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this post was submitted on 18 Aug 2023
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You are an anecdote, but most people aren't you and most businesses that allow bitcoin transactions immediately sell it for a government backed currency. It is not stable enough for them to keep the wages of hundreds of families in it.
People outside of spaces where cryptocurrency is accepted have a really hard time understanding just how much cryptocurrency is used. Every year it becomes more pervasive and integrated but people keep spouting the same criticisms they have for years.
Most of the opinions here are pretty america-contric.
Btw the article does not reflect the headline and ya'll should really read it before posting about how NFTs are broken. I wonder if folks would have read the article if they disagreed with the headline.
So, what you're saying is countries with volatile, unstable currencies that typically try to get their hands on as much USD as possible are more willing to use a currency other than their own? Man, that's such a shocker. I cannot believe that someone would rather store their wealth in almost anything other than money printed by unstable governments that's worth as much as a square of toilet paper.
Integration isn't the same as substitution, it means I can pay a dev living in Indonesia in eth and they can deposit it to their bank without having to go through a third party, because it's a hell of a lot faster, safer and easier than trying to set up an international wire transfer between banks who don't speak the same language.
Furthermore, if cryptocurrency helps a population regain control of their finances in a failing economy, how is that a bad thing?
Didn't say it was a bad thing. Just think it's funny that being usable in an unstable third world economy is about the only good use case for the amazing currency of the future.
The whole first world-third world designation thing is about as outdated at your information.
You're right I'll go dump all my retirement savings into whatever crypto is the next big thing tomorrow. What was I thinking, new money is so much better than old money. Cuz it's worth more money than old money and money's better.
P.S. it's easy to tell where the third world starts, it's where they use crypto instead of a central bank currency.
I mean, it's generally considered kind of a slur now? And also because it was a bit racist to begin with, since it measures progress against white, western ideas of progress.
But it's impossible to have a discussion about crypto with anyone who gets their information from one news source and a bunch of reddit comments, or whatever information you get from people who furiously agree with each other.
I don't think crypto is great, I think it's a useful tool.
I don't think you're arguing in good faith so w/e. Take it or leave it.
Oh shit, you finally got the point. I really don't care to argue with you. Your smarter than me. Bitcoin is clearly the wave of the future. I only read newspapers from the 90s or something. I must have no idea what it even is. Everyone who buys into crypto is a genius and we just don't understand it cuz it's so cool. New money>old money cuz techbro said so.