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I don’t know that’s what I’m asking! Should you only spend your money in life or death situations in a btc economy?
If BTC was widely used as a currency then it would not be subject to nearly as much speculation. I don't know why this needs to be pointed out.
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I literally use USDT daily. Use it to pay for food delivery, for a massage or a manicure, or exchange it for cash delivered to my home. Literally 90% of my spending goes through it.
USDT isn't Bitcoin.
However, I find time and time again that HN crows is absolutely unaware of how useful crypto can be in everyday life, so I offer my perspective.
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If BTC was widely used as a currency then it would not be subject to nearly as much speculation. I don't know why this needs to be pointed out.
Is that a fact? Any substance you'd care to offer or just leaving that assertion hanging?
I don't personally believe this will ever happen. BTC has too much legacy cruft. The "digital gold" narrative won out. Day-to-day transactions will happen in a newer, perhaps not invented yet crypto.
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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.
deflation is fine for an economy. inflation is disastrous for an economy. the people in charge of the money printers are trying to keep you confused. don’t buy it.
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LOL I have $1,000. I believe that tomorrow, my $1,000 will be worth $2,000. Why would I ever spend my money? Hence, economy freezes. This is so plainly obvious to everyone except crypto zealots I literally gasped seeing your comment.
computers have experienced rapid deflation in the previous decades. did that prevent people from buying computers? no, obviously not. of course you are just trolling ("LOL") and you are incurious to any evidence or argument that contradicts your straight-from-cable-news talking points.
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It's much simpler than that, they simply make selling bitcoin a capital gain event (which it is) and tax it. They could even make a separate special rate for cryptocurrency pretty easily. Now maybe you think this is easy to avoid, in which case I would ask why you aren't already committing tax fraud.
The reason tax evasion with regular currency is so difficult is because pretty much all banks/financial institutions report your income to the state. But with crypto, especially anonymized ones like monero, the decentralized nature makes it almost impossible to track income and who it belongs to.
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If the value of your coin only goes up in value, why would you use 1 bitcoin now to buy a pizza slice if you can use it 5-10 years from now to buy a house?
A house in 5-10 years is nice, but it doesn't stop me from starving to death today.
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Is that a fact? Any substance you'd care to offer or just leaving that assertion hanging?
Intuition. If the majority of bitcoin usage was for transactions involving services and goods instead of speculative investment, there's a pretty strong case for a wager that the impact of speculative investment on its price would decrease. I don't personally believe this will ever happen. BTC has too much legacy cruft. The "digital gold" narrative won out. Day-to-day transactions will happen in a newer, perhaps not…
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It’s being “used” as a speculative asset. That’s not a firm foundation to run a governmental monetary system on. Maybe there are other cryptocurrencies better suited to the task, but BTC isn’t
Governmental monetary systems are usually founded on hopes and prayers (and military might).
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So your one good use is... tax evasion. Huh. It's not illegal to move money out of your investment accounts, it's just reported so that yes, you can have a tax liability. I too, would like tax-free investments and funds.
Yes! That's my one good use! :) Seriously, that's all I got.