Crazinomics

[Steely Glint]

To be fair, currencies which rapidly fluctuate in value can present some pretty serious issues for an economy. That is why we should all move to bitcoin, the mos-

Bitcoin’s price dropped below $46,000 Monday morning, extending its slump since nearly hitting $50,000 last Thursday.

After entering the month just shy of $60,000, Bitcoin hasn’t recovered from a steep fall it took on Dec. 3. Its price has ranged between $45,000 and $52,000 since then. After another down week last week, Bitcoin hasn’t been above $50,000 since Dec. 12.

https://time.com/nextadvisor/investi...ash-continues/

oh

[Lewkowski]

To be fair, currencies which rapidly fluctuate in value can present some pretty serious issues for an economy. That is why we should all move to bitcoin, the mos-



https://time.com/nextadvisor/investi...ash-continues/

oh

Bitcoin reached all time highs vs. Turkish Lira so...

But by all means diversify. The nice thing about bitcoin is that every week that goes by more and more merchants are using it globally. Heck its legal tender in some places.

[Steely Glint]

Those merchants are using services like bitpay to convert bitcoins into a real currency before depositing it into an actual bank account, as those merchants understandably do not want to accept payment for items in a currency that might be worth a fraction of the asking price the next day because Elon Musk tweeted. It's still completely dependant on the dreaded 'fiat'. Conversely, why would you ever actually spend a currency that might be worth 10x what it is today next week or next month? You'd effectively have spent £50 on a pizza.

I think that's a niche application of the underlying technology, but I can see it working in this context.

Perhaps, but it doesn't mean the underlying technology is the best solution or even a particularly good to this problem. Given all the intermediate technologies you need to make cryptocurrencies even somewhat usable for day to day transactions, one wonders what bitcoin is actually bringing to the table in and of itself.

[Hazir]

All very interesting, but in turkey a fiat currency went trough greater swings than bitcoin in a matter of 48 hours.

It's right now holding up because of a crazy plan that basically puts the ecomic life of the state on the line by promising monetization of losses caused by the inflationary policies of the government. If this plans slips we're taking hyper inflation.

I was in Istanbul the last few days and at times I had no clue any longer what the actual value was of the ₺ cash in my pocket. I bought a backpack for ₺899 which at the time of purchase was €42, but €69 24 hours later.

When shopping I'd change the necessary amount to ₺ while waiting in line for the checkout as the value of the lira could be down significantly during the wait.