Very well. But do you understand what I tried to say none the less? Bitcoin has a usage and while there may be phases in which the price is driven by FOMO, there are even longer phases where it isnât or is even driven down by fear, yet still it is in an overall uptrend for over a decade. Hence it canât all just be attributed to âgreater fool theoryâ.
The point is that high volatility with multiple parabolic moves and subsequent two digit dips is all but natural if an asset is in price discovery for a new balance. This can be seen in Gold in the past, as it can be seen in Bitcoin today. And still most people would probably think Gold is indeed a good store of value. I just happen to think Bitcoin is a better one.
Go back to what I originally said. The whole point I tried to make was that Bitcoin are not created out of thin air. I said nothing about price. In fact I said it is always subjective! You now tried for like two posts in a row to attack a point I did not make. Iâm sure there is enough stupid â â â â I actually said to attack, you donât have to invent some more ok?
Just finding this out myself here as I thought I would have to sell back to dollar value like buying and selling stock etc, then trade back to a Coin but now know it is used as a in between instead of USD fiat currency
Question; does it hold same value as the USD? vs something else? I notice the small swing between Teather and USD when slight changes in USD/AUD rise and fall,
The fee I am seeing is 0.06% of the coin being swapped or traded?
I did notice Tether is not tradable on Coinbase but it is on the exchanges.
Tether doesnt have 100% coverage with dollars. Whatever Terher says, they cant prove it. Imagine all people will want to take out all their money back, they cant.
Happy that I had become aware of that concern you shared as it was used once for the first time and you can see I didnât wish to hold onto Tether for very long and currently funds are sitting as AUD for this Crypto adventure Iâm currently on.
With crypto is this thing that whoever you give money to, they dont have to give you back anything beside the cryptocoin⌠for which another person dont have to give you money for. Eventually you can be holding cryptos someone printed, and thats all. There are no safeguards, no guarantees. Current financial systems already saw the issues like that with printed money and they had to build safeguards, which crypto market dont want for a clear reason. Some people will make a lot of money on lack of regulations. Only some people.
Re Tether possibly a scamâŚ
Did a little digging and have some interesting findings to bring to this discussion if I may.
While reading various sites regarding Tether I couldnât help overhearing at 20mins:40Secs into this vod https://youtu.be/u2SvAo-ReZQ?t=1240 It was mentioned that Meltem Demirors is the Chief Strategy Officer at CoinShares stated that crypto investors are moving to stable coin such as Tether.
So the news is not out there yet right, that Tether is a possible scam?
See now this vod I listen to is for Property Investors but covers a lot of topics and the channel WalkTheWorld does lots of research before releasing his vods.
Like I know the old saying if it is too good to be true, it probably is⌠though how can so many people keep trading into Tether?
Cant say for everyone what is state of their knowledge or assumpion.
There was not said everyone will lose. Some people will gain, or just think they will. These people will use it. Even when some would know its a scam, they would want to gain something before its too late. Its greed. Its risky, its a gamble.
About Bitcon in El Salvador. Dollar doesnt go anywhere. If someone will pay you in Bitcon for materials you have to use for production, it can take a week or two, meanwhile Bitcon changes value like crazy. Cant peg it. Can throw more dollars at people who would demand insurance from the volatility. Means even more debt for El Salvador. Would you accept Bitcon knowing it will lose value in a week and its future is not clear even in a one or two years timespan? You have to mind liquidity. All the dollars would have to be eradicated from the economy and Bitcon staying only legal currency in El Salvador and whole world, Bitcon being the worlds only currency to avoid volatility. Bitcon you cant use while being not connected, algoriths need to secure it in the network, because it have no other security being data, it have to use algorithms and network. This alone poses massive problems with energy and time taken to solve the security algorithm when you have people making so many small transactions daily, even when it uses Lightning network that sacrifices security for speed. Even more sacrifice of security will mean people will not trust it and would use barter, or paper dollars. Bitcon as a one and only, universal currency will never work, maybe virtual âgoldâ but without representation outside the network, and without regulations making it free for all to speculate, which will always see more volatility than Gold.
They use the Lightning Network on Bitcoin, where payments are instant. Also they have an app that can instantly convert to dollar if the person using it wishes to. Lightning does not sacrefice security for speed.
The same App they can use to transact with everyone in the world who is on the Lightning Network by whatever means for almost zero fees.
A lot of money that comes into El Salvador comes from remittances from family members abroad an banks charge them insane fees for transactions, like 20% upwarts or something. So this is a huge deal for them.
This is less about storing value or paying in Bitcoin vs. the dollar, and more about using Bitcoin & Lightning as a monetary network instead of the slow, expensive and inflexible legacy banking stuff.
