Wow 92% of people don’t use Bitcoin that’s insane. I was very skeptical of it ever becoming an actual currency but after so much effort and a whole country behind it and it still only gets 8% of the population to use it sometimes clearly means it’s not going anywhere.
Don’t worry, they made a bunch of profit with that “failed” experiment
Oh you don’t wanna use an unregulated and untraceable magic coin as legal tender for your very real and very physical world? Crazy.
Member when this was one of the like 5 only the ads you’d see on Reddit?
I’ve never seen that before that’s fuckin hilarious
I thought for sure your magic coin bit was referencing that lol. It was a simpler time.
Machine driving around the parking lot with a speaker UPDATE: The bread was worth .000001 btc, but after this morning it’s now worth .00001 btc. Please have your employers adjust your pay. UPDATE: Bread was worth .00001 btc but has just updated to… My point is, fluid prices in a young currency are problematic, personally I’m worried a solar flare will wipe out the block chain and the internet at the same time and all that investment all just Poof’s like cotton candy in a bowl of water… So much global wapoo for an intangible thing like a crypto currency, too bad it can’t be tied to a physical token that could operate more like cash, so you have the security of the block chain, knowing you are not dealing in counterfeit, and the freedom of handing a $5bill out.
I despise crypto, crypto-bros, and do not own a single unit of cryptocurrency. Crypto is not only impractical due to its fluidity but almost every crypto is deflationary by design which disincentivizes people from spending it.
With that out of the way, the blockchain is certainly more resilient to a “fuck you” class solar flare than the regular economy. There are for sure a bunch of people with EMP-resistant copies of the blockchain (since every node has a copy). As soon as internet goes back up, so will the crypto-bros.
Meanwhile cash makes up only a few percent of fiat currency and the rest is digital money in databases around the world’s banks and financial institutions. Almost all cash flow is completely virtual and literally cancels out in accounting at the end of the day.
If those databases get wiped, the global economy simply collapses and your paper money won’t be worth shit-fuck. Admittedly neither will crypto since no-one actually uses it for anything other than exchanging it for fiat.One of crypto’s major problems is that it actually behaves too much like cash. Every bitcoin is a non-fungible token, it’s not tied to gold but might as well be; exchanging a bitcoin costs exorbitant amounts of crypto and real-world resources. Meanwhile if my bank wants to give me a big loan they merely change a number in their database. On a technical level they could give me a one trillion euro loan today if they wanted, although that would run afoul of many laws and immediately bankrupt them once I tried to actually spend that money in what would quickly turn out to be a one-man bank run.
Failed in so far as the imf demanded they stop using it as a condition for more support.
