Cryptocurrency

[ArgentCy]

you always use the same example of Venezuela to show how bad anything and everything is. i'm not sure if you are aware you're doing this but using the same example (which is different from us due to politics, economic diversity, education levels, and many other things) as why our system is broken is not very convincing.

What does "the few people surviving there" even mean? Did everyone else die? Are people using bitcoin somehow protected from the food shortages and rioting?

They are starving and slaughtering Zoo animals among other things. Yes, that is dire in my book. Here is a recent example article.

https://learningenglish.voanews.com/a/venezuelans-survive-on-bitcoin/4163819.html

Like Villar, poor retirees and wealthy business leaders are changing their bolivars, Venezuela's currency, into bitcoins. They used bitcoin to pay for everything from doctor appointments and honeymoons to motorcycles and beer. Some even purchase a small fraction of one bitcoin to build their savings.

Buying bitcoin eliminates the bureaucracy because transactions can be done peer-to-peer. In addition, saving bitcoin does not require a foreign bank account. Venezuelans cannot hold dollars in a local account.

 

[ArgentCy]

Here is another before the, but source isn't credible crowd show up. Basically the same re-purposed article.

https://www.usnews.com/news/busines...eing-bitcoin-boom-as-survival-not-speculation

Another better article.

https://www.theatlantic.com/magazine/archive/2017/09/big-in-venezuela/534177/

 

[Judoka]

When I want a trusted,unbiased news source I go to learningenglish.voa.com

 

[Mtowncyclone13]

They are starving and slaughtering Zoo animals among other things. Yes, that is dire in my book. Here is a recent example article.

https://learningenglish.voanews.com/a/venezuelans-survive-on-bitcoin/4163819.html

Like Villar, poor retirees and wealthy business leaders are changing their bolivars, Venezuela's currency, into bitcoins. They used bitcoin to pay for everything from doctor appointments and honeymoons to motorcycles and beer. Some even purchase a small fraction of one bitcoin to build their savings.

Buying bitcoin eliminates the bureaucracy because transactions can be done peer-to-peer. In addition, saving bitcoin does not require a foreign bank account. Venezuelans cannot hold dollars in a local account.

the system is corrupt, people are killing zoo animals for food, and the government owns the electrical grid. don't worry, i'll hop on my wifi-enabled smartphone and transfer you some bitcoins. how much is a loaf of bread? .000001 BTC? it's headed your way!

but yes, an example affecting .004% of the world's population that is notorious for a non-diversified economy and dictators is a good example of why the system is going to collapse.

EDIT 1 - now the bread is worth .0000008 BTC.
EDIT 2 - now the bread is worth .0000011 BTC

 

[ArgentCy]

When I want a trusted,unbiased news source I go to learningenglish.voa.com

Ha, was in before. So predictable.

 

[MeowingCows]

The total market cap has gone down over $300,000,000 in a week wtf. Hopefully the market bounces back today

Thus is exactly why crypto cannot exist as a reliable form of currency.

 

[MeowingCows]

Trust no one. I don't have any horses in this game because A) I don't trust it yet and B) I don't expect governments around the world to sit back and watch while one of their key sources of power is coopted.

I much prefer a market based solution that insures that what we are using for exchange has concrete, established value over currencies that can be and are manipulated at the whim of world governments.

Unfortunately for conspiracy theorists everywhere, this doesn't exist in the form of cryptocurrency and never will as far as the eye can see.

 

[Kypdurron]

the system is corrupt, people are killing zoo animals for food, and the government owns the electrical grid. don't worry, i'll hop on my wifi-enabled smartphone and transfer you some bitcoins. how much is a loaf of bread? .000001 BTC? it's headed your way!

but yes, an example affecting .004% of the world's population that is notorious for a non-diversified economy and dictators is a good example of why the system is going to collapse.

Mobile banking is actually hugely popular outside the USA. Take Africa as an example mobile phone access has allowed 44% of the population to open a bank account, similar situation occurs in India. The trouble with this is your still banking with in your country, thus effected by the local economy. If you use a crypto instead it's decentralized and is more stable. Despite the market bleeding almost 50% of it's value Bitcoin is still up almost 9k from last year. That is better then any other currency. This is why it is gaining traction and will serve as stepping stone from early adoption to wide spread adoption we are seeing today. Think about it as digital gold or a global currency.

 

[Mtowncyclone13]

Mobile banking is actually hugely popular outside the USA. Take Africa as an example mobile phone access has allowed 44% of the population to open a bank account, similar situation occurs in India. The trouble with this is your still banking with in your country, thus effected by the local economy. If you use a crypto instead it's decentralized and is more stable. Despite the market bleeding almost 50% of it's value Bitcoin is still up almost 9k from last year. That is better then any other currency. This is why it is gaining traction and will serve as stepping stone from early adoption to wide spread adoption we are seeing today. Think about it as digital gold or a global currency.

currencies should not move that much. if you want people to adopt BTC it cannot swing like that. imagine one day gas is $2/gallon and the next day it's $25/gallon. You could not plan for anything. So this is my point... BTC is not a currency. it's an investment.

 

[Kypdurron]

Thus is exactly why crypto cannot exist as a reliable form of currency.

I would say this is just growing pains, the market will recover and go above $800 billion with a couple months and the resistance at the bottom will keep moving up. Is it today completely reliable, no, in 5 to 10 with the amount of interest, development and adoption rate we are seeing I could easily see it being reliable.

 

[Judoka]

If you use a crypto instead it's decentralized and is more stable.

 

[ArgentCy]

the system is corrupt, people are killing zoo animals for food, and the government owns the electrical grid. don't worry, i'll hop on my wifi-enabled smartphone and transfer you some bitcoins. how much is a loaf of bread? .000001 BTC? it's headed your way!

but yes, an example affecting .004% of the world's population that is notorious for a non-diversified economy and dictators is a good example of why the system is going to collapse.

EDIT 1 - now the bread is worth .0000008 BTC.
EDIT 2 - now the bread is worth .0000011 BTC

Do you realize the value of a dollar changes all the time as well? We just don't change the prices every minute. This country was held up as a beacon by the left including Bernie Sanders and some Noble prize economists just 10 years ago. That is why it is such a good example.

 

[MeowingCows]

I would say this is just growing pains, the market will recover and go above $800 billion with a couple months and the resistance at the bottom will keep moving up. Is it today completely reliable, no, in 5 to 10 with the amount of interest, development and adoption rate we are seeing I could easily see it being reliable.

It's going to need to stabilize a lot before that ever happens. It's nowhere near any usable state currently. There's absolutely zero retailer or business confidence in crypto right now -- nobody accepts it as payment.

It's hard to place value on something with no history and produces no service or product. That also makes it hard to accept as payment.

 

[Mtowncyclone13]

Do you realize the value of a dollar changes all the time as well? We just don't change the prices every minute. This country was held up as a beacon by the left including Bernie Sanders and some Noble prize economists just 10 years ago. That is why it is such a good example.

the value of the USD has change 23% of the past 48 years, which includes inflation, growth, printing more money, etc. That's a change of .004% per year over 48 years.

BTC has gone down 13% since yesterday. It's not a currency. it's an investment that won't get mainstream use because until the price stabilizes no one will spend it on tangible goods. and because no one is spending it on tangible goods the price will go up from people buying it waiting for others to spend it on tangible goods. there needs to be a central authority to put a floor or ceiling on it to give stability. it's that simple.

 

[Cyclonepride]

i agree with you in theory. in practice, "market-based" without any regulation leaves behind many, many people.

i don't understand how the US has manipulated the value of the USD on a whim? if you look at the last 100 years I think you'll see steady, consistent, and well-publicized policies of how to deal with inflation or deflation. Could you provide some examples of how US monetary policy has directly impacted the daily lives of Americans that bitcoin could have prevented?

The Fed has the stated purpose to promote 2% inflation a year. That means they want the money in your pocket to have 2% less value every year. Helps those with assets, hurts those without.

 

[ISUAgronomist]

the value of the USD has change 23% of the past 48 years, which includes inflation, growth, printing more money, etc. That's a change of .004% per year over 48 years.

BTC has gone down 13% since yesterday. It's not a currency. it's internet gambling

FIFY

 

[Cyclonepride]

the value of the USD has change 23% of the past 48 years, which includes inflation, growth, printing more money, etc. That's a change of .004% per year over 48 years.

BTC has gone down 13% since yesterday. It's not a currency. it's an investment that won't get mainstream use because until the price stabilizes no one will spend it on tangible goods. and because no one is spending it on tangible goods the price will go up from people buying it waiting for others to spend it on tangible goods. there needs to be a central authority to put a floor or ceiling on it to give stability. it's that simple.

Interesting choice of date

 

[Kypdurron]

It's going to need to stabilize a lot before that ever happens. It's nowhere near any usable state currently. There's absolutely zero retailer or business confidence in crypto right now -- nobody accepts it as payment.

It's hard to place value on something with no history and produces no service or product. That also makes it hard to accept as payment.

Current companies that accept Bitcoin:
https://steemit.com/bitcoin/@steemi...nies-that-accept-bitcoin-and-cryptocurrencies

Here is a recent adopter - http://www.newsweek.com/dallas-mave...ptocurrency-2018-nba-season-mark-cuban-783330.

Its service is that is an un-hackable ledger that exist on a decentralized network. It's history shows slow but steady adoption, increasing value, money being spent on computing, exchanges and research. I agree it will have to stablize a lot, I think we will see an over reach of regulation, another decrease in the market when that happens then acceptance. I'm going to sit on my coins for easily 5+ while the crypto verse grows and learns.

 

[Mtowncyclone13]

Interesting choice of date

View attachment 53024

you can talk theory while i'll take the chart showing movement over the past 103 years. with inflation we generally get paid more so it's not exactly a apples-to-apples comparison.

 

[Mtowncyclone13]

Current companies that accept Bitcoin:
https://steemit.com/bitcoin/@steemi...nies-that-accept-bitcoin-and-cryptocurrencies

Here is a recent adopter - http://www.newsweek.com/dallas-mave...ptocurrency-2018-nba-season-mark-cuban-783330.

Its service is that is an un-hackable ledger that exist on a decentralized network. It's history shows slow but steady adoption, increasing value, money being spent on computing, exchanges and research. I agree it will have to stablize a lot, I think we will see an over reach of regulation, another decrease in the market when that happens then acceptance. I'm going to sit on my coins for easily 5+ while the crypto verse grows and learns.

if you have coinS why not sell them and cash out and rebuy with the decrease?