Re:Bitcoin is a Ponzi
by bb88 on Thursday October 07, 2021 @12:20AM
(#28781856)
But ETH is still tied to the dollar and that's where it gets its value, is in the comparison to the dollar. I don't accept ETH for a used car I'm going to sell. I accept dollars, though.
[ Parent
| on HN ]
I'm not sure I understand. You could denominate ETH in dollars, yen, euros, gold, or any other form of money/currency.
Although USD might be your preferred, many would happily sell a vehicle for compensation in BTC, ETH, silver, gold, euros, etc.
Well... I wouldn't, nor would 95% of the US. I want to be paid in stable currency backed by the full faith and force of the US Government.
"Oh shit, the internet went out. Hope the value of my ETH doesn't crash through the floor while the internet is down...."
Re:Bitcoin is a Ponzi
by tigertigertiger on Thursday October 07, 2021 @01:54AM
(#28782626)
Yeah I can't keep track about the weekly times the whole internet went down. Probably a couple of times a week
It's not the whole internet, just you or the company that holds your BTC wallet. Just the other day Facebook was down for hours. Imagine had that been Coinbase.
You can denominate ETH in whatever you want, but come April 15th you’d better exchange enough for dollars to meet your dollar denominated tax obligation.
> But ETH is still tied to the dollar and that's where it gets its value,
For people that look at it like that, sure. That's not how everyone looks at it though. I personally look at it with the aim of acquiring as much ETH as possible because I can see that the future economy will be built on it and eventually things will be priced in ETH.
Just because the transitions are slow and you don't see it happening, doesn't mean that there's not a transition happening.