Crypto currency (IF banned from CA)

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Zatara said:
If you search the % of people who have a bank account there and then look at the % of those who use online banking...compare with the % of people who have internet access and mobile phones.

In Asian countries there are different payment systems which are used online to pay bills / food / transport /clothes etc all without the need to have a bank account. Some of these take 2-4 days to reflect on electricity bills for example. Its not just about going into a shop and paying...

El Salvador is in Central America and uses the USD. They must feel a need to move away from 100% reliance on the USD and have chosen Bitcoin as the alternative.

The fact is that you posted that "anyone who thinks bitcoin will be used as a currency is an idiot".

You have been proven wrong.


Paraguay and others are exploring...
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This was the whole reason BTC was invented, literally this was Satoshi's vision. What I am saying is I don't think this will ever happen.

We will see. If it turns out that we see mass adoption of BTC in El Salvador then I will update my worldview.
 
DuuuncanHadaPigeon said:
This was the whole reason BTC was invented, literally this was Satoshi's vision. What I am saying is I don't think this will ever happen.

We will see. If it turns out that we see mass adoption of BTC in El Salvador then I will update my worldview.
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You should already "update your worldview" seeing as you were so wrong with your statements they cant even be counted as going off-piste.

"I dont think this will ever happen"

Youre doubling down i see...
 
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Zatara said:
You should already "update your worldview" seeing as you were so wrong with your statements they cant even be counted as going off-piste.

"I dont think this will ever happen"

Youre doubling down i see...
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In fairness it still hasn't been used as a proper currency. Just because El Salvador are saying they will accept it doesn't mean it will work as one. Just because some people accept it for payment doesn't make it a proper currency.

Let's see what happens
 

Wizard said:
I

In fairness it still hasn't been used as a proper currency. Just because El Salvador are saying they will accept it doesn't mean it will work as one. Just because some people accept it for payment doesn't make it a proper currency.

Let's see what happens
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For El Salvador in particular the case for them to proceed seems clear at face value.

If they mine the coins as planned then a lot of opportunity opens up for them...a lot of risk but the upside could be enormous.

Paraguay and Panama mooted as being the two countries to watch now.

Im a little surprised that Singapore hasnt emerged with anything...
 
Zatara said:
For El Salvador in particular the case for them to proceed seems clear at face value.

If they mine the coins as planned then a lot of opportunity opens up for them...a lot of risk but the upside could be enormous.

Paraguay and Panama mooted as being the two countries to watch now.

Im a little surprised that Singapore hasnt emerged with anything...
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That wasn't really my point. Maybe it will work for these countries, maybe it won't. But you can't call it a viable currency yet, just because one country is saying they will adopt it.

As for Singapore, it's a massive financial centre for traditional banking. Why would they move first? I've got quite a few friends that work in finance in Singapore and I've been there a few times myself. It would seem to me like a place that is quite far off embracing bitcoin as a legitimate currency.

I might be wrong as I'm by no means an expert and I'm happy to learn more.
 
Wizard said:
I

In fairness it still hasn't been used as a proper currency. Just because El Salvador are saying they will accept it doesn't mean it will work as one. Just because some people accept it for payment doesn't make it a proper currency.

Let's see what happens
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Exactly
 
Wizard said:
That wasn't really my point. Maybe it will work for these countries, maybe it won't. But you can't call it a viable currency yet, just because one country is saying they will adopt it.

As for Singapore, it's a massive financial centre for traditional banking. Why would they move first? I've got quite a few friends that work in finance in Singapore and I've been there a few times myself. It would seem to me like a place that is quite far off embracing bitcoin as a legitimate currency.

I might be wrong as I'm by no means an expert and I'm happy to learn more.
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Its not for me to say whether its a 'viable' currency or not. We can only find out (as you say) in practice.

My only real point was that @DuuuncanHadaPigeon had said that people were "idiots" to think it could ever be a currency...and was so definitive in his absoluteness.

I couldnt really care less to be honest...its just another product to trade...seems bizarre to have a negative opinion on something where wheels are turning to me though.

Singapore had a huge number of crypto exchanges pop up over the last few years. Alongside this a number of prop shops have moved over from traditional assets and into Crypto.

DBS bank for example are now both feet in crypto...the MAS in SG seem to be in favour and it doesnt seem to be long before its elevated to the next level.

To give you an indication...if you want to open up a fund, brokerage or exchange for FX its very hard compliance wise...in comparison, a Crypto exchange would be far easier in SG...

In the Philippines the regulations are being drawn up...there are already big players involved in crypto markets behind the scenes as well -- who service the banks.
 

Zatara said:
Its not for me to say whether its a 'viable' currency or not. We can only find out (as you say) in practice.

My only real point was that @DuuuncanHadaPigeon had said that people were "idiots" to think it could ever be a currency...and was so definitive in his absoluteness.

I couldnt really care less to be honest...its just another product to trade...seems bizarre to have a negative opinion on something where wheels are turning to me though.

Singapore had a huge number of crypto exchanges pop up over the last few years. Alongside this a number of prop shops have moved over from traditional assets and into Crypto.

DBS bank for example are now both feet in crypto...the MAS in SG seem to be in favour and it doesnt seem to be long before its elevated to the next level.

To give you an indication...if you want to open up a fund, brokerage or exchange for FX its very hard compliance wise...in comparison, a Crypto exchange would be far easier in SG...

In the Philippines the regulations are being drawn up...there are already big players involved in crypto markets behind the scenes as well -- who service the banks.
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When I say that I mean using BTC for day to day purchases as digital cash like Satoshi invisaged, the original idea for BTC.

My choice of language could have been better I admit. But I think I am right, due to the fees and transactions times it's simply not feasible to use BTC for this.

I agree with everything else you say, financial institutions using crypto is only going to increase in the future. I said in a previous post, El Salvador doing what they are doing is a great thing for crypto as it will increase the adoption of crypto in general.
 
Wizard said:
I

In fairness it still hasn't been used as a proper currency. Just because El Salvador are saying they will accept it doesn't mean it will work as one. Just because some people accept it for payment doesn't make it a proper currency.

Let's see what happens
Click to expand...
I fondly remember fights over who was going to take the Scottish pound note out of the tip out.

Legal tender and you still couldn't get an off license to take it.
 

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