Buying power
Posted by blk12345q@reddit | Libertarian | View on Reddit | 28 comments
Posted by blk12345q@reddit | Libertarian | View on Reddit | 28 comments
TangoLimaGolf@reddit
Here’s the challenge. Bitcoin isn’t really accepted anywhere. I accept it through my business and I’ve had zero people take me up on the offer to pay with ANY crypto currency.
It’s too complicated for most people to understand and let alone use in its current form. As it stands right now Bitcoin is essentially only useful as a store of value and not transactional.
TheFeedMachine@reddit
Bitcoin is nothing but speculation. No one buys it because they like it as a currency. It is a terrible currency that does not scale well with widespread usage. People like it because they hope they will get rich from it.
Last_Construction455@reddit
It’s used a currency by lots of people. Criminals mostly u unfortunately.
M42-Orion-Nebula@reddit
BTC is the future, retail investors are trying to make money, sure. But they are only a small vehicle which will help Bitcoin domination in the long run.
Bluecolty@reddit
Not only is bitcoin not accepted practically anywhere, but its an absolute pain to use. Crypto bros will disagree but its just not intuitive. I tried several months ago to buy something as a challenge. First I had to set up a wallet account. Then I had to find somewhere to actually BUY a bitcoin. That was a pain and a half, turns out thats hard to do. So I had to set up ANOTHER wallet account elsewhere, which is much easier said than done. Then I had to buy the crypto currency version of the dollar, send that to my other wallet, then convert that to bitcoin. Finally, I could buy the thing I actually wanted to.
All in all... 4 hours of verification, research, transfers, and account setup. I know opening a bank account takes a while too... but if I wanted to recharge the original crypto wallet, I'd have to do several of those steps over again.
You know what's easier? PayPal. A debit card. Cold hard cash. Literally anything else.
M42-Orion-Nebula@reddit
BTC is not meant to be cash, it's meant to be gold. You don't get gas with gold, right?
Bluecolty@reddit
Whats the point of it then? It seems that people who actually use it want it to be widely accepted.
M42-Orion-Nebula@reddit
It is supposed to be a hold of value, like gold. It's better than gold because it's secure to keep, it's light, you can store how much you want in cold storage without any additional weight, there is no more supply after 21 million BTC are mined, 19.8 million have already been mined so no sudden supply increases. It's super easy to transfer and nobody needs to know that you have any, including the government. There are many, many more benefits that I can't state right now because I'm lazy. It basically gives you the freedom of money. YOU control your money. Not government or some institution or natural barriers.
Flod_Lawjick@reddit
It doesn’t help that the government taxes you every time you transact with crypto. IMO that’s the biggest roadblock.
ThatBCHGuy@reddit
Peer to peer Cash and a store of value combined still exists. It's just not BTC anymore.
Giatu1@reddit
Argentinians: "I will use dollars to protect me from inflation".
glaciers_of_ice@reddit
How could 10 beers cost $20 ìn 1933? I know it was prohibition and all, but you can get a 12 pack of midgrade beer for less than that nowadays
stupids0mething@reddit
Look all the way to the left bottom. It’s what $1 buys. So the 10 beers were $1 back then but the $19.91 is the current price. It does seem a bit high but either way much more expensive now.
buckeyevol28@reddit
I never understand why people do these things for purchasing power of a dollar but don’t do them for income, and the purchasing power of how many dollars people make to purchase things.
oadephon@reddit
Now do it except adjusted for inflation.
Balthazzah@reddit
Give that sentence a little bit more thought next time before you type. The graph is inflation. How do you adjust inflation for inflation?
oadephon@reddit
Nah inflation is the rise in the price of goods. This is the inverse of inflation.
A more useful description of purchasing power would be tracking these items vs. wages, or just the overall inflation of the whole economy. That way you could tell if e.g. hersheys chocolate bars have gotten more expensive than the rest of the economy or not.
Intelligent-End7336@reddit
Why are the prices going up?
oadephon@reddit
A lot of reasons. Monetary policy, supply and demand, regulation, etc.
Balthazzah@reddit
The Graph is literally buying power, all the things you mention are contained within.
JulioSanchez1994@reddit
Highly regarded
urmother-isanicelady@reddit
This is inflation. The dollar has lost 20% of purchasing power since 2020, though.
Balthazzah@reddit
And that Graph ends in 2020... boy do i have some news for you about the last 4 years.
gwhh@reddit
What happened. I just woke up from my nap?
Balthazzah@reddit
BlazingPalm@reddit
Lame- LTC and ETH.
Few_Carpenter_9185@reddit
Annnnd, in other news: Water is wet. Video at the 11 o'clock broadcast!
What did everyone think would happen other than "that" as the US made the move to pure debt-fiat. That's payable on the backing debt instruments that back it... in just more of itself?
And, like the HUGE economic fallacy "WWII Ended the Great Depression!" WWII fucked everyone in that it has in broad strokes, kinda-sorta worked for America. Because we have (for now) the GINORMOUS post-WWII worldwide footprint that curbs the inflation.
And, it's also why a BUNCH of countries hate the US, because when the Fed Reserve prints a bunch more dollars, or Congress spends an extra 3 trillion a year it didn't get as taxes, that buy real goods & services, essentially the same as "printing" those dollars... that doesn't just essentially ninja-tax Americans with inflation to buy whatever the hell the US government wants, but everyone on Earth that has a dollar in their pocket.
So, no, it's not just because of "Ur Freedums!" Or that girls wear tempting devilish pants & go to school...
Granted, there's significant: "We can't think of better ways to do this." Involved too.
There's not enough gold & silver in the world, underground or above, for representing a fraction of the American Economy, much less the world. And, unlike most of history where: "Gold was just... gold." Where it was sort of fiat itself, because besides coins, jewelry, or a king's crown, you couldn't eat it, and it was too soft for tools.
And, gold, silver, sea-shells, or beads, any commodity based money has big potential problems. Like, "you're not eating today" collapses and inflation/deflation too.
And now? Not so much. The smartphone you're reading this on is partly why.
"Fiat" isn't necessarily bad. It's flawed issuance.
Something "Bitcoinish" but better, without the flaws, that's neutral, nobody controls it, impartial, and zero-trust might be the way to go.
Good luck establishing that though...
CablocoLoco_@reddit
lol Hersheys is older than i was thought