641–650 of 930 posts
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Governmental monetary systems are usually founded on hopes and prayers (and military might).
Governmental monetary systems have been used by every government for what now? 3000 years?
3000 years from now what would be the store of value would be the question to ask.
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How many people in the Bitcoin community actually think a predictably deflationary asset is good to use as a currency?
https://en.wikipedia.org/wiki/Argumentum_ad_populum I'd much prefer a small amount of deflation to the massive inflation that USD is currently undergoing. And furthermore I think our economic system which encourages young people to take on debt in order to have niceties such as housing and transportation is massively exploitative and unsustainable.
Deflation will kill that. Your loan will cost more over time instead of less. The assumption with inflation is loans will follow it. With deflation and loans not following then people who bought into the system might be well off but those who are not yet in are worse. Same thing with inflation and loans not following as is happening now.
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This is... a strange and jarring thing to read. My kneejerk response was that yes, they are innovating and experimenting with oppressive and corrupt governance, but that is ultimately uncharitable. A more balanced response is that while you may personally think of Bitcoin as progressive (I can't imagine why) you certainly can't claim that Bukele's El Salvador is progressive. You may like the gang crackdown, you may a…
CNN says Secretary Rubio just struck a deal with Bukele to accept deportees from the United States regardless of nationality, including US citizens, as long as we pay to house them in his prison.
IMF gave them 1.4 billion to abandon the “experiment”: > The IMF made this a condition for a loan of 1.4 billion US dollars (1.35 billion euros). In December of last year, the IMF reached an agreement with President Nayib Bukele’s government on the loan of the stated amount to strengthen the country’s “fiscal sustainability” and mitigate the “risks associated with Bitcoin,” as it was described. —- I dislike cryptocur…
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Would that not be a bad thing when using it as legal tender? Deflation tends to be disastrous for the economy.
that doesnt hold for a deflationary currency
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It is highly divisible though, there’s 2.1e15 satoshi and 2.3e14 cents in the world (re google). It can lose 90% of itself before being unable to replace cents. Also, the network can just agree to change the protocol to fix this issue, should it arise. Countries do redenominations all the time.
Why would the people who are getting richer and richer by hoarding btc and not engaging in anything productive ever agree to that? > Countries do redenominations all the time That’s not really the same, in several fundamental ways.
The rest left me puzzled, can you elaborate? Why should the money holder do anything productive? Why getting richer and richer becomes something bad when we go crypto?
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> Why do you think the USD has so many orders of magnitude usage? Nobody missed the question, that was the point: for currencies, stability is what makes them useful. Hint: cause and effect. You did miss the point and still do probably.
Gotta love crypto people putting "looking smarter than you" over actually explaining what it is they mean. If you've got a point to make, don't just hint at it, say something and then we can have a discussion. This just makes you look petty and like you're only in it to stroke your own ego.
Oh I'm sorry, that was your shtick. Apologies!
Also, I'm not a crypto person, I made some gains and sold a long time ago. I just have to laugh that you think one pointing out that an argument is weak makes one a part of the opposite tribe.
Bitcoin as legal tender, as in something you are legally required to accept as a debt payment, is kind of a terrible idea. What if the person owed money has no idea how to muck around with private keys, not getting hacked and so on? Does your average small law firm who has to deal with legal stuff have any idea how to do that?
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They just offered to accept any criminal of any nationality (including American citizens) from the USA for a fee. https://www.nytimes.com/2025/02/04/us/politics/el-salvador-p... It's creative but hard to see as progressive, importing the idea of a for profit prison system from the USA.
Yes I am certain that not everything El Salvador does is progressive, even before reading this link. Some people called Obama progressive and he definitely helped destroy Libya and Syria, ordered the extrajudicial execution of a US citizen under presidential immunity, droned poor brown people living on the other side of the planet, let Citi group pick his cabinet, etc. Nevertheless, the progressive things that Obama…