Post AJLLFGnDAK3WUYR2au by k33@mastodon.gamedev.place
(DIR) More posts by k33@mastodon.gamedev.place
(DIR) Post #AJLF3nWV3700nslUFU by hn100@social.lansky.name
2022-05-11T11:50:10Z
0 likes, 2 repeats
El Salvador expected to default as Bitcoin plummetsLink: https://english.elpais.com/economy-and-business/2022-05-10/el-salvador-expected-to-default-as-bitcoin-plummets.htmlDiscussion: https://news.ycombinator.com/item?id=31337229
(DIR) Post #AJLFRKgttlEOKdqtWK by Hyolobrika@mstdn.io
2022-05-11T11:54:33Z
0 likes, 0 repeats
@hn100 This sucks. Cryptocurrency is such a great idea. Why does it have to be so volatile?
(DIR) Post #AJLFijji29bIvoSsCW by Hyolobrika@mstdn.io
2022-05-11T11:57:44Z
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@straw @hn100 you mean by speculating? I don't really know much about the ins and outs of why that increases volatilitybut It would be great if there was some way of making it unattractive to speculators
(DIR) Post #AJLFt8uJIsKPtTNwm0 by thatguyoverthere@charlestown.social
2022-05-11T11:59:39.571245Z
1 likes, 0 repeats
@Hyolobrika @hn100 because it threatens the established order. I don't think the volatility is entirely innate. I think a lot of fiat market manipulation causes uncertainty and that translates to instability or volatility.
(DIR) Post #AJLG1B3lBVn2szdWds by thatguyoverthere@charlestown.social
2022-05-11T12:01:06.865390Z
1 likes, 0 repeats
@Hyolobrika @hn100 also I think the point may have been lost on them if they bought their coin on fiat credit instead of using tangible resources.
(DIR) Post #AJLGVvPzOC5DLshBuS by thatguyoverthere@charlestown.social
2022-05-11T12:06:40.239841Z
1 likes, 1 repeats
@Hyolobrika @hn100 The International Monetary Fund (IMF), which could provide financing to help the Bukele government to meet its next foreign debt payment in January 2023, urged the country to remove bitcoin as legal currency as this exposes the state coffers to the price volatility of the cryptocurrency. Bukele’s insistence on keeping it as legal tender complicated his negotiations with the IMF.…“In Fitch’s view, weakening of institutions and concentration of power in the presidency have increased policy unpredictability, and the adoption of bitcoin as legal tender has added uncertainty about the potential for an IMF program that would unlock financing for 2022-2023,”The real problem seems to be they were asked not to accept bitcoin but declined and now they are being locked out of the international market.
(DIR) Post #AJLGaiDVtlZlrC8vCK by Hyolobrika@mstdn.io
2022-05-11T12:07:31Z
0 likes, 0 repeats
@straw @hn100 if you think an apocalypse is going to come then sure. but I haven't seen any evidence of that. and I can't think of anything besides crypto that allows uncensorable (we hope) transactions over the internet
(DIR) Post #AJLHOxFKIIu8wrwqzg by Hyolobrika@mstdn.io
2022-05-11T12:16:33Z
0 likes, 0 repeats
@thatguyoverthere @hn100 so. is the fall bitcoin has taken for everyone not sufficient to explain why el salvador is having trouble? why do we need to add an seemingly unparsimonious extra explanation to that?
(DIR) Post #AJLHjgdBGSVhUxzY4u by cjd@pkteerium.xyz
2022-05-11T12:20:21.083359Z
2 likes, 0 repeats
> Shakes magic 8 ballMmmm that looks like a puff piece.El Salvador should in no way be buying BTC with money they don't have, and I *highly* doubt that they ever did. If they're nearing default, that's because of other issues, but IMF goons would love to write copypasta about them nearing default, so, Occam's Razor...
(DIR) Post #AJLHk3jLNi6f8k3INU by thatguyoverthere@charlestown.social
2022-05-11T12:20:25.701127Z
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@Hyolobrika @hn100 I didn't add it. Its in the article. I don't know that the current value of bitcoin has had any impact on their needs beyond from a speculation perspective. I guess that depends on how much they use it for international trade. If you price something as let's say 2000 sats the value of bitcoin dropping isn't by itself going to change that you need 2000 sats to buy the thing. If you work on chain and don't go back and forth between dollars and btc I don't see why the value (as compared to the dollar) needs to be an area of concern.
(DIR) Post #AJLHxQTO8Uv9RJxl6O by Hyolobrika@mstdn.io
2022-05-11T12:22:49Z
0 likes, 0 repeats
@straw @hn100 yeah. that makes sense. maybe a cryptocurrency that is based on something physical might be a good idea. @mistermonster suggests salt.as for being censored, control of value isn't the same as control of transactions, is it? you still have the option of sending a tx without using an exchange
(DIR) Post #AJLIEyRZ5TvtijTfJQ by Hyolobrika@mstdn.io
2022-05-11T12:26:00Z
0 likes, 0 repeats
@straw @hn100 that's not really crypto's fault. apparently if you have enough to serve as collateral you can use decentralised exchanges (dexes) such as Bisq. I've never used them though so I can't vouch for them
(DIR) Post #AJLJ9HjKZFR1kldeAy by Hyolobrika@mstdn.io
2022-05-11T12:36:09Z
0 likes, 0 repeats
@straw @hn100 there are ways of getting crypto without exchanges (localbitcoins, localmonero, in person exchanges, etc) but yeah a centralised exchange is the easiest way to get started it seems.I've always been sceptical of the idea that there is only *one* purpose of a thing. to me, the purpose is whatever I can use it for
(DIR) Post #AJLJJdLR3lmngZOd3w by Hyolobrika@mstdn.io
2022-05-11T12:38:02Z
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@straw @hn100 it gets put in a 2-of-2 multisig wallet. in case the payment of the other currency doesn't go through you can refuse to release it.
(DIR) Post #AJLJVSK1rrCGyTNM8W by Hyolobrika@mstdn.io
2022-05-11T12:40:10Z
0 likes, 0 repeats
@straw @hn100 it depends what you mean by 'the' purpose. the purpose most people use it for, the purpose it was designed for, or the purposes it is useful for? the last makes sense to judge a thing on. the first two, not so much. (and this goes beyond crypto)
(DIR) Post #AJLJb4331wOBQa6hyy by Hyolobrika@mstdn.io
2022-05-11T12:41:08Z
0 likes, 0 repeats
@straw @hn100 https://bisq.wiki/Frequently_asked_questions#Why_does_Bisq_require_a_security_deposit_in_BTC.3F
(DIR) Post #AJLJhxMeHMmej1YtJg by Zerglingman@freespeechextremist.com
2022-05-11T12:42:28.493778Z
1 likes, 0 repeats
@Hyolobrika @hn100 @straw Still makes for incredibly shitty UX.I still don't have enough to pay their deposit.Granted I should just buy their coloured token, but IIRC they want to cuck your number for it.
(DIR) Post #AJLLFGnDAK3WUYR2au by k33@mastodon.gamedev.place
2022-05-11T12:59:38Z
2 likes, 1 repeats
@Hyolobrika @hn100 I think a lot of the issue is that people use the technology to create speculative commodities instead of functionality useful currency.If everyone is simply hoarding and waiting to make profits with fiat currencies it's never going to be a useful tool for meaningful economic disruption
(DIR) Post #AJLLP9z7KeoUGzihl2 by lain@lain.com
2022-05-11T13:01:26.389784Z
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@k33 @Hyolobrika @hn100 prices sinking seems like a good way to discourage hodling
(DIR) Post #AJLLS2iIp4ioagEIts by Hyolobrika@mstdn.io
2022-05-11T13:01:58Z
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@k33 @hn100 it would be great if someone were to make a crypto soft-pegged to the price of an essential commodity or basket of commodities. stable, but not prone to inflation
(DIR) Post #AJLLXtGWrZC51f1kVU by Hyolobrika@mstdn.io
2022-05-11T13:03:00Z
0 likes, 0 repeats
@lain @k33 @hn100 it would be better for them to sink predictably though. like (I assume?) @duniter
(DIR) Post #AJMaTIGSBRgJa4DZku by gangrenouspenis@paypig.org
2022-05-12T03:24:46Z
0 likes, 0 repeats
@hn100 and people won't change their minds, ever in the shitcoin cult
(DIR) Post #AJQ1a9eXsaTV8WrXrE by frank87@ikbenpiraat.nl
2022-05-13T14:42:30.418985Z
0 likes, 0 repeats
@lain @k33 @Hyolobrika @hn100 Isn't hodling keeping your stuf, while the prices sink?
(DIR) Post #AJQ1aAOd7FL1RSQLgm by lain@lain.com
2022-05-13T19:12:50.136917Z
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@frank87 @k33 @Hyolobrika @hn100 sure, but all the extreme movements in valuation will make people move their assets