By that definition the Argentinian Peso is not money because it’s not stable, nor is the dollar since the majority of stores in the world don’t accept it (mostly just the ones in the USA do, and a couple of others here and there, but definitely not the majority worldwide). And if you’re going to start randomly limiting locations, I’m fairly confident you can find a specific neighborhood or city where more stores accept Bitcoin than dollars, and worldwide I’m fairly confident more stores accept Bitcoin than Tuvaluan dollar, does that mean that that is not money?
You crypto heads always bring up the Argentinian Peso even though it’s still actually more stable than even Bitcoin. People aren’t buying Argentinian Pesos thinking they might become rich one day, because it’s an actual currency, not a speculative asset, which is what crypto is. It won’t spike in value over 3 months or dive off a cliff by multitudes of thousands.
But ignoring that, most of the world does actually accept US dollars - it’s the most traded currency in the world. It’s also safe to say in nearly every country you can probably exchange USD to the local currency fairly easily.
If you can find me a city where more stores accept Bitcoin rather than the designated currency, then sure. I’m not sure a single one exists.
And that’s bitcoin, which actually is well known and traded. What the person in the article lost wasn’t even that, not any other well known crypto like Ethereum.
You crypto heads always bring up the Argentinian Peso even though it’s still actually more stable than even Bitcoin.
I bought the Argentinian Peso because I am Argentinian, and lived through the devaluation of our currency, and the Patacones and Corralito, maybe because you haven’t experienced something similar you don’t understand just how much of “money” is based on trust.
People aren’t buying Argentinian Pesos thinking they might become rich one day, because it’s an actual currency, not a speculative asset, which is what crypto is.
You can speculate with anything, the fact that people speculate with crypto has no bearing on it being money or not. Also you might be unaware but people do speculate with dollars/pesos in Argentina, that does not disqualify either of those as money.
But ignoring that, most of the world does actually accept US dollars
No, you’re wrong, outside of Argentina and the US (and a few tourist heavy places) I have never seen stores that accept dollars. This is a misconception Americans have, dollars are not accepted worldwide, you need to exchange it for the location currency, just like how trying to pay for stuff in the USA with Euros or Reais would not work.
it’s the most traded currency in the world.
Bitcoin is more traded than some small countries currency, if that mattered then Bitcoin would be more of a currency than that one.
It’s also safe to say in nearly every country you can probably exchange USD to the local currency fairly easily.
Also possible to exchange Bitcoin, that has no bearing.
If you can find me a city where more stores accept Bitcoin rather than the designated currency, then sure. I’m not sure a single one exists.
Than the designated currency no, but than a specific currency absolutely, I’m 99% sure every city I’ve lived for the past 5 years has more places that accept Bitcoin than Argentinian Peso.
And that’s bitcoin, which actually is well known and traded. What the person in the article lost wasn’t even that, not any other well known crypto like Ethereum.
Still, it’s a problem of definition, money is an abstract concept, one where is very hard for you to find a definition that includes all of the countries currency but doesn’t include Bitcoin.
But here’s the most important thing that goes through everyone’s heads, just because something is money doesn’t mean it has inherent value. People who invest in crypto, be it FT or NFT, are no different from people who invest in gold or art. And scams involving crypto are no different from other scams, you don’t go around saying emails are scam because people use them to scam others.
All of that being said, crypto bros are the other extreme from you, thinking that crypto is a magical solution to everything and can’t see the glaring issues that will make it impossible from being adopted in any meaningful scale (and it boils down to cryptocurrencies having the same attributes than paper money, bit people not taking digital security seriously the same way they do with securing paper currency)
Do the majority of locations that offer goods and services accept USDC in it’s designated region? Can you buy groceries at basically anywhere with it, watch a movie, pay for a gym subscription etc with it? Can you buy a home or other shelter with it?
If no, then no, I don’t, since it didn’t meet that criteria.
Lumisal@lemmy.world 2 days ago
A form of relatively stable currency that is accepted to have value for the trade of goods and services by the majority of locations.
Memecoins from pump fun that are less stable than Trump’s mood and vent be used to buy pretty much anything are definitely not that
Nibodhika@lemmy.world 2 days ago
By that definition the Argentinian Peso is not money because it’s not stable, nor is the dollar since the majority of stores in the world don’t accept it (mostly just the ones in the USA do, and a couple of others here and there, but definitely not the majority worldwide). And if you’re going to start randomly limiting locations, I’m fairly confident you can find a specific neighborhood or city where more stores accept Bitcoin than dollars, and worldwide I’m fairly confident more stores accept Bitcoin than Tuvaluan dollar, does that mean that that is not money?
Lumisal@lemmy.world 2 days ago
You crypto heads always bring up the Argentinian Peso even though it’s still actually more stable than even Bitcoin. People aren’t buying Argentinian Pesos thinking they might become rich one day, because it’s an actual currency, not a speculative asset, which is what crypto is. It won’t spike in value over 3 months or dive off a cliff by multitudes of thousands.
But ignoring that, most of the world does actually accept US dollars - it’s the most traded currency in the world. It’s also safe to say in nearly every country you can probably exchange USD to the local currency fairly easily.
If you can find me a city where more stores accept Bitcoin rather than the designated currency, then sure. I’m not sure a single one exists.
And that’s bitcoin, which actually is well known and traded. What the person in the article lost wasn’t even that, not any other well known crypto like Ethereum.
Nibodhika@lemmy.world 1 day ago
I bought the Argentinian Peso because I am Argentinian, and lived through the devaluation of our currency, and the Patacones and Corralito, maybe because you haven’t experienced something similar you don’t understand just how much of “money” is based on trust.
You can speculate with anything, the fact that people speculate with crypto has no bearing on it being money or not. Also you might be unaware but people do speculate with dollars/pesos in Argentina, that does not disqualify either of those as money.
No, you’re wrong, outside of Argentina and the US (and a few tourist heavy places) I have never seen stores that accept dollars. This is a misconception Americans have, dollars are not accepted worldwide, you need to exchange it for the location currency, just like how trying to pay for stuff in the USA with Euros or Reais would not work.
Bitcoin is more traded than some small countries currency, if that mattered then Bitcoin would be more of a currency than that one.
Also possible to exchange Bitcoin, that has no bearing.
Than the designated currency no, but than a specific currency absolutely, I’m 99% sure every city I’ve lived for the past 5 years has more places that accept Bitcoin than Argentinian Peso.
Still, it’s a problem of definition, money is an abstract concept, one where is very hard for you to find a definition that includes all of the countries currency but doesn’t include Bitcoin.
But here’s the most important thing that goes through everyone’s heads, just because something is money doesn’t mean it has inherent value. People who invest in crypto, be it FT or NFT, are no different from people who invest in gold or art. And scams involving crypto are no different from other scams, you don’t go around saying emails are scam because people use them to scam others.
All of that being said, crypto bros are the other extreme from you, thinking that crypto is a magical solution to everything and can’t see the glaring issues that will make it impossible from being adopted in any meaningful scale (and it boils down to cryptocurrencies having the same attributes than paper money, bit people not taking digital security seriously the same way they do with securing paper currency)
prole@lemmy.blahaj.zone 2 days ago
So would you consider a stable coin like USDC (fully backed by USD, and audited) to be “money” then?
Lumisal@lemmy.world 2 days ago
Do the majority of locations that offer goods and services accept USDC in it’s designated region? Can you buy groceries at basically anywhere with it, watch a movie, pay for a gym subscription etc with it? Can you buy a home or other shelter with it?
If no, then no, I don’t, since it didn’t meet that criteria.