Re:Bitcoin is a disaster
by hombre_fatal on Thursday December 31, 2020 @06:06PM
(#25598266)
That's just the reality of cash, no less in digital form, so it would be naive to think Bitcoin wouldn't inherit the same uses of USD (speculation, money laundering, fraud). It's just not very damning. Though I'm sure various people in the government/Visa would love to ban USD cash with the same demonization.
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Re:Bitcoin is a disaster
by VintageCool on Thursday December 31, 2020 @06:14PM
(#25598351)
Except that cash in USD is also used as a medium of exchange.
Any VPN service offers the option to pay in bitcoin, as do many other sites. There are entire marketplaces on Tor where bitcoin is the primary currency.
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Please make your substantive points without swipes or name-calling. Your comment would be fine without that first bit.
How does getting paid in BTC work? Are you set a rate of bitcoin you get paid that amount or do you have a salary in dollars and you get paid whatever btc satisfies that?
Re:Bitcoin is a disaster
by gautamcgoel on Thursday December 31, 2020 @09:22PM
(#25600183)
Can you explain how you paid rent in Bitcoin? There's no way my landlord would put up with that!
Re:Bitcoin is a disaster
by colinmhayes on Thursday December 31, 2020 @06:43PM
(#25598658)
This is an extremely tiring response. Just because you're a pyscho doesn't mean bitcoin makes sense as a currency. The vast majority of institutions will not accept bitcoin as payment because they realize it's a horrible currency.
Taking threads further into flamewar like this will get you banned here. Personal attacks especially.
If you wouldn't mind reviewing https://news.ycombinator.com/newsguidelines.html and sticking to the rules when posting here, we'd be grateful.
Not the reality of cash as cash doesn’t change value like Bitcoin (in either direction), it’s also usually not scarce, and always much easier to use.
The dollar doesn't change value like Bitcoin, not cash as a whole.
What we define as a good currency doesn’t. A currency that inflates or deflates dramatically is foundering.
So are we talking about "a good currency", or "cash"? Because the initial comment said "cash".
I guess we’re just establishing that Bitcoin doesn’t fit the definition of a functional currency of which cash is a subset.
I disagree, I think Bitcoin is excellent digital cash, but not of a great currency yet.
Re:Bitcoin is a disaster
by sunshinerag on Thursday December 31, 2020 @06:27PM
(#25598463)
oh yes it does, it has crashed more than 2000% vs Bitcoin in a decade.
Re:Bitcoin is a disaster
by bluedevil2k on Thursday December 31, 2020 @06:41PM
(#25598631)
That’s completely wrong. You would never say “the US dollar has crashed compared to Microsoft stock“. That’s a dumb comparison to compare a currency to an investment. The dollar has been mostly stable the past 10 years. A gallon of milk is still around $3.50
Re:Bitcoin is a disaster
by sunshinerag on Friday January 01, 2021 @11:56AM
(#25604565)
why are you comparing a currency (bitcoin) to a stock.
USD vs Bitcoin is a comparison of currency.
Bitcoin is a security closer to gold than anything. Limited supply and high cost of production.
The dollar also lost a lot of value when compared to the stock market, or compared to land prices, or to gold.
The value of cash dollars changes all the time. You just don't notice it because you pay for everything in the same dollar denomination. But when everything gets more expensive year by year that's your dollar devaluing. CPI is one measure of that.