Comment on Has there been a significant move to cryptocurrency in Canada over the last few days?
sj_zero@lotide.fbxl.net 2 years ago
Probably not.
Cryptos don't necessarily help in day to day life. You can't pay your mortgage, you can't buy food, you can't pay bills, so all you're doing for most things is using a highly regulated middle-man to convert your dollars from your bank to your wallet and later from your wallet to dollars in your bank.
Best thing is likely to either spend the money on stuff they can't take away or take as much money you can as physical cash.
goldenballs@wolfballs.com 2 years ago
Yeah i mean, i think crypto is a useful innovation, and a lottery win for some, but objectively, the value is in what you can convert it into, rarher than the thing itself. Crypto is a useful transportation system for value, especially when its anonymised. The lightning network kind of is analogous to silver, as the day to day medium of exchange, with gold as more often the store of value, but crypto doesn't behave like gold.
Further down the line may be Quantum Crypto coins encoded in physical thin film of precious metal to safeguard blockchain security, and there has to ve anonymity to protect agains cyrptofacist cyborg cult regimes like in Canada.
https://engineering.stanford.edu/magazine/article/engineers-invent-way-store-data-without-using-silicon-chips
Bitcoin will be like Acetate LPs or Betamax tape.
What needs to happen is for businesses to be able to opt out of (e.g.:) CAD$ fiat completely, with no interfacing with the regime. So they need to be able to pay utility bills that way at least, or have a bulletproof way of converting into regime fiat to operate within whatever Woke Caliphate they are in.
sj_zero@lotide.fbxl.net 2 years ago
Give it about 2 years. I don't think crypto pans out the way people think it does.
mayonesa@wolfballs.com 2 years ago
It's a trend. People want an anonymous paypal so they can buy weed, and crypto does that. Everything else is hype by influencers who intend to sell out at peak value.
goldenballs@wolfballs.com 2 years ago
Well yeah, the 2924 halving will have an effect, but that doesn't change the overall trend or fundamentals. Govts are going to increase pressure and restrictions on it, and that alone will spur innovation, aided by other energing technologies. An alternative money system is by definition a precursor to a parallel political entity.
sj_zero@lotide.fbxl.net 2 years ago
The big money in cryptos isn't ideological, it's speculative. They are buying into a thing because they think they'll be able to sell it for more fiat currency tomorrow than any other investments they might make.
The moment that it doesn't look like it's going to rise anymore, or the moment that it appears that there is a safer investment with equal or greater capacity for growth, there'll be a run on cryptos.
At the moment, something like 75% of investors in bitcoin are down from their buy-in price. Combine that with the fact that bond interest rates will be rising to exceed inflation and lots of money is already starting to flow into lower risk assets I expect we're going to see a lower demand for cryptos from the investment community and we're going to see lower demand from the ideological community as they are embraced and regulated by governments.