Crypto currency (IF banned from CA)

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Dylan said:
This is like the worst argument against ever.....like the dollar or pound have never been used for anything illict........
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Case in point

HSBC caught laundering billions of mexican cartel drug money. But one nutter sending 50k to the islamic state (which I don't condone at all) means crypto is inherently evil

www.bbc.co.uk

HSBC money laundering report: Key findings

Failure after failure at HSBC led to the London-based bank being used as a conduit for "drug kingpins and rogue nations", a 300-page report compiled for a US Senate committee has found.
www.bbc.co.uk
 



Zatara said:
Some interesting snippets here...
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We will see. The average salary in El Salvador is $170 a week, the average BTC transaction is $5. When the network is busy the average transaction can rise to $50.

So you have to ask yourself, when the network is busy and you want to go and buy bread and milk, are you going to spend nearly 1/3 of your weekly wage to buy maybe $5 worth of goods? The answer is obviously no

This is why I say it will never get used in any meaningful way as a currency, it simply can't scale.

That being said, if the general population use it a lot (which for the above reasons I cannot see happening) and we see mass adoption then I will happily change my world view. I do not constrain myself to one position and refuse to change my opinion.

I'm curious, what do you think?
 
DuuuncanHadaPigeon said:
Nice.

One thing I think is cool about El Salvador and other countries adopting BTC as a currency is I don't think you would be liable for the equivalent of CGT?

You don't pay tax on cash sitting in your bank, so I guess same would apply for BTC sitting in a wallet
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The bill that was passed confirms that not liable for CGT.

Going to be interesting to see how it plays out and sure there are other countries considering

Some of the mental gymnastics on this provision are amusing
 
DuuuncanHadaPigeon said:
We will see. The average salary in El Salvador is $170 a week, the average BTC transaction is $5. When the network is busy the average transaction can rise to $50.

So you have to ask yourself, when the network is busy and you want to go and buy bread and milk, are you going to spend nearly 1/3 of your weekly wage to buy maybe $5 worth of goods? The answer is obviously no

This is why I say it will never get used in any meaningful way as a currency, it simply can't scale.

That being said, if the general population use it a lot (which for the above reasons I cannot see happening) and we see mass adoption then I will happily change my world view. I do not constrain myself to one position and refuse to change my opinion.

I'm curious, what do you think?
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I think paraguay is next.

Thats what i think lol
 
Zatara said:
I think paraguay is next.

Thats what i think lol
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Average salary in paraguay is $173 a week. Again, the average person there will not use BTC as a currency as it is simply not practical.

Even in England, with a much higher average salary, would you pay $5 minimum fee everytime you went to Tesco? No, you would just use your debit card and pay no fees
 
DuuuncanHadaPigeon said:
Average salary in paraguay is $173 a week. Again, the average person there will not use BTC as a currency as it is simply not practical.

Even in England, with a much higher average salary, would you pay $5 minimum fee everytime you went to Tesco? No, you would just use your debit card and pay no fees
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Can you guess why people in places like Thailand use bitcoin?
 

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