81–90 of 343 posts
So I suppose people must use it all the time to buy goods and services. Right?
I know you are being snarky, but i think its worth pointing out that ever increasing prices is bad for a medium of exchange not good. The higher prices decreases the liklihood of it being used like a currency.
Soon this will all collapse, reaching all time highs isn't a good thing. Pyramid scheme at best, ponzi scheme at worst. I still don't know any use case for this other than speculation and people aren't even using it in the real world.
The real use case is self defense against the arbitrary devaluation of fiat currency. As wildly imperfect as crypto is at that task, it's the best we have in a fungible, digital form. So pessimistic investors flee to it. The worst case for a crypto investor is for the dollar to be restored to a stable store of value. To outcompete crypto, just whip inflation.
A person mentioned that Bitcoin is heavily used for money laundering and similar activities. How authentic is this, and does it affect rates, like what's happening right now?
https://mitsloan.mit.edu/sites/default/files/2022-06/Bitcoin... > illegal transactions, scams and gambling together make up less than 3% of volume.
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> don't have confidence in the power of the US dollar Whenever the US stock market slumps, doesn't Bitcoins price usually slump too in almost perfect lockstep?
Yes, bitcoin effectively trades like the 3x leveraged nasdaq indices (TQQQ).
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I did not downvote you, but I want to respond to your question instead of taking the approach of weaponizing hn votes to simply suppress perspectives I disagree with, and I'd encourage my pro-crypto friends to do the same. We have to treat dissenters and critics with the same open-minded, good-faith, respectful dialogue we want them to offer us. I don't mean to suggest I'm not a biased partisan, but I will be a good-…
(I use bitcoin and crypto pretty interchangeably) > Bitcoin is a truly decentralized, voluntarist system Doesn’t 1 pool account for more than 50% of the bitcoin netwoek? It’s theoretically decentralized, but in truth, you can only meaningfully contribute to the network (and have a real chance of mining a block) if you are already wealthy enough to buy the hardware. The issue, imo, with your stance is that it’s all ro…
https://hashrateindex.com/hashrate/pools
As of today the top 3 pools are 26%, 11%, 10%
So I suppose people must use it all the time to buy goods and services. Right?
No, but people are feeling sketchy about keeping their wealth in USD
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Stablecoins are much better for payments, no one would use BTC for goods and services with the transaction fee and the confirmation time being so bad. https://www.coinbase.com/institutional/research-insights/res... TL;DR from the article : Stablecoins settled $10.8T worth of transactions in 2023 of which $2.3T were related to organic activities including payments and cross-border remittances, among others Today’s pay…
> Stablecoins are much better for payments Stablecoins on what 'network/coin/layer/chain'? Stablecoins on top of ETH? On top of SOL? On top of ETH BASE? On top of ETH Arbitrum/Optimism? Binance Smart Chain? Tron? Polygon?
Well yeah. It's a right wing project on the day after the monumental success of another far right project with which it is closely linked.
Trump seems to be good for coin. He did promise to help deregulate crypto by firing the SEC chair. - https://www.axios.com/2024/07/27/trump-bitcoin-strategic-res...
RFK was campaigning on the same
Looked like pandering, but ignoring a “crypto vote” is not going to be a mistake future politicians make :) nobody likes politicians that treat them as a joke to be ignored. That other party is always late on this and keeps trying the same strategy of “othering” the people that are already American citizen voters. Didnt work this time, oops.
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No, but people are feeling sketchy about keeping their wealth in USD
> USD sketchy > BTC less sketchy I get what you are saying but it is still a wild sentence. I get monetary policy, debasement, inflation... but there is no rule/law that says "BTC MUST be a safe-haven alternative to inflation"