El Salvador wants to make BTC legal tender

[Moonzy]

23 minutes ago, Brooksie359 said:

that doesn't fix the issue of your assets suddenly being worth less due to crypto dropping in price.

my point is that there's a chance of it going up again, so the net effect should be following the long term trend-ish(?)

you seem to only focus on the negatives (for a good reason), what if the value goes up after the transaction? "good for them i guess"

 

23 minutes ago, Brooksie359 said:

Also I never once said that higher chance of going down

15 hours ago, Brooksie359 said:

If that is done it bitcoin there is a fairly high probability that they would end up losing money because bitcoin dropped in value after the transactions is made.

guess i misunderstood this then

maybe you meant 30% of the time it's going down, which can be "high", but not higher than 70% of it going up

 

23 minutes ago, Brooksie359 said:

It is quite weird that you would assume they have anything to do with each other.

not an economist like I said

but i guess shorter term has to trend change before long term so...

[COTG]

5 hours ago, whm1974 said:

And what is Idiotic about my Statement? Just because Bitcoin happens to over $12,000 today, doesn't mean by Tomorrow you will be able to buy a single Meal.

saying crypto doesnt exist simply because its not physical is akin to saying the internet doesnt exist

[whm1974]

1 minute ago, COTG said:

saying crypto doesnt exist simply because its not physical or fungible is akin to saying the internet doesnt exist 

That is False. The Psychical Part exist in form of Servers and Backbone. Crypto Coins? Only exist in Digital Form.

[Master Disaster]

14 minutes ago, COTG said:

saying crypto doesnt exist simply because its not physical is akin to saying the internet doesnt exist

Wait, so this guy was wrong then?

 

[COTG]

15 hours ago, whm1974 said:

It is still a Fad. Just because something has been around for 12 Years doesn't make it any less of a Fad.

hmm, lets see. Beanie Babies at their very peak may have had a MCAP of a couple hundred million? Crypto is now a multi trillion dollar industry. 

[COTG]

Just now, Master Disaster said:

Wait, so this guy was wrong then?

 

jesus christ thats hard to listen to

[Master Disaster]

1 minute ago, whm1974 said:

That is False. The Psychical Part exist in form of Servers and Backbone. Crypto Coins? Only exist in Digital Form.

Lets see you explain the wind then.....

 

Tangible =/= existence

[whm1974]

Just now, COTG said:

hmm, lets see. Beanie Babies at their very peak may have had a MCAP of a couple hundred million? Crypto is now a multi trillion dollar industry. 

https://en.wikipedia.org/wiki/Tulip_mania

[whm1974]

2 minutes ago, Master Disaster said:

Lets see you explain the wind then.....

 

Tangible =/= existence

Wind is simply the Movement of Part of the Atmosphere. A Current of Air...

[Master Disaster]

1 minute ago, whm1974 said:

Wind is simply the Movement of Part of the Atmosphere. A Current of Air...

Right but it has no physical presence yet it clearly exists.

[COTG]

7 minutes ago, whm1974 said:

https://en.wikipedia.org/wiki/Tulip_mania

Theres the cliche. First of all, tulips mania at its peak was again well under a billion dollars total, so multiple orders of magnitude smaller than crypto. Secondly, it was a singular boom and bust. Crypto/btc has now gone through 3 80%+ drawdowns and subsequent recoveries.  

[whm1974]

1 minute ago, Master Disaster said:

Right but it has no physical presence yet it clearly exists.

Air is Totally Physical. Are you saying Matter doesn't Exist?

[COTG]

13 minutes ago, whm1974 said:

That is False. The Psychical Part exist in form of Servers and Backbone. Crypto Coins? Only exist in Digital Form.

please tell me you're trolling. what does crypto run on, magic and fairy dust? 

[COTG]

2 minutes ago, whm1974 said:

Air is Totally Physical. Are you saying Matter doesn't Exist?

Mm, electrons are matter are they not? 

[Moonzy]

3 minutes ago, COTG said:

please tell me you're trolling. what does crypto run on, magic and fairy dust? 

Faith

 

Joke btw

 

17 minutes ago, whm1974 said:

That is False. The Psychical Part exist in form of Servers and Backbone. Crypto Coins? Only exist in Digital Form.

Need I remind you that gamers are blaming crypto miners for GPU shortage? While you're here saying crypto doesn't have infrastructures built around it

[Helpful Tech Witch]

3 minutes ago, whm1974 said:

Air is Totally Physical. Are you saying Matter doesn't Exist?

No, he's not. But wind is an effect caused by the movement of air, not a thing in and of itself.

[Helpful Tech Witch]

19 minutes ago, whm1974 said:

That is False. The Psychical Part exist in form of Servers and Backbone. Crypto Coins? Only exist in Digital Form.

Lol, heard of a hardwallet? It stores the coin on a physical drive. That means the bits are bhysically marked on a drive, and thus it it in a physical form of some sort.

[COTG]

2 minutes ago, Moonzy said:

Faith

 

Joke btw

 

Need I remind you that gamers are blaming crypto miners for GPU shortage? While you're here saying crypto doesn't have infrastructures built around it

I would also argue that the infrastructure is not what gives crypto value, similarly to the internet. But some people can't process abstract concepts apparently. Most crypto "deniers" would have likely also been internet sceptics back in the days 

[whm1974]

2 minutes ago, COTG said:

I would also argue that the infrastructure is not what gives crypto value, similarly to the internet. But some people can't process abstract concepts apparently. Most crypto "deniers" would have likely also been internet sceptics back in the days 

Didn't Work on Developing the Internet begin when there no such as Personal Computer?

[COTG]

Just now, whm1974 said:

Didn't Work on Developing the Internet begin when there no such as Personal Computer?

I think we broke him. what are you babbling on about? 

[a_monospace_odyssey]

something tells me being a historically volatile country and being the first in the world adopting the first ever popular cryptocurrency might be a little risky

 

I thought most countries interested in crypto were looking into ethereum/alts, most of the tech savvy I know kind of look at bitcoin like old tech, and the people I know who still own/"use" bitcoin are, well...playing the betting game.

 

I've heard of some countries unofficially favoring bitcoin/crypto transactions because it made sanctions and etc easier to avoid, but that was also half a decade ago, and wasn't officially relied on.

 

It'll also be interesting considering most citizens in El Salvador appear to not have a bank account or equivalent, so, it's kind of hard to imagine this being a huge benefit to people who can't afford/navigate through the traditional finance world, letalone the swinging new world of crypto. But maybe I'll be surprised.

[whm1974]

3 minutes ago, COTG said:

I think we broke him. what are you babbling on about? 

I have to read the History of the Internet on Wikipedia and Elsewhere.

[COTG]

4 minutes ago, a_monospace_odyssey said:

something tells me being a historically volatile country and being the first in the world adopting the first ever popular cryptocurrency might be a little risky

 

I thought most countries interested in crypto were looking into ethereum/alts, most of the tech savvy I know kind of look at bitcoin like old tech, and the people I know who still own/"use" bitcoin are, well...playing the betting game.

 

I've heard of some countries unofficially favoring bitcoin/crypto transactions because it made sanctions and etc easier to avoid, but that was also half a decade ago, and wasn't officially relied on.

 

It'll also be interesting considering most citizens in El Salvador appear to not have a bank account or equivalent, so, it's kind of hard to imagine this being a huge benefit to people who can't afford/navigate through the traditional finance world, letalone the swinging new world of crypto. But maybe I'll be surprised.

indeed, using bitcoin as a currency is pretty useless. Sure, there are some layer 2's like lightening, but they are far from ready for mass adoption. Eth and defi specifically are generally significantly more exciting, and will likely also gather more mainstream mindshare over the next year. Generally, I think DLT based money is basically inevitable at this point, and while it may start out as a CBDC, there will 100% be permissioned bridges into other ecosystems like ethereum as the utility is simply too high 

[Heliian]

21 minutes ago, COTG said:

I would also argue that the infrastructure is not what gives crypto value, similarly to the internet. But some people can't process abstract concepts apparently. Most crypto "deniers" would have likely also been internet sceptics back in the days 

Crypto currency yes, btc and other wildly volatile betting games no. 

 

5 minutes ago, a_monospace_odyssey said:

 

It'll also be interesting considering most citizens in El Salvador appear to not have a bank account or equivalent,

Well, this works in favor of the oppressive government who can't control cash and barter. 

 

In the end, this isn't even newsworthy, El Salvador is not a stable country and nothing that the president says is based in reality.  

[COTG]

Just now, Heliian said:

Crypto currency yes, btc and other wildly volatile betting games no. 

 

Well, this works in favor of the oppressive government who can't control cash and barter. 

 

In the end, this isn't even newsworthy, El Salvador is not a stable country and nothing that the president says is based in reality.  

Volatility =/= bad. Im generally significantly more focused on defi built on smart contract based platforms like ethereum and solana, but nevertheless Bitcoin is still the largest and most well known cryptocurrency. Its tying to establish a new form of currency, and there is simply no way there that doesn't involve massive volatility. 

Also, nevermind the size or stability of El salvador of course this is newsworthy, even if you believe this experiment will likely fail