Facebook, Libra, and the Long Game

Re:Facebook, Libra, and the Long Game by ascendantlogic on Tuesday June 25, 2019 @03:19PM (#20277841)

Bitcoin hasn't been extinguished because it's not a replacement for fiat. Transaction scaling still isn't there and no one in their right mind spends their bitcoin on coffee when it could 10x in a year and then drop 90% from there just to 10x again. It's become an investment class and governments are fine with that because people are investing their fiat into it and then pulling it back out to fiat later. There's no threat to their sovereign monetary policy yet.

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Re:Facebook, Libra, and the Long Game by buboard on Tuesday June 25, 2019 @03:59PM (#20278238)

Investment class is even more concerning for governments. The vast majority of USD is not used for buying coffee but stored in T bills

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Re:Facebook, Libra, and the Long Game by bduerst on Tuesday June 25, 2019 @04:18PM (#20278449)

Nonsense. T-Bills have the lowest volatility because they're backed by the biggest guns on the planet. What is Bitcoin's volatility and how is that a threat again?

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Re:Facebook, Libra, and the Long Game by buboard on Tuesday June 25, 2019 @04:45PM (#20278738)

i m not saying that they feel threatened of course, but that investment class is even more of a reason to want to shut it down than it being used as a currency.

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