 points and 0 comments.
Re: Bitcoin’s first day as El Salvador’s legal tender
#3Unfortunate wording in the title. The price of Bitcoin "crashed" as in plummeted, and the Chivo wallet system they're trying to use in El Salvador "crashed" as in went offline. The Bitcoin network, of course, chugged merrily along, at its usual 4 or so txns/second.
Re: Bitcoin’s first day as El Salvador’s legal tender
#4One argument critics bring in I don't understand is that Bitcoin is too volatile to be a currency. If a zoned market solely accept Bitcoin and a good costs say 1 BTC, why does it matter if the BTC-to-USD price is increasing or decreasing? For the zoned market it's still 1 BTC for said good.
Re: Bitcoin’s first day as El Salvador’s legal tender
#5There goes my Bitcoin investing brother's sanity
Re: Bitcoin’s first day as El Salvador’s legal tender
#6This is the finest example of propaganda. Just look at the photo of a dude with a fire in the backdrop.
1. For most people in El Salvador Bitcoin does not matter and will not matter for quite some time.
2. "Bitcoin crashes" to a value a week or so ago. This is usually called a "correction". Even when it was crashing 80%, it was from some very short-living speculative highs and it's now trading close to all-time-high anyway.
Re: Bitcoin’s first day as El Salvador’s legal tender
#7I appreciate this has been debated extensively already - but while crypto currency (especially stable coins) can be a worthwhile alternative to fiat money, bitcoin really isn't. A significant crash or surge happens every couple of weeks.
Re: Bitcoin’s first day as El Salvador’s legal tender
#8It's normal BTC behavior, BTC spikes up and goes down all the time. 10-15% per day moves happen regularly. Open the price chart and look at it.
Re: Bitcoin’s first day as El Salvador’s legal tender
#9One argument critics bring in I don't understand is that Bitcoin is too volatile to be a currency. If a zoned market solely accept Bitcoin and a good costs say 1 BTC, why does it matter if the BTC-to-USD price is increasing or decreasing? For the zoned market it's still 1 BTC for said good.
That's a mighty big if though, since to a first approximation nothing except maybe ransoms is priced in Bitcoin. Most shops notionally accepting it actually set prices in USD and simply convert as needed.
Re: Bitcoin’s first day as El Salvador’s legal tender
#10One argument critics bring in I don't understand is that Bitcoin is too volatile to be a currency. If a zoned market solely accept Bitcoin and a good costs say 1 BTC, why does it matter if the BTC-to-USD price is increasing or decreasing? For the zoned market it's still 1 BTC for said good.
Bitcoin is volatile not in relation to USD, but to "real prices". USD or EUR are just more stable in relation to those, so it's convenient to measure BTC in USD. You can't fix the prices in BTC because you'd soon find that you are overpricing or underpricing in relation to real supply and demand of all the stuff around.