this post was submitted on 05 Oct 2024
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Crypto is a speculative market. That doesn't make it a good currency - in fact, it makes it a very bad currency. Bitcoins changing in value so much and so rapidly makes them awful for use as a daily currency, and they're backed by fiat currencies anyways because otherwise, they'd have no value.
The only reason people care about crypto is because they think they can make a lot of money off of it when they hand the bag off to somebody else.
"[Fiat currency] is a speculative market. That doesn't make it a good currency - in fact, it makes it a very bad currency. [Dollars] changing in value so much and so rapidly makes them awful for use as a daily currency, and they're backed by [gold] anyways because otherwise, they'd have no value."
yes, yes, go on.
"The only reason people care about [fiat] is because they think they can make a lot of money off of it when they hand the bag off to somebody else."
It's good that fiat currency never really got a foothold or it looks like you wouldn't have any argument.
Bitcoin dropped 0.68% 2 days ago, rose 1.13% yesterday, and has dropped 0.93% today. By comparison, the dollar dropped 0.00995% in the last 24 hours compared to the Euro, with the largest change being a +0.14703% change compared to the Australian dollar.
On Jan 1st, 2018, 1 bitcoin was worth $15,196.60. One year later, it was worth $3,851.92. As of this moment, it's worth $61,721.47, has dropped 6.11% this week, and gone up 10% in the last 30 days - making it worth $5,613.31 more than it was at the start of September.
Since 2017, 1 bitcoin has gone up 1,291.05% in value. 1 USD in 2017 is worth $1.28 today - an increase of 28% over 7 years and an average inflation rate of 3.64%. The current inflation rate compared to the end of last year is now 2.53%. If this number holds, $1 today will be worth $1.03 next year.
Tell me which one is the more stable currency to base your product's prices on. Pricing things in Bitcoin is like pricing them in stocks.
or like The fluctuations in gold, silver, fiat or commodities when they first appeared in the market.
Good thing none of those panned out or you wouldn't have a leg to stand on.
Oh, yes, let me go and buy me weekly groceries with a lump of gold like I'm a fucking leprechaun, because clearly gold and silver are still used as currency all around the world. /s
good luck.
It's an interesting idea, but it'll be tricky to pull off because governments and corporations have convinced you and everybody else that pieces of paper and promissory digital notes are more valuable than material resources.
Let me clarify since apparently you're too fucking dense (or realistically, willfully obtuse for the purpose of trolling) to get the point:
There's not a single store, anywhere in the world, that will allow me to directly exchange gold for goods. At best, they will convert that gold into dollars using a third party exchange, and then conduct the transaction using dollars. If you're comparing crypto to gold, silver, or the commodities market, then that means cryptocurrency has failed at its stated goal of providing a digital currency.
"There's not a single store, anywhere in the world, that will allow me to directly exchange gold for goods."
although you are incorrect since pawn shops obviously accept gold as currency, It's cool that you're agreeing with me that most businesses won't take it because governments and companies have convinced you the digital promissory notes and paper are more valuable than material resources.
"If you're comparing crypto to gold, silver, or the commodities..."
I'm comparing cryptocurrency to other currencies.
It's very funny that currency confuses you the way it does, but cryptocurrency has very much succeeded at providing a digital currency.
they are literally digital currencies that you can use to exchange for goods.
The success, security and convenience of digital currency is the reason 130 countries are developing discrete central banking and national currencies.
it sounds like you are confusing cryptocurrency with some kind of archaic magic.
cryptocurrency is digital currency (a ledger of account balances on the computer) secured with cryptography (password protected).
digital currency started as bank accounts, moved on to debit cards, then credit cards, then direct payment systems like UPI in India or WeChat in China, and the newest iteration of digital currency is cryptocurrency.
cryptographically secure digital currency.
type your thoughts and assumptions into a search bar first.
you can read the information, critically analyze and adjust your assumptions, and then write down informed thoughts instead of regurgitating misinformation and uninformed opinion.