I think it can replace fiat, but it won't. Not anytime soon anyways.
I think on some level everyone understands that. Even those that love and swear by these currencies still "cash out" to fiat to spend the money in almost all cases when they make a purchase.
Mostly it's just a gamble to take anything but stable coins. It's why many that accepted crypto as payment have stopped when it comes to ethereum and bitcoin. Just too much of a gamble right now to take it as a payment.
The only way it will ever replace fiat is if the biggest trading block of countries agreed to use it and guarantee it. That means they all give up a big chunk of sovereignty.
Its benefit to society could be that it’s incorruptible?
Problem is, there is so much corruption surrounding it.
Imho
edited for: ?
I don't think so. I think it replaces fiat when companies accept it and more people use it than they do fiat currency.
There are places right now where I can pay with a crypto wallet. It's nowhere close to widespread, but if I wanted to, I could go get a sandwich by paying with BTC or I can stop at an ATM and pull out USD from my crypto holdings.
These things exist where I am, today. It's surprising to me because as much as crypto is being talked about, the vast majority has more of your outlook than mine, and my outlook is digital-progressive but no way is it close to some others that think crypto currencies will be the new ruling currency.
But, if we look back to 20 years ago, the way people were investing in stocks related to tech companies is very similar to how people and companies are investing in crypto currencies. Even worse in some cases, because there is literally a segment of crypto currencies designated to "MEME COINS" which are essentially just fake coins that have zero value with an underlying premise that somehow they're going to make you rich if they ever gain traction.
Anyways, point I'm making, there's going to be coins that stay and grow and become widely popularized and many that don't. At one point we may see some of those coins in wide use in a lot of global markets.
Call me when I can buy an industrial laser and my raw materials with it.
I believe I’ll be six feet under long before that day ever comes.
I’m risking more than a few sandwiches.
I wonder if a handful of sandwiches or less could put that guy into bankruptcy, whether he’d be so willing to risk accepting crypto for them.
Sandwiches just don’t sound that daring. Back around 6 years ago someone locally here put a house up for sale in BTC and it made huge news.
I think it can replace fiat, but it won't. Not anytime soon anyways.
I think on some level everyone understands that. Even those that love and swear by these currencies still "cash out" to fiat to spend the money in almost all cases when they make a purchase.
Mostly it's just a gamble to take anything but stable coins. It's why many that accepted crypto as payment have stopped when it comes to ethereum and bitcoin. Just too much of a gamble right now to take it as a payment.
The only way it will ever replace fiat is if the biggest trading block of countries agreed to use it and guarantee it. That means they all give up a big chunk of sovereignty.
Its benefit to society could be that it’s incorruptible?
Problem is, there is so much corruption surrounding it.
Imho
edited for: ?
I don't think so. I think it replaces fiat when companies accept it and more people use it than they do fiat currency.
There are places right now where I can pay with a crypto wallet. It's nowhere close to widespread, but if I wanted to, I could go get a sandwich by paying with BTC or I can stop at an ATM and pull out USD from my crypto holdings.
These things exist where I am, today. It's surprising to me because as much as crypto is being talked about, the vast majority has more of your outlook than mine, and my outlook is digital-progressive but no way is it close to some others that think crypto currencies will be the new ruling currency.
But, if we look back to 20 years ago, the way people were investing in stocks related to tech companies is very similar to how people and companies are investing in crypto currencies. Even worse in some cases, because there is literally a segment of crypto currencies designated to "MEME COINS" which are essentially just fake coins that have zero value with an underlying premise that somehow they're going to make you rich if they ever gain traction.
Anyways, point I'm making, there's going to be coins that stay and grow and become widely popularized and many that don't. At one point we may see some of those coins in wide use in a lot of global markets.
Call me when I can buy an industrial laser and my raw materials with it.
I believe I’ll be six feet under long before that day ever comes.
I’m risking more than a few sandwiches.
I wonder if a handful of sandwiches or less could put that guy into bankruptcy, whether he’d be so willing to risk accepting crypto for them.
Sandwiches just don’t sound that daring. Back around 6 years ago someone locally here put a house up for sale in BTC and it made huge news.
Didn’t really take off though.
What you're talking about and what I'm talking about are two different things. I'm talking about retail as we know it. At one point you could buy cars, games and more directly from crypto wallets.
That may not seem like a replacement on the same level as industrial equipment, but it's still a pretty big deal considering 7 years ago or so almost nobody knew what blockchain and cryptocurrency really was.
Sandwiches might not sound daring but it's still someone's livelihood. That's pretty daring to take payments based on a volatile currency.
I've made payments for several things with my crypto wallet but here's the main difference, everything I've bought was with USDC. Sure I had to convert my ETH or something for it, but the payment was still made in USDC. We're going to see a lot more of that in the near future.
Decentralized digital currency is the future, you will get there eventually.
A considerable chunk of the world used to use a decentralized currency called gold. They got away from it in part because it led to volatile and unpredictable swings of inflation and deflation. A new decentralized currency that lacks a central bank to issue more when needed and withdraw currency from circulation when needed will have the same problems and for the same reasons.
If your goal is to create the largest banking crisis of all time, then that's how you do it. The basic idea of banks is that people deposit money, and then the bank invests that money in things likely to gain value. Gambling it on something that is probably going to eventually be worth $0 is the opposite of that. Any bankers that try that ought to spend the rest of their life in prison. Ditto for any regulators that decide it's okay.
Remember mortgage backed securities? The idea was that securities that always go up would be fine. And those were backed by people's houses, not just random, worthless bits. And they still managed to create a massive banking crisis. If instead of being backed by houses that were actually worth something, they were backed by nothing at all, the crisis would have been massively worse.
Clever financial traders often try to set up schemes where if the value of something goes up, they make a lot of money--and if the value goes down, they get bailed out by the government because they're too big to fail. Banks holding bitcoin or other such mined cryptocurrencies would be the largest example of that of all time. Buy heavily into bitcoin, and then watch it lose a third of its value, and then need to withdraw it to pay out deposits and suddenly your bank is insolvent. And that kind of drop only happens every year or so.
What you're questioning is the entire purpose of stable coins. They stay stable because they are (supposedly) backed by a real value equivalent, like USDC and the USD.
It's also one of the easiest ways to receive a payout, but the thing about stable coins is, nobody wants to hold them because you don't really earn much. (You can stake stable coins, and earn about 4% apy which is better than just about any savings account these days). But you won't have the market swings of other currencies like Ethereum and Bitcoin.
At most I've seen USDC spin off maybe 2 cents in either direction during market fluctuations. It doesn't sound like a lot, and it always returns to 1.00, but still.
USDC isn't the only stable coin.
That being said, it's all based on a particular value that can be easily equated, but nothing is stopping a virtual global economy coin from taking hold in the same way. It only really needs a standard to base itself on.
In that way a virtual global stable coin could potentially put everyone in the same boat. There wouldn't be one particular countrys economy to base it off of.
You don't hold on to currency, you lose to inflation. The only currency I hold on to is my float. Everything else goes, I invest in things to protect myself against devaluation and inflation.
You have to do these things in Canada. Within a period of about 4 years the Canadian Dollar lost about 30% of its value to the USD.
Currency is a medium that facilitates trade. It makes it easier for you and I to do business together.
You need something of mine or that I make, now what do you have that I *want*
Thats the point of staking. It's an "investment". That's also generally the point of crypto "investing" too. But many coins also have a specific purpose. Your choice to hold these coins is also an investment of sorts, whether rfor governance or other purposes.
In most cases you can't really compare crypto and fiat, and in the rare cases where you can, the only difference is in who controls it.
I don’t have a problem with the investment part. It’s people claiming it’s a currency to replace fiat, that I have a problem with.
edited for clarity
Would you rather have the equivalent of 1 usd in BTC or 1 USD in canadian money?
Canadian money, easily. I have a high degree of confidence that Canada is going to be around for many years to come. And if they aren't, whatever cataclysm destroys Canada will probably kill me, too, so I won't care. Bitcoin has no underlying value.
Thats the point of staking. It's an "investment". That's also generally the point of crypto "investing" too. But many coins also have a specific purpose. Your choice to hold these coins is also an investment of sorts, whether rfor governance or other purposes.
In most cases you can't really compare crypto and fiat, and in the rare cases where you can, the only difference is in who controls it.
I don’t have a problem with the investment part. It’s people claiming it’s a currency to replace fiat, that I have a problem with.
edited for clarity
Anyone who thinks crypto is going to replace the all currency and that it will save them from a loaf of bread costing a gold bar is off their rockers and I want what they are smoking, just because you prepare for economic collapse or invest doesn't mean that people wont charge more because they didn't prepare, supply and demand oh you don't have to buy our food you can always starve
It's the mindset that crypto will save all and is going to be the endgame of irl which is cancer, would rather go put money on a early access crowd fund kick starter project that i will know will fail and disappear like a bandit into the night
The mentality is cute but dangerous lol
I've gone numb to the lies crypto influencers are spewing 1971 if not earlier is when it was set in stone for certain things for us to be screwed and crypto giving false hope is adorable I can't wait to see who dumps their life savings into this bs only for it to come bite them back
I truly can not wait for 2034 thats when the real fun will begin at least for my generation
Until the that happens I will have fun until the very end save what I can in real money and continue going about my day having fun in my own right/way
It's plausible that the world will eventually figure out how to make newly issued cryptocurrencies offer the features and stability of the existing financial system, and then the world will largely move to cryptocurrencies. If the only benefit of cryptocurrencies over the existing system is that it stops counterfeiting and the drawbacks such as it being too easily stolen can be mitigated, then a lot of governments might well go for that.
Such a future will probably be based on issued cryptocurrencies, though, with maybe a chance that stablecoins could have some role. Mined cryptocurrencies aren't going to have any place, and the existing mined cryptocurrencies are going to all end up worthless.
When one of the regulars on this site is a big fan of a particular game that is otherwise obscure, that can lead to a lot more discussion of that particular game than there would otherwise be here. That's not necessarily a bad thing. Bcbully wants cryptocurrencies and NFTs in his games, and hence, there's a lot of discussion of them. It's not like we're not allowed to make threads about anything else.
If you think there aren't enough threads about some gaming topic that you want to discuss, then make one. But instead, you just made one about cryptocurrencies.
Freedom of speech within certain limits I'm fine with disccusions on the topic but when I see threads, titled
China just made all transactions in bitcoin/crypto illegal+unenforceable
I feel its getting political and I tuned out the news as of late on purpose because I have always felt whatever happens happens nothing this generation can do much about lol, not that I care about it getting political but that kinda click baity titles seems like a cancer best left to cnn or fox8 to talk about lmao
There is nothing "political" or even "click baity" about that title. The second largest economy in the world made transactions in bitcoin illegal and uninforcable, which will probably have huge implications for crypto currencies and games that are based on related technologies.
It sounds like it would be an interesting and relevant thread to read for anyone into crypto games. What I find intriguing though is your perception of the title as political and click baity since it just appears to be a statement of fact with no politically-charged jargon. What exactly is it about that title that makes you feel like it is a "a cancer best left to cnn or fox8 to talk about?"
What you're questioning is the entire purpose of stable coins. They stay stable because they are (supposedly) backed by a real value equivalent, like USDC and the USD.
It's also one of the easiest ways to receive a payout, but the thing about stable coins is, nobody wants to hold them because you don't really earn much. (You can stake stable coins, and earn about 4% apy which is better than just about any savings account these days). But you won't have the market swings of other currencies like Ethereum and Bitcoin.
At most I've seen USDC spin off maybe 2 cents in either direction during market fluctuations. It doesn't sound like a lot, and it always returns to 1.00, but still.
USDC isn't the only stable coin.
That being said, it's all based on a particular value that can be easily equated, but nothing is stopping a virtual global economy coin from taking hold in the same way. It only really needs a standard to base itself on.
In that way a virtual global stable coin could potentially put everyone in the same boat. There wouldn't be one particular countrys economy to base it off of.
You don't hold on to currency, you lose to inflation. The only currency I hold on to is my float. Everything else goes, I invest in things to protect myself against devaluation and inflation.
You have to do these things in Canada. Within a period of about 4 years the Canadian Dollar lost about 30% of its value to the USD.
Currency is a medium that facilitates trade. It makes it easier for you and I to do business together.
You need something of mine or that I make, now what do you have that I *want*
Thats the point of staking. It's an "investment". That's also generally the point of crypto "investing" too. But many coins also have a specific purpose. Your choice to hold these coins is also an investment of sorts, whether rfor governance or other purposes.
In most cases you can't really compare crypto and fiat, and in the rare cases where you can, the only difference is in who controls it.
I don’t have a problem with the investment part. It’s people claiming it’s a currency to replace fiat, that I have a problem with.
edited for clarity
Would you rather have the equivalent of 1 usd in BTC or 1 USD in canadian money?
I want *STABILITY*
When people like me decide to throw in the towel… that’s when your really going to see the shit hit the proverbial fan.
I have to import very important skills. Skills my country no longer has the ability to supply.
Maybe you can think about what that means.
Imho
Ask them how they would rather be paid, in BTC or the Canadian dollar?
For me, Canadian Dollar (or USD or Yen or Peso or Euro) every time.
The Canadian dollar is a "promissory note" backed by the Canadian Government. What is BTC backed by?
Would you accept my stocks in Gamestop as payment for anything?
- Al
Personally the only modern MMORPG trend that annoys me is the idea that MMOs need to be designed in a way to attract people who don't actually like MMOs. Which to me makes about as much sense as someone trying to figure out a way to get vegetarians to eat at their steakhouse. - FARGIN_WAR
Decentralized digital currency is the future, you will get there eventually.
Who's going to back it up?
How do I know that when you pay me in it , it isn't going to be worth shit in 6 months?
When I have to plan ahead in my business and I need to save capital usually into the 7 figures for future machinery purchases. How do I know how much to save, how stable is the currency?
Currencies facilitate trade. The only thing that keeps them stable is trust that the currency will retain its value.
Every single expensive machinery purchase I have ever made has been in U.S. denominations. The vendors only accept U.S. denominations no matter what country they are based in. Even Chinese vendors want USD.
When I make a machine purchase, I have to sign a contract. They don't have a 1.6 million dollar machine ready for pickup in the showroom. I usually have to wait a minimum of 9 months before delivery.
Now this is something many Americans take completely for granted. When I decide to make the purchase I sign a contract for the purchase price in USD along with a 10% down payment, then I wait and watch the Canadian dollar. It doesn't matter if the American dollar tanks (odds are it won't that's why its used in the first place) the price of the machine will remain unchanged for the American purchaser. For me not so much, I made that 1.6 million dollar purchase 2 years ago and in that time the Canadian dollar has changed value by about 10% in that time. Within that 9 month window the Canadian dollar was all over the place in a 5% range. Every single % makes a difference of about 16k on that machine. The 10% over 2 years is a 160k difference on the price of that machine.
This is something as a Canadian Manufacturer that I have to deal with constantly. Because machinery isn't the only thing that I have to purchase with USD. Many of my raw materials also have to be paid for in USD. Watch the Canadian dollar go up and down every day for no apparent reason. Heck America gets a gloomy economic picture and political instability and the Canadian dollar gets hit against the USD.
It makes you want to pull your hair out.
If nobody backs a currency there is no bedrock to keep it stable. A currency is only as good as the country and the government that backs it.
Be careful what you wish for especially if your American. Switching to another currency will affect me a lot less than it will effect you.
PS. the effect will not be a positive one for your everyday working stiff.
1 Bitcoin = 1
It's happening now man. RIGHT NOW.
You need to take 30 mins - 1 hour a night until understand. Start here.
Please let me know where I can purchase and industrial laser, a 48x96 sheet of 16ga 316 ss or a banana with that Bitcoin your talking about.
I think people are confused about what a currency is and why it exists.
ps Currency only exists so you and I don't have to Barter. It's not supposed to be speculative.
and how many Bitcoins will it cost? They cant go less than one right? If McDonalds decides to only deal in Bitcoin is it going to cost me one bitcoin to buy a big mac? THis is where this whole thing gets onfusing and crashes and burns.....THe problem is that crypto isn't legal tender...You really cant buy anything with it, you can only sell it to someone else.....How are you going to divide up a handful of Bitcoins to 320 million people? and that's just USA. People are doing crypto because they either are trying to launder money or they think they can sell it for a big profit...Thats it...it isnt going to take the place of the US dollar.
Decentralized digital currency is the future, you will get there eventually.
Who's going to back it up?
How do I know that when you pay me in it , it isn't going to be worth shit in 6 months?
When I have to plan ahead in my business and I need to save capital usually into the 7 figures for future machinery purchases. How do I know how much to save, how stable is the currency?
Currencies facilitate trade. The only thing that keeps them stable is trust that the currency will retain its value.
Every single expensive machinery purchase I have ever made has been in U.S. denominations. The vendors only accept U.S. denominations no matter what country they are based in. Even Chinese vendors want USD.
When I make a machine purchase, I have to sign a contract. They don't have a 1.6 million dollar machine ready for pickup in the showroom. I usually have to wait a minimum of 9 months before delivery.
Now this is something many Americans take completely for granted. When I decide to make the purchase I sign a contract for the purchase price in USD along with a 10% down payment, then I wait and watch the Canadian dollar. It doesn't matter if the American dollar tanks (odds are it won't that's why its used in the first place) the price of the machine will remain unchanged for the American purchaser. For me not so much, I made that 1.6 million dollar purchase 2 years ago and in that time the Canadian dollar has changed value by about 10% in that time. Within that 9 month window the Canadian dollar was all over the place in a 5% range. Every single % makes a difference of about 16k on that machine. The 10% over 2 years is a 160k difference on the price of that machine.
This is something as a Canadian Manufacturer that I have to deal with constantly. Because machinery isn't the only thing that I have to purchase with USD. Many of my raw materials also have to be paid for in USD. Watch the Canadian dollar go up and down every day for no apparent reason. Heck America gets a gloomy economic picture and political instability and the Canadian dollar gets hit against the USD.
It makes you want to pull your hair out.
If nobody backs a currency there is no bedrock to keep it stable. A currency is only as good as the country and the government that backs it.
Be careful what you wish for especially if your American. Switching to another currency will affect me a lot less than it will effect you.
PS. the effect will not be a positive one for your everyday working stiff.
1 Bitcoin = 1
It's happening now man. RIGHT NOW.
You need to take 30 mins - 1 hour a night until understand. Start here.
Please let me know where I can purchase and industrial laser, a 48x96 sheet of 16ga 316 ss or a banana with that Bitcoin your talking about.
I think people are confused about what a currency is and why it exists.
ps Currency only exists so you and I don't have to Barter. It's not supposed to be speculative.
and how many Bitcoins will it cost? They cant go less than one right? If McDonalds decides to only deal in Bitcoin is it going to cost me one bitcoin to buy a big mac? THis is where this whole thing gets onfusing and crashes and burns.....THe problem is that crypto isn't legal tender...You really cant buy anything with it, you can only sell it to someone else.....How are you going to divide up a handful of Bitcoins to 320 million people? and that's just USA. People are doing crypto because they either are trying to launder money or they think they can sell it for a big profit...Thats it...it isnt going to take the place of the US dollar.
Microsoft. Microsoft has been accepting Bitcoin for use in its online Xbox Store since 2014. ...
Just an example of a place you can spend... You can buy your house too at the worlds second largest mortgage company UWM.
Bitcoins can be divided up to 8 decimal places (0.000 000 01) and potentially even smaller units if that is ever required in the future as the average transaction size decreases.
Lastly when you "purchase" a good or a service you are selling your dollars for that service.
Lastly when you "purchase" a good or a service you are selling your dollars for that service.
Actually no. For most transactions there's one party that's legally considered a seller and another who's considered a buyer. The seller often has various responsibilities to the buyer to give information about the product, and what to do in case the product is faulty. Whereas the buyer just needs to give genuine money, and otherwise he has very few responsibilities to the seller unless they make explicit agreement about something else.
I think it can replace fiat, but it won't. Not anytime soon anyways.
I think on some level everyone understands that. Even those that love and swear by these currencies still "cash out" to fiat to spend the money in almost all cases when they make a purchase.
Mostly it's just a gamble to take anything but stable coins. It's why many that accepted crypto as payment have stopped when it comes to ethereum and bitcoin. Just too much of a gamble right now to take it as a payment.
The only way it will ever replace fiat is if the biggest trading block of countries agreed to use it and guarantee it. That means they all give up a big chunk of sovereignty.
Its benefit to society could be that it’s incorruptible?
Problem is, there is so much corruption surrounding it.
Imho
edited for: ?
I don't think so. I think it replaces fiat when companies accept it and more people use it than they do fiat currency.
There are places right now where I can pay with a crypto wallet. It's nowhere close to widespread, but if I wanted to, I could go get a sandwich by paying with BTC or I can stop at an ATM and pull out USD from my crypto holdings.
These things exist where I am, today. It's surprising to me because as much as crypto is being talked about, the vast majority has more of your outlook than mine, and my outlook is digital-progressive but no way is it close to some others that think crypto currencies will be the new ruling currency.
But, if we look back to 20 years ago, the way people were investing in stocks related to tech companies is very similar to how people and companies are investing in crypto currencies. Even worse in some cases, because there is literally a segment of crypto currencies designated to "MEME COINS" which are essentially just fake coins that have zero value with an underlying premise that somehow they're going to make you rich if they ever gain traction.
Anyways, point I'm making, there's going to be coins that stay and grow and become widely popularized and many that don't. At one point we may see some of those coins in wide use in a lot of global markets.
Call me when I can buy an industrial laser and my raw materials with it.
I believe I’ll be six feet under long before that day ever comes.
I’m risking more than a few sandwiches.
I wonder if a handful of sandwiches or less could put that guy into bankruptcy, whether he’d be so willing to risk accepting crypto for them.
Sandwiches just don’t sound that daring. Back around 6 years ago someone locally here put a house up for sale in BTC and it made huge news.
Didn’t really take off though.
What you're talking about and what I'm talking about are two different things. I'm talking about retail as we know it. At one point you could buy cars, games and more directly from crypto wallets.
That may not seem like a replacement on the same level as industrial equipment, but it's still a pretty big deal considering 7 years ago or so almost nobody knew what blockchain and cryptocurrency really was.
Sandwiches might not sound daring but it's still someone's livelihood. That's pretty daring to take payments based on a volatile currency.
I've made payments for several things with my crypto wallet but here's the main difference, everything I've bought was with USDC. Sure I had to convert my ETH or something for it, but the payment was still made in USDC. We're going to see a lot more of that in the near future.
What people need to do is read the history books. Read about Marco Pollo and the Chinese Emperor’s paper money.
I think it can replace fiat, but it won't. Not anytime soon anyways.
I think on some level everyone understands that. Even those that love and swear by these currencies still "cash out" to fiat to spend the money in almost all cases when they make a purchase.
Mostly it's just a gamble to take anything but stable coins. It's why many that accepted crypto as payment have stopped when it comes to ethereum and bitcoin. Just too much of a gamble right now to take it as a payment.
The only way it will ever replace fiat is if the biggest trading block of countries agreed to use it and guarantee it. That means they all give up a big chunk of sovereignty.
Its benefit to society could be that it’s incorruptible?
Problem is, there is so much corruption surrounding it.
Imho
edited for: ?
I don't think so. I think it replaces fiat when companies accept it and more people use it than they do fiat currency.
There are places right now where I can pay with a crypto wallet. It's nowhere close to widespread, but if I wanted to, I could go get a sandwich by paying with BTC or I can stop at an ATM and pull out USD from my crypto holdings.
These things exist where I am, today. It's surprising to me because as much as crypto is being talked about, the vast majority has more of your outlook than mine, and my outlook is digital-progressive but no way is it close to some others that think crypto currencies will be the new ruling currency.
But, if we look back to 20 years ago, the way people were investing in stocks related to tech companies is very similar to how people and companies are investing in crypto currencies. Even worse in some cases, because there is literally a segment of crypto currencies designated to "MEME COINS" which are essentially just fake coins that have zero value with an underlying premise that somehow they're going to make you rich if they ever gain traction.
Anyways, point I'm making, there's going to be coins that stay and grow and become widely popularized and many that don't. At one point we may see some of those coins in wide use in a lot of global markets.
Call me when I can buy an industrial laser and my raw materials with it.
I believe I’ll be six feet under long before that day ever comes.
I’m risking more than a few sandwiches.
I wonder if a handful of sandwiches or less could put that guy into bankruptcy, whether he’d be so willing to risk accepting crypto for them.
Sandwiches just don’t sound that daring. Back around 6 years ago someone locally here put a house up for sale in BTC and it made huge news.
Didn’t really take off though.
What you're talking about and what I'm talking about are two different things. I'm talking about retail as we know it. At one point you could buy cars, games and more directly from crypto wallets.
That may not seem like a replacement on the same level as industrial equipment, but it's still a pretty big deal considering 7 years ago or so almost nobody knew what blockchain and cryptocurrency really was.
Sandwiches might not sound daring but it's still someone's livelihood. That's pretty daring to take payments based on a volatile currency.
I've made payments for several things with my crypto wallet but here's the main difference, everything I've bought was with USDC. Sure I had to convert my ETH or something for it, but the payment was still made in USDC. We're going to see a lot more of that in the near future.
What people need to do is read the history books. Read about Marco Pollo and the Chinese Emperor’s paper money.
I think it can replace fiat, but it won't. Not anytime soon anyways.
I think on some level everyone understands that. Even those that love and swear by these currencies still "cash out" to fiat to spend the money in almost all cases when they make a purchase.
Mostly it's just a gamble to take anything but stable coins. It's why many that accepted crypto as payment have stopped when it comes to ethereum and bitcoin. Just too much of a gamble right now to take it as a payment.
The only way it will ever replace fiat is if the biggest trading block of countries agreed to use it and guarantee it. That means they all give up a big chunk of sovereignty.
Its benefit to society could be that it’s incorruptible?
Problem is, there is so much corruption surrounding it.
Imho
edited for: ?
I don't think so. I think it replaces fiat when companies accept it and more people use it than they do fiat currency.
There are places right now where I can pay with a crypto wallet. It's nowhere close to widespread, but if I wanted to, I could go get a sandwich by paying with BTC or I can stop at an ATM and pull out USD from my crypto holdings.
These things exist where I am, today. It's surprising to me because as much as crypto is being talked about, the vast majority has more of your outlook than mine, and my outlook is digital-progressive but no way is it close to some others that think crypto currencies will be the new ruling currency.
But, if we look back to 20 years ago, the way people were investing in stocks related to tech companies is very similar to how people and companies are investing in crypto currencies. Even worse in some cases, because there is literally a segment of crypto currencies designated to "MEME COINS" which are essentially just fake coins that have zero value with an underlying premise that somehow they're going to make you rich if they ever gain traction.
Anyways, point I'm making, there's going to be coins that stay and grow and become widely popularized and many that don't. At one point we may see some of those coins in wide use in a lot of global markets.
Call me when I can buy an industrial laser and my raw materials with it.
I believe I’ll be six feet under long before that day ever comes.
I’m risking more than a few sandwiches.
I wonder if a handful of sandwiches or less could put that guy into bankruptcy, whether he’d be so willing to risk accepting crypto for them.
Sandwiches just don’t sound that daring. Back around 6 years ago someone locally here put a house up for sale in BTC and it made huge news.
Didn’t really take off though.
What you're talking about and what I'm talking about are two different things. I'm talking about retail as we know it. At one point you could buy cars, games and more directly from crypto wallets.
That may not seem like a replacement on the same level as industrial equipment, but it's still a pretty big deal considering 7 years ago or so almost nobody knew what blockchain and cryptocurrency really was.
Sandwiches might not sound daring but it's still someone's livelihood. That's pretty daring to take payments based on a volatile currency.
I've made payments for several things with my crypto wallet but here's the main difference, everything I've bought was with USDC. Sure I had to convert my ETH or something for it, but the payment was still made in USDC. We're going to see a lot more of that in the near future.
What people need to do is read the history books. Read about Marco Pollo and the Chinese Emperor’s paper money.
I think it can replace fiat, but it won't. Not anytime soon anyways.
I think on some level everyone understands that. Even those that love and swear by these currencies still "cash out" to fiat to spend the money in almost all cases when they make a purchase.
Mostly it's just a gamble to take anything but stable coins. It's why many that accepted crypto as payment have stopped when it comes to ethereum and bitcoin. Just too much of a gamble right now to take it as a payment.
The only way it will ever replace fiat is if the biggest trading block of countries agreed to use it and guarantee it. That means they all give up a big chunk of sovereignty.
Its benefit to society could be that it’s incorruptible?
Problem is, there is so much corruption surrounding it.
Imho
edited for: ?
I don't think so. I think it replaces fiat when companies accept it and more people use it than they do fiat currency.
There are places right now where I can pay with a crypto wallet. It's nowhere close to widespread, but if I wanted to, I could go get a sandwich by paying with BTC or I can stop at an ATM and pull out USD from my crypto holdings.
These things exist where I am, today. It's surprising to me because as much as crypto is being talked about, the vast majority has more of your outlook than mine, and my outlook is digital-progressive but no way is it close to some others that think crypto currencies will be the new ruling currency.
But, if we look back to 20 years ago, the way people were investing in stocks related to tech companies is very similar to how people and companies are investing in crypto currencies. Even worse in some cases, because there is literally a segment of crypto currencies designated to "MEME COINS" which are essentially just fake coins that have zero value with an underlying premise that somehow they're going to make you rich if they ever gain traction.
Anyways, point I'm making, there's going to be coins that stay and grow and become widely popularized and many that don't. At one point we may see some of those coins in wide use in a lot of global markets.
Call me when I can buy an industrial laser and my raw materials with it.
I believe I’ll be six feet under long before that day ever comes.
I’m risking more than a few sandwiches.
I wonder if a handful of sandwiches or less could put that guy into bankruptcy, whether he’d be so willing to risk accepting crypto for them.
Sandwiches just don’t sound that daring. Back around 6 years ago someone locally here put a house up for sale in BTC and it made huge news.
Didn’t really take off though.
What you're talking about and what I'm talking about are two different things. I'm talking about retail as we know it. At one point you could buy cars, games and more directly from crypto wallets.
That may not seem like a replacement on the same level as industrial equipment, but it's still a pretty big deal considering 7 years ago or so almost nobody knew what blockchain and cryptocurrency really was.
Sandwiches might not sound daring but it's still someone's livelihood. That's pretty daring to take payments based on a volatile currency.
I've made payments for several things with my crypto wallet but here's the main difference, everything I've bought was with USDC. Sure I had to convert my ETH or something for it, but the payment was still made in USDC. We're going to see a lot more of that in the near future.
What people need to do is read the history books. Read about Marco Pollo and the Chinese Emperor’s paper money.
The people gave Kubla Khan everything, gold, silver, gems and he gave them paper. Which he had a endless supply.
Read what Marco Polo said about it in his own words.
I don't speak Italian, or whatever language(s) Marco Polo did, and even if I did, the language has surely changed enough from his day that I wouldn't necessarily find it comprehensible even if I did speak the modern version of it.
Putting all of your wealth into something that is wiped out by major solar flare may be a risky plan. This is also ignoring all other issues that go with crypto currency like heat and power use.
I think it can replace fiat, but it won't. Not anytime soon anyways.
I think on some level everyone understands that. Even those that love and swear by these currencies still "cash out" to fiat to spend the money in almost all cases when they make a purchase.
Mostly it's just a gamble to take anything but stable coins. It's why many that accepted crypto as payment have stopped when it comes to ethereum and bitcoin. Just too much of a gamble right now to take it as a payment.
The only way it will ever replace fiat is if the biggest trading block of countries agreed to use it and guarantee it. That means they all give up a big chunk of sovereignty.
Its benefit to society could be that it’s incorruptible?
Problem is, there is so much corruption surrounding it.
Imho
edited for: ?
I don't think so. I think it replaces fiat when companies accept it and more people use it than they do fiat currency.
There are places right now where I can pay with a crypto wallet. It's nowhere close to widespread, but if I wanted to, I could go get a sandwich by paying with BTC or I can stop at an ATM and pull out USD from my crypto holdings.
These things exist where I am, today. It's surprising to me because as much as crypto is being talked about, the vast majority has more of your outlook than mine, and my outlook is digital-progressive but no way is it close to some others that think crypto currencies will be the new ruling currency.
But, if we look back to 20 years ago, the way people were investing in stocks related to tech companies is very similar to how people and companies are investing in crypto currencies. Even worse in some cases, because there is literally a segment of crypto currencies designated to "MEME COINS" which are essentially just fake coins that have zero value with an underlying premise that somehow they're going to make you rich if they ever gain traction.
Anyways, point I'm making, there's going to be coins that stay and grow and become widely popularized and many that don't. At one point we may see some of those coins in wide use in a lot of global markets.
Call me when I can buy an industrial laser and my raw materials with it.
I believe I’ll be six feet under long before that day ever comes.
I’m risking more than a few sandwiches.
I wonder if a handful of sandwiches or less could put that guy into bankruptcy, whether he’d be so willing to risk accepting crypto for them.
Sandwiches just don’t sound that daring. Back around 6 years ago someone locally here put a house up for sale in BTC and it made huge news.
Didn’t really take off though.
What you're talking about and what I'm talking about are two different things. I'm talking about retail as we know it. At one point you could buy cars, games and more directly from crypto wallets.
That may not seem like a replacement on the same level as industrial equipment, but it's still a pretty big deal considering 7 years ago or so almost nobody knew what blockchain and cryptocurrency really was.
Sandwiches might not sound daring but it's still someone's livelihood. That's pretty daring to take payments based on a volatile currency.
I've made payments for several things with my crypto wallet but here's the main difference, everything I've bought was with USDC. Sure I had to convert my ETH or something for it, but the payment was still made in USDC. We're going to see a lot more of that in the near future.
What people need to do is read the history books. Read about Marco Pollo and the Chinese Emperor’s paper money.
The people gave Kubla Khan everything, gold, silver, gems and he gave them paper. Which he had a endless supply.
Read what Marco Polo said about it in his own words.
I don't speak Italian, or whatever language(s) Marco Polo did, and even if I did, the language has surely changed enough from his day that I wouldn't necessarily find it comprehensible even if I did speak the modern version of it.
Comments
I’m risking more than a few sandwiches.
I wonder if a handful of sandwiches or less could put that guy into bankruptcy, whether he’d be so willing to risk accepting crypto for them.
Didn’t really take off though.
"Be water my friend" - Bruce Lee
That may not seem like a replacement on the same level as industrial equipment, but it's still a pretty big deal considering 7 years ago or so almost nobody knew what blockchain and cryptocurrency really was.
Sandwiches might not sound daring but it's still someone's livelihood. That's pretty daring to take payments based on a volatile currency.
I've made payments for several things with my crypto wallet but here's the main difference, everything I've bought was with USDC. Sure I had to convert my ETH or something for it, but the payment was still made in USDC. We're going to see a lot more of that in the near future.
Remember mortgage backed securities? The idea was that securities that always go up would be fine. And those were backed by people's houses, not just random, worthless bits. And they still managed to create a massive banking crisis. If instead of being backed by houses that were actually worth something, they were backed by nothing at all, the crisis would have been massively worse.
Clever financial traders often try to set up schemes where if the value of something goes up, they make a lot of money--and if the value goes down, they get bailed out by the government because they're too big to fail. Banks holding bitcoin or other such mined cryptocurrencies would be the largest example of that of all time. Buy heavily into bitcoin, and then watch it lose a third of its value, and then need to withdraw it to pay out deposits and suddenly your bank is insolvent. And that kind of drop only happens every year or so.
Such a future will probably be based on issued cryptocurrencies, though, with maybe a chance that stablecoins could have some role. Mined cryptocurrencies aren't going to have any place, and the existing mined cryptocurrencies are going to all end up worthless.
It sounds like it would be an interesting and relevant thread to read for anyone into crypto games. What I find intriguing though is your perception of the title as political and click baity since it just appears to be a statement of fact with no politically-charged jargon. What exactly is it about that title that makes you feel like it is a "a cancer best left to cnn or fox8 to talk about?"
- Al
Personally the only modern MMORPG trend that annoys me is the idea that MMOs need to be designed in a way to attract people who don't actually like MMOs. Which to me makes about as much sense as someone trying to figure out a way to get vegetarians to eat at their steakhouse.- FARGIN_WAR
and how many Bitcoins will it cost? They cant go less than one right? If McDonalds decides to only deal in Bitcoin is it going to cost me one bitcoin to buy a big mac? THis is where this whole thing gets onfusing and crashes and burns.....THe problem is that crypto isn't legal tender...You really cant buy anything with it, you can only sell it to someone else.....How are you going to divide up a handful of Bitcoins to 320 million people? and that's just USA. People are doing crypto because they either are trying to launder money or they think they can sell it for a big profit...Thats it...it isnt going to take the place of the US dollar.
- Microsoft. Microsoft has been accepting Bitcoin for use in its online Xbox Store since 2014. ...
Just an example of a place you can spend... You can buy your house too at the worlds second largest mortgage company UWM.Bitcoins can be divided up to 8 decimal places (0.000 000 01) and potentially even smaller units if that is ever required in the future as the average transaction size decreases.
Lastly when you "purchase" a good or a service you are selling your dollars for that service.
Look into the things I said here.
"Be water my friend" - Bruce Lee
https://www.historyofinformation.com/detail.php?entryid=287
The people gave Kubla Khan everything, gold, silver, gems and he gave them paper. Which he had a endless supply.
"Be water my friend" - Bruce Lee
https://biturl.top/rU7bY3
Beyond the shadows there's always light
edited: https://www.amazon.ca/Description-World-Marco-Polo-ebook/dp/B076C86DXL/ref=sr_1_1?crid=1GDNYDNIVXCHV&dchild=1&keywords=marco+polo+the+description+of+the+world&qid=1635458373&s=digital-text&sprefix=marco+polo+the+description+of+the+world,digital-text,114&sr=1-1
"Be water my friend" - Bruce Lee