Re:On the Instability of Bitcoin Without the Block Reward [pdf]
by witweb on Wednesday March 03, 2021 @03:10AM
(#26325912)
So people living in countries without a stable currency due to hyperinflation don't count as a real use case? It's sometimes the only way they can secure their capital. I think that we need to think outside of our elitist western bubble more often. Not all people live in a stable democracy with (semi-)stable currencies.
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Re:On the Instability of Bitcoin Without the Block Reward [pdf]
by afiori on Wednesday March 03, 2021 @03:14AM
(#26325931)
But for them there are better alternatives to BTC, one being BCH for example
Re:On the Instability of Bitcoin Without the Block Reward [pdf]
by orwin on Wednesday March 03, 2021 @04:46AM
(#26326444)
And even if they do use BTC (they don't really, at least in Africa, i don't know about Venezuela), they do not trade using BTC but a second layer anyway.
Re:On the Instability of Bitcoin Without the Block Reward [pdf]
by hfsp on Wednesday March 03, 2021 @09:44AM
(#26328933)
This is either an uninformed or misleading take.
It isn't necessarily "Africa" or "Americas".
The heuristic is "is my local fiat shitcoin stealing my purchasing power".
Counter to your claim and easily provable with a basic search Nigeria is one of, if not the leading in BTC adoption %.
https://www.msn.com/en-us/money/news/nigeria-is-the-second-l...
https://www.statista.com/statistics/1194735/bitcoin-online-s...
Re:On the Instability of Bitcoin Without the Block Reward [pdf]
by imtringued on Wednesday March 03, 2021 @02:32PM
(#26333190)
Is it the shitcoin or is it the fact that the economy itself is gone and thus your currency isn't worth anything because nobody is selling things to you?
Here is an interesting article:
https://www.washingtonpost.com/world/the_americas/venezuelas...
Re:On the Instability of Bitcoin Without the Block Reward [pdf]
by hfsp on Wednesday March 03, 2021 @09:38AM
(#26328835)
BCH is trending to 0 in BTC. How does this solve Venezuelans or Lebanese store of value problem?
Re:On the Instability of Bitcoin Without the Block Reward [pdf]
by uncletammy on Wednesday March 03, 2021 @09:50AM
(#26329020)
Yet they just passed BTC's daily transaction volume (regularly) . Like it or not, BCH is about to eat BTC's lunch and good for them. They've earned it.
Re:On the Instability of Bitcoin Without the Block Reward [pdf]
by ad31mar on Friday March 12, 2021 @09:26AM
(#26436132)
SoV first and only then medium of exchange. Not the other way around.
Re:On the Instability of Bitcoin Without the Block Reward [pdf]
by afiori on Wednesday March 03, 2021 @10:05AM
(#26329240)
That is because BTC extremely unstable, which is good for speculation but not for a currency
Re:On the Instability of Bitcoin Without the Block Reward [pdf]
by lottin on Wednesday March 03, 2021 @04:55AM
(#26326502)
BTC isn't a stable currency in case you haven't noticed. Do you actually have evidence of BTC being used as currency in any of these dysfunctional countries you talk about or is it just a supposition that you're making?
Re:On the Instability of Bitcoin Without the Block Reward [pdf]
by will_pseudonym on Wednesday March 03, 2021 @05:50AM
(#26326837)
Re:On the Instability of Bitcoin Without the Block Reward [pdf]
by p_l on Wednesday March 03, 2021 @06:16AM
(#26326984)
In Venezuela, BTC is heavily restricted towards friends of the regime, for whom it serves similar experience as having hoards of "hard foreign currency" did in USSR...
Re:On the Instability of Bitcoin Without the Block Reward [pdf]
by lottin on Wednesday March 03, 2021 @06:31AM
(#26327071)
They say nobody uses it but a "tiny minority". So basically what we already knew, BTC adoption as a currency is anecdotal even in those dysfunctional places where according to its proponents it's particularly suited for.
Re:On the Instability of Bitcoin Without the Block Reward [pdf]
by joubert on Wednesday March 03, 2021 @09:42AM
(#26328908)
The article you linked to is from 2016 so I found something more recent: https://www.coindesk.com/bitcoin-adoption-venezuela-research
The article I linked to is from crypto folks, so caveat emptor.
Re:On the Instability of Bitcoin Without the Block Reward [pdf]
by imtringued on Wednesday March 03, 2021 @02:30PM
(#26333180)
What we need is a global organization that ensures that every nation will be self sufficient in regards to nutrition and only imports non essential foods for varieties sake.
That's how you solve hyperinflation. The problem isn't that the currency is bad. The problem is that the government is utter garbage and since when did Bitcoin market itself as a political tool to subvert authoritarian leadership? No, it's just another "currency" like the dollar.