Appearing onstage at the Bitcoin 2024 conference, Trump also promised to “fire” SEC chair Gary Gensler, set up a crypto advisory council, and make the United States the “crypto capital of the world.”
Being wrong in the trajectory or worth of something is one. Knowing the limitations and real-world applications of it is another. You still can’t go to any store and use crypto, can’t use it offline, can’t trade it offline, and can’t store it offline (don’t get me started with hardware wallets, the chain is still online). Governments would never use it for this reason. Trading something online because you can catch profits in its market is something done with produce. It’s no different than any other profit scheme in a tradable good whose value is determined by what people will pay for it.
As far as El Salvador…oof. How’s that going for them? Not so well.
Also, your point in inflation…wow, you don’t seem to understand economics. Any physical good sold is prone to inflation due to supply and demand. The currency doesn’t determine how inflation works at all, so I’m not sure where you got that from.
Example: Florida grows oranges and are literally falling from trees, while Maine doesn’t have the climate to support that type of agriculture. Therefore, oranges are cheap in Florida, but more expensive in Maine due to transport costs. Suddenly, there’s a bad hurricane or cold snap in Florida that wipes out an entire years worth of orange crops. Now you have inflated Orange prices, the price of fertilizer goes up in Florida, agriculture equipment demand goes up in Florida, and orange farmers have less money to operate for the next growing season. Inflation.
It’s going fantastic for El Salvador, I don’t know why you would think differently. It is hilarious hearing someone say you can’t use btc in the real world. I use it for Uber, airbnb, groceries, amazon, flights, restaurants, and way more. I think you are imagining the state of bitcoin at least 7 or 8 years ago, things have changed tremendously. The largest retail stores in Japan accept it directly. Many of the largest stores across Europe take it. There are countless resteraunts all over the world taking it directly. There are literally thousands of atms across Europe that will exchange it for cash. There are many 2nd world countries that use it regularly across Africa and South East Asia, South America, the list goes on and on. Your information really truly is way outdated. The future got here long ago, but I guess there are still bubbles of people completely oblivious.
Being wrong in the trajectory or worth of something is one. Knowing the limitations and real-world applications of it is another. You still can’t go to any store and use crypto, can’t use it offline, can’t trade it offline, and can’t store it offline (don’t get me started with hardware wallets, the chain is still online). Governments would never use it for this reason. Trading something online because you can catch profits in its market is something done with produce. It’s no different than any other profit scheme in a tradable good whose value is determined by what people will pay for it.
As far as El Salvador…oof. How’s that going for them? Not so well.
Also, your point in inflation…wow, you don’t seem to understand economics. Any physical good sold is prone to inflation due to supply and demand. The currency doesn’t determine how inflation works at all, so I’m not sure where you got that from.
Example: Florida grows oranges and are literally falling from trees, while Maine doesn’t have the climate to support that type of agriculture. Therefore, oranges are cheap in Florida, but more expensive in Maine due to transport costs. Suddenly, there’s a bad hurricane or cold snap in Florida that wipes out an entire years worth of orange crops. Now you have inflated Orange prices, the price of fertilizer goes up in Florida, agriculture equipment demand goes up in Florida, and orange farmers have less money to operate for the next growing season. Inflation.
How are you thinking Bitcoin solves any of this?
It’s going fantastic for El Salvador, I don’t know why you would think differently. It is hilarious hearing someone say you can’t use btc in the real world. I use it for Uber, airbnb, groceries, amazon, flights, restaurants, and way more. I think you are imagining the state of bitcoin at least 7 or 8 years ago, things have changed tremendously. The largest retail stores in Japan accept it directly. Many of the largest stores across Europe take it. There are countless resteraunts all over the world taking it directly. There are literally thousands of atms across Europe that will exchange it for cash. There are many 2nd world countries that use it regularly across Africa and South East Asia, South America, the list goes on and on. Your information really truly is way outdated. The future got here long ago, but I guess there are still bubbles of people completely oblivious.
Stagnant economy, and global trade down as GDP is also reducing: https://www.reuters.com/technology/short-cash-el-salvador-doubles-down-bitcoin-dream-2024-02-02/
Bitcoin solves no problems here. Same issues as any currency.
Regular people say the “crypto dream” doesn’t work as advertised:
https://www.reddit.com/r/Bitcoin/comments/17otops/just_got_back_from_el_salvador_thoughts_on_bitcoin/
Every dip in the market destroys net worth:
https://www.npr.org/2022/06/19/1106168947/what-the-crypto-collapse-means-for-el-salvadors-economy