Current Events > Imagine if real money was as unstable as bitcoin

(+) Yeah! (+)

One day you could buy a soda with a U.S. dollar and the very next day you need 2 dollars at the same store because your dollar went down in value over night. Yet you have no other option and just gotta hope Elon Musk or Jeff Bezos tweets about your dollar tomorrow because they get to decide how much their own money is worth through an unstable popularity contest controlled by manipulating people who don't have the resources and/or intelligence to not be followers.

Now I'm not denying you can make money off bitcoin, it's just obvious it's just another wolf and sheep game that is way less stable than the established system. I'm not even denying that virtual money couldn't replace paper money some day. I'm just saying, anyone who thinks the world would operate better using an unstable popularity system than it would it's current system is pretty zanny. Anyone who thinks it will happen in their lifetime is living in a fantasy world. We can't even agree as a species that not spreading a disease is a worthwhile goal.

I have no idea what's in the future for bitcoin, all I know is that it's a free market that's way easier for scammers to take advantage of ignorant followers. There's so many things that need to be sorted out before you could even consider it actually being the top universal system. Right now, it's just very profitable to convince gullible people that it will ge bigger than it is, because that's literally how it becomes bigger than it is. It's a self fulfilling prophecy. Which is another reason why it's so unstable.

It's interesting as hell to watch tho. I probably won't come back this a lot. My hands are cramping and need a break. Sucky my balls.

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I mean, some countries use crypto as legal tender because their own state currency is subject to more swings in its value then crypto

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David1988 posted...

I mean, some countries use crypto as legal tender because their own state currency is subject to more swings in its value then crypto

Interesting. You know a video reporting on that? Id love the insight. I was focused on the dominating countries in the money game tho. The juggernauts who decide what's what on a big scale.

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Sounds like Venezuela

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Lost_All_Senses posted...

Interesting. You know a video reporting on that? Id love the insight. I was focused on the dominating countries in the money game tho. The juggernauts who decide what's what on a big scale.

Citizens in countries going through great turmoil and high inflation has been known to do this, like Venezuela for instance:

https://www.rollcall.com/2019/09/10/venezuelans-use-cryptocurrency-to-bypass-corruption-inflation/

Though im not sure if the government made it legal there yet, its legal tender in El Salvador though

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It would be a hard world with augmented reality.

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If Bitcoin (or any other crypto) were as widely used as the majority of fiat currencies, that would likely directly result in them becoming far more stable than they are now.

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https://www.nbcnews.com/news/latino/el-salvador-hits-snags-adopts-bitcoin-official-currency-first-country-rcna1910

El Salvador literally replaced its currency with bitcoin

CADE FOSTER posted...

https://www.nbcnews.com/news/latino/el-salvador-hits-snags-adopts-bitcoin-official-currency-first-country-rcna1910

El Salvador literally replaced its currency with bitcoin

Imagine El Salvador disappearing if Bitcoin tanks

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Its pretty reliable how stable the decline of fiat currencies are

Irony posted...

Imagine El Salvador disappearing if Bitcoin tanks

the president literally says when bitcoin dips to buy the dips

CADE FOSTER posted...

the president literally says when bitcoin dips to buy the dips

That won't work as well as he thinks it will

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It wouldn't last long as money. That's why crypto "currency" is such a laughable name.

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Crypto to me is still mostly for money laundering I e drug dealers and to avoid sanctions

David1988 posted...

Citizens in countries going through great turmoil and high inflation has been known to do this, like Venezuela for instance:

https://www.rollcall.com/2019/09/10/venezuelans-use-cryptocurrency-to-bypass-corruption-inflation/

Though im not sure if the government made it legal there yet, its legal tender in El Salvador though

Imma have to read this is more detail interesting. I'm definitely not against the idea that bitcoin can do good, it's clear that it has advantages in some very respectable ways. Reading what I did, it sounds like they're in a real different place than the "rich" countries. They got doctors and shit struggling? God damn, that's depressing.

I have the tendency to cast my net too wide in my topic titles when my posts are usually more focused. But if it's helping other countries, that's definitely something I need to consider when having this discussion. I see that's from 2019, so I'm kind of invested to see what's happened since then with bitcoin. That seems in early stages and it could of been taken advantage of by bad faith actors after that story was posted. Though, real money also gets taken advantage of in the same ways, so Im not completely dismissing the good it can potentially do even if it did happen to not work out in some areas. There's also the risk they took that the money they put into it to get around that system could also tank and make their efforts pointless or even more damaging depending on the depth of both ends.

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CADE FOSTER posted...

Crypto to me is still mostly for money laundering I e drug dealers and to avoid sanctions

Thats kind of a good thing though

But youre also very wrong

Why would criminals use a currency with a permanent ledger tracking every transactions when they cash use paper cash

imagine if you had been paid in bitcoins since it came out how rich youd be

also USD is a sick trap, people think its stable but its really just losing value every single day, and never recovers

ROOTFayth posted...

imagine if you had been paid in bitcoins since it came out how rich youd be

also USD is a sick trap, people think its stable but its really just losing value every single day, and never recovers

Saying something is less stable than something else isn't claiming the other is stable. I think that's a big disconnect here. See it as me saying Jared is a bigger pedophile than Corey in the House. Both fuckin suck and are monsters, but one is definitely not as extreme as the other.

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Lost_All_Senses posted...

Saying something is less stable than something else isn't claiming the other is stable. I think that's a big disconnect here. See it as me saying Jared is a bigger pedophile than Corey in the House. Both fuckin suck and are monsters, but one is definitely not as extreme as the other.

yeah what I mean is that the better option right now is just crypto, the only reason I sometimes convert some to fiat is because you still need fiat to pay for everyday items, adoption doesn't happen overnight though, going to take at least a decade still I think which makes it an attractive speculating asset

ROOTFayth posted...

yeah what I mean is that the better option right now is just crypto, the only reason I sometimes convert some to fiat is because you still need fiat to pay for everyday items, adoption doesn't happen overnight though, going to take at least a decade still I think which makes it an attractive speculating asset

I think a decade isn't enough time to stabilize it more than the system we have and fight pass all the politicians who will use whatever power they can to push back. Look how much progress politicians roadblock to keep old systems and beliefs that benefit their generation more. That's a tough battle when you're telling those people to change what their money's worth and how it works. Especially since most of them probably aren't even in on it yet. You gotta get them in on it and make it profitable specifically to them. Grease em.

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Lost_All_Senses posted...

I think a decade isn't enough time to stabilize it more than the system we have and fight pass all the politicians who will use whatever power they can to push back. Look how much progress politicians roadblock to keep old systems and beliefs that benefit their generation more. That's a tough battle when you're telling those people to change what their money's worth and how it works. Especially since most of them probably aren't even in on it yet. You gotta get them in on it and make it profitable specifically to them. Grease em.

well maybe it won't be, I don't care too much about stability tbh, I only care about growth, I'm guessing it's still going to stabilize at some point if it's adopted