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A comment on MasterCard to open up network to cryptocurrencies. Parent comment

Re:MasterCard to open up network to cryptocurrencies by whobar on Thursday February 11, 2021 @11:41AM (#26103688)
Hedge fund managers are never going to publicise an impartial view about anything, especially not something they are heavily invested in. Forming a positive opinion about Bitcoin based on what two hedge fund managers, both bullish on BTC, have to say, seems pretty dumb.

Unless fiat is abolished, the price of something in BTC will always be pegged to USD. As USD devalues as a result of inflation, the price of a product in BTC decreases.

I don't see the difference between someone in Venezuela choosing to hold their net worth in BTC (which could halve at any moment), versus their native, rapid inflationary currency. Both are risky, but if the central bank sorted itself out and fixed the currency issue, no one will have any reason to hold BTC any more.

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Re:MasterCard to open up network to cryptocurrencies by lottin on Thursday February 11, 2021 @04:46PM (#26107783)
Please don't fall for the trap of calling actual money fiat as if bitcoin wasn't fiat. If at some point bitcoin becomes money it will be fiat money, as bitcoin is not backed by a commodity. So far bitcoin isn't money because it's not the most liquid asset. In order to buy anything with bitcoins, first you'll have sell them for actual money and use that to buy stuff, hence not money.
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Re:MasterCard to open up network to cryptocurrencies by TwoHeadedBeast on Friday February 12, 2021 @09:48AM (#26114162)
Good point, I think they've borrowed the terminology from goldbugs without really understanding it.
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Re:MasterCard to open up network to cryptocurrencies by arcticbull on Thursday February 11, 2021 @11:46AM (#26103777)
Indeed - if your government is crap, you have bigger problems to worry about than your currency. Once you sort out the government you no longer have to worry about your currency. There's no world where simultaneously you have an untrustworthy government and you can bandaid over it with crypto.
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