171–180 of 299 posts
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Of course, I stand corrected about that. So, aside from irreversibility of transactions, what is preventing adoption?
I don't have time to thoroughly research the topic and come back to you, so maybe you can do some leg work. But I do know people over estimate what can be accomplished in a year and underestimate what can be accomplished in 10.
The policy only ever made a little sense. What El Salvador desperately wants is a currency it can inflate to pay for the stuff it can not afford. In this regard, it is no different than any other country. What it had was a currency it does not print (US dollar) and for which there is an ongoing international shortage. What El Salvador got with Bitcoin was yet another currency it does not print and for which there is…
Is sending Bitcoin really any cheaper than using something like Western Union? More convenient maybe.. but also more dangerous
About 1.50 USD bitcoin fee transfer[1][2], no fees for deposits or withdrawals on FTX for both BTC and USD (for > 0.01BTC, around 200 USD)[3]. And 0.07% taker, 0.02% maker fees for trades [4]
[1] https://ycharts.com/indicators/bitcoin_average_transaction_f...
[2] Could be avoided or greatly reduced if using other cheaper cryptos
[3] https://help.ftx.com/hc/en-us/articles/360034865571-Blockcha...
[4] https://help.ftx.com/hc/en-us/articles/360024479432-Fees
It's not a failure because Bitcoin tanked (relatively), it's a failure because Bitcoin tanking was and will always be a significant risk. People who got rich from Bitcoin weren't savvy, they won the lottery. It's not a sound investment decision based on outcome. Investments are sound based on probability and risk beforehand. El Salvador gambled which is stupid. Whether they won or lost at the lottery is inconsequenti…
Regardless of your opinion on this, you have to at least wait till the proposition plays out before passing judgement. You have to see if they can withstand the short term volatility and whether bitcoin succeeds or not.
Calling the experiment failure before the results is silly to say the least.
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I cannot think of a single individual item that I buy at the grocery store that has doubled, let alone more than doubled.
IIRC the giant flats of Costco eggs went up to 3-4x their former price over the last year or so. Still a great deal, they're just not "holy shit that's practically free!" like before.
I want to wake up one day and cryptocurrency and anything related to it just doesn’t exist. Man that’d be a great day. Remove grifters, acquire actual progress.
Ya, back to where globalist bankster elites control every aspect of our lives. Ah, the good old days... ;)
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Have you seen the dollar’s buying power recently? I went from living very comfortably to living paycheck-to-paycheck in about 6 months. Holding my value in USD has become a significant risk.
> Have you seen the dollar’s buying power recently? Yeah, its up like 100% over Bitcoin and like +30% over Euro, Yen, and GBP? In fact, holding Cash/USD has been basically one of the best performing things in my entire portfolio this year (after oil/energy) Have _you_ seen BTC's buying power recently?
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My best guess at why the average person is hesitant to use bitcoin as a primary currency is: where do I go when it goes wrong? If the system holding my money is hacked, or I get scammed in some way, where is my legal recourse? Legal recourse is typically something provided by a state. But state regulation nullifies a lot of what bitcoin advocates claim is the advantage of cryptocurrency. I'm not up to scratch on the…
That's not the whole story. When Bitcoin started it was used more as a currency than it is now. Firstly by evangelists who tried to establish a BTC economy, and secondly in the illicit economy. Bitcoin miners and devs took the project in a specific direction a few years later, optimizing it for use as digital gold, while making it much harder and more expensive to use as a currency.
I still reflexively think of bitcoin primarily as the way you buy abstract board games from Spanish libertarians, because of https://nestorgames.com/
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Quite literally what happened. My groceries cost over twice as much.
I cannot think of a single individual item that I buy at the grocery store that has doubled, let alone more than doubled.
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No it stays the same if you have an investment portfolio and only invest max 5% in high risk assets. Assume you invest 1% of your portfolio in Bitcoin. What is your downside? 1%. Not that high, is it? What is your upside? Maybe x100, so double your entire portfolio. Right now, you came late to the game, so don't expect a x100. The risk is probably still the same, but the upside way lower. But when Bitcoin was still y…
If we think like this why wouldn't I invest 1% of my portfolio in lottery tickets? At worst lose 1%, at best x1,000,000 upside?
There are probably better places to put your 1% on. ;-)
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> Have you seen the dollar’s buying power recently? Yeah, its up like 100% over Bitcoin and like +30% over Euro, Yen, and GBP? In fact, holding Cash/USD has been basically one of the best performing things in my entire portfolio this year (after oil/energy) Have _you_ seen BTC's buying power recently?
USD is not up . Everything is down. Have you been to a store recently?
USD is also up vs Bitcoin.
EDIT: Feel free to look at gold, silver, and other 'inflation hedges' while you're at it. The main thing going up is commodities (oil and food), which is certainly important. But there's more to the world than those two things.