Appearing onstage at the Bitcoin 2024 conference, Trump also promised to “fire” SEC chair Gary Gensler, set up a crypto advisory council, and make the United States the “crypto capital of the world.”
Nobody is going to hold crypto over gold. I don’t even understand where you’re coming from on that one.
Put it this way, crypto has no use on this planet except in the crypto bro hemisphere because:
no government would ever allow their transactions to be tracked
no government would ever allow their Treasury transactions to live on a blockchain
the US Dollar is backed by gold and silver
Crypto only works in the here and no. Say there is a nuclear war that wipes out half the planet. Crypto ain’t surviving that.
If you’re of the frame of mind that crypto in any way shape or form works “all the time”, you’ve been in the game too long and have lost perspective. It works solely for individuals in the here and now of this very specific point in time on our planet, and that’s about it.
Yeah, heard it all before. They said nobody would ever give real money for internet points. They were wrong. They said a bitcoin would never be worth a dollar. They were wrong. They said no government would ever acknowledge bitcoin. They were wrong. They said no US government would ever accept bitcoin for taxes. They were wrong. They said no government would ever make it a national currency. They were wrong. They said bitcoin will never be worth 10,000 USD. They were wrong. But sure, I’m sure you are positive it will never go any further, that governments would use it as a reserve currency. I’m sure you’re accurately calling the next line.
If half the world is nuked to hell, then gold or special paper isn’t going to buy you bread either.
Only one way to find out who’s right, the people who have consistently been right for over a decade or the people who have consistently been wrong. You’re free to place your bets wherever you choose. If you prefer your value to disintegrate by inflation to save your fragile ego, then more power to you, it doesn’t change what’s happening in the slightest. Upcoming generations can see it clearly, you can be the elder stuck in the past or the one that embraces the future. The only one that it affects is you. Your choice.
Being wrong in the trajectory or worth of something is one. Knowing the limitations and real-world applications of it is another. You still can’t go to any store and use crypto, can’t use it offline, can’t trade it offline, and can’t store it offline (don’t get me started with hardware wallets, the chain is still online). Governments would never use it for this reason. Trading something online because you can catch profits in its market is something done with produce. It’s no different than any other profit scheme in a tradable good whose value is determined by what people will pay for it.
As far as El Salvador…oof. How’s that going for them? Not so well.
Also, your point in inflation…wow, you don’t seem to understand economics. Any physical good sold is prone to inflation due to supply and demand. The currency doesn’t determine how inflation works at all, so I’m not sure where you got that from.
Example: Florida grows oranges and are literally falling from trees, while Maine doesn’t have the climate to support that type of agriculture. Therefore, oranges are cheap in Florida, but more expensive in Maine due to transport costs. Suddenly, there’s a bad hurricane or cold snap in Florida that wipes out an entire years worth of orange crops. Now you have inflated Orange prices, the price of fertilizer goes up in Florida, agriculture equipment demand goes up in Florida, and orange farmers have less money to operate for the next growing season. Inflation.
It’s going fantastic for El Salvador, I don’t know why you would think differently. It is hilarious hearing someone say you can’t use btc in the real world. I use it for Uber, airbnb, groceries, amazon, flights, restaurants, and way more. I think you are imagining the state of bitcoin at least 7 or 8 years ago, things have changed tremendously. The largest retail stores in Japan accept it directly. Many of the largest stores across Europe take it. There are countless resteraunts all over the world taking it directly. There are literally thousands of atms across Europe that will exchange it for cash. There are many 2nd world countries that use it regularly across Africa and South East Asia, South America, the list goes on and on. Your information really truly is way outdated. The future got here long ago, but I guess there are still bubbles of people completely oblivious.
Nobody is going to hold crypto over gold. I don’t even understand where you’re coming from on that one.
Put it this way, crypto has no use on this planet except in the crypto bro hemisphere because:
If you’re of the frame of mind that crypto in any way shape or form works “all the time”, you’ve been in the game too long and have lost perspective. It works solely for individuals in the here and now of this very specific point in time on our planet, and that’s about it.
Yeah, heard it all before. They said nobody would ever give real money for internet points. They were wrong. They said a bitcoin would never be worth a dollar. They were wrong. They said no government would ever acknowledge bitcoin. They were wrong. They said no US government would ever accept bitcoin for taxes. They were wrong. They said no government would ever make it a national currency. They were wrong. They said bitcoin will never be worth 10,000 USD. They were wrong. But sure, I’m sure you are positive it will never go any further, that governments would use it as a reserve currency. I’m sure you’re accurately calling the next line.
If half the world is nuked to hell, then gold or special paper isn’t going to buy you bread either.
Only one way to find out who’s right, the people who have consistently been right for over a decade or the people who have consistently been wrong. You’re free to place your bets wherever you choose. If you prefer your value to disintegrate by inflation to save your fragile ego, then more power to you, it doesn’t change what’s happening in the slightest. Upcoming generations can see it clearly, you can be the elder stuck in the past or the one that embraces the future. The only one that it affects is you. Your choice.
Being wrong in the trajectory or worth of something is one. Knowing the limitations and real-world applications of it is another. You still can’t go to any store and use crypto, can’t use it offline, can’t trade it offline, and can’t store it offline (don’t get me started with hardware wallets, the chain is still online). Governments would never use it for this reason. Trading something online because you can catch profits in its market is something done with produce. It’s no different than any other profit scheme in a tradable good whose value is determined by what people will pay for it.
As far as El Salvador…oof. How’s that going for them? Not so well.
Also, your point in inflation…wow, you don’t seem to understand economics. Any physical good sold is prone to inflation due to supply and demand. The currency doesn’t determine how inflation works at all, so I’m not sure where you got that from.
Example: Florida grows oranges and are literally falling from trees, while Maine doesn’t have the climate to support that type of agriculture. Therefore, oranges are cheap in Florida, but more expensive in Maine due to transport costs. Suddenly, there’s a bad hurricane or cold snap in Florida that wipes out an entire years worth of orange crops. Now you have inflated Orange prices, the price of fertilizer goes up in Florida, agriculture equipment demand goes up in Florida, and orange farmers have less money to operate for the next growing season. Inflation.
How are you thinking Bitcoin solves any of this?
It’s going fantastic for El Salvador, I don’t know why you would think differently. It is hilarious hearing someone say you can’t use btc in the real world. I use it for Uber, airbnb, groceries, amazon, flights, restaurants, and way more. I think you are imagining the state of bitcoin at least 7 or 8 years ago, things have changed tremendously. The largest retail stores in Japan accept it directly. Many of the largest stores across Europe take it. There are countless resteraunts all over the world taking it directly. There are literally thousands of atms across Europe that will exchange it for cash. There are many 2nd world countries that use it regularly across Africa and South East Asia, South America, the list goes on and on. Your information really truly is way outdated. The future got here long ago, but I guess there are still bubbles of people completely oblivious.
Stagnant economy, and global trade down as GDP is also reducing: https://www.reuters.com/technology/short-cash-el-salvador-doubles-down-bitcoin-dream-2024-02-02/
Bitcoin solves no problems here. Same issues as any currency.
Regular people say the “crypto dream” doesn’t work as advertised:
https://www.reddit.com/r/Bitcoin/comments/17otops/just_got_back_from_el_salvador_thoughts_on_bitcoin/
Every dip in the market destroys net worth:
https://www.npr.org/2022/06/19/1106168947/what-the-crypto-collapse-means-for-el-salvadors-economy