Re:Facebook reveals its cryptocurrency Libra
by xorcist on Tuesday June 18, 2019 @10:10AM
(#20213132)
You can't pay your rent in yen either, but that doesn't make it a failed currency.
I'd be pretty surprised in you could even get that cup of coffee for yen.
Re:Facebook reveals its cryptocurrency Libra
by berbec on Tuesday June 18, 2019 @11:47AM
(#20214385)
But Bitcoin is supposed to be a currency without boarders. If it can't make it in a country with the level of tech-adoption like the USA for the above simple tasks, please help me understand the use case.
Re:Facebook reveals its cryptocurrency Libra
by kobasa on Tuesday June 18, 2019 @12:18PM
(#20214741)
Seems you haven't looked up the history of "1st world currencies" and how they don't in fact retain value over time. Even the almighty US dollar has lost 97% of its value over the past century and it's the reserve currency.
Can I pay my rent in bitcoin? No
Can I buy my groceries in bitcoin? No
Can I expect bitcoin to hold any semblance of a stable value, like an actual 1st-world currency or standard, quality investment product no?
So if it's not useful as a currency and not useful as a store of value, what is Bitcoin? I really want to trust in the brave new world, but I just can't.