Bitcoin and Crypto Thread

scorpion said:
Sure, some people will. But most won't. The people of El Salvador have had ready access to Bitcoin for years now and 99% of them don't use it. Most people have no interest in Bitcoin, and with stablecoins easily available, many of the few who do will have even less interest in it.
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I think there are a few factors you are not considering:

1) El Salvador was too early in its bitcoin adoption for a third world country and people there were not yet ready for bitcoin. If it happened in El Salvador in 2030 it might have gone very differently.

2) El Salvador is still too poor for the majority of the population to have substantial long term savings. If you only have $500 in savings and you might need to use it in the next 6 - 12 months then bitcoin might not be the best option to save in as is it is still volatile short term. El Salvador has a GDP per capita of less than $6000 USD.

3) I think at this point in the cycle the middle income countries will be a prime market for stable coin users diversifying into Bitcoin. Countries like Argentina, Brazil, Türkiye, Russia, China, etc. (they are all in the $10,000 - $20,000 US dollar GDP per capita range) These countries have a substantial middle class with long term savings many of whom would be interested in both USD stable coins and bitcoin.

Russia and China have a volatile legal/regulatory environment with capital controls which make it attractive for their citizens to own bitcoin to diversify their wealth and countries like Argentina, Brazil etc have volatile economies with depreciating currencies which makes Bitcoin attractive for them.

4) We are already seeing the start of this, for example Samson Mow at Jan 3 Capital that developed the Aqua wallet that allows users to use stable coins and bitcoin side by side are seeing strong growth in demand from their Argentinian and Brazilian users for bitcoin. These users typically get the Aqua wallet because they want USD stable coins and then they later decide to buy a little bit of bitcoin also because all they need to do is click a button.
 
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Australia Sucks said:
I think there are a few factors you are not considering:

1) El Salvador was too early in its bitcoin adoption for a third world country and people there were not yet ready for bitcoin. If it happened in El Salvador in 2030 it might have gone very differently.

2) El Salvador is still too poor for the majority of the population to have substantial long term savings. If you only have $500 in savings and you might need to use it in the next 6 - 12 months then bitcoin might not be the best option to save in as is it is still volatile short term. El Salvador has a GDP per capita of less than $6000 USD.

3) I think at this point in the cycle the middle income countries will be a prime market for stable coin users diversifying into Bitcoin. Countries like Argentina, Brazil, Türkiye, Russia, China, etc. (they are all in the $10,000 - $20,000 US dollar GDP per capita range) These countries have a substantial middle class with long term savings many of whom would be interested in both USD stable coins and bitcoin.

Russia and China have a volatile legal/regulatory environment with capital controls which make it attractive for their citizens to own bitcoin to diversify their wealth and countries like Argentina, Brazil etc have volatile economies with depreciating currencies which makes Bitcoin attractive for them.

4) We are already seeing the start of this, for example Samson Mow at Jan 3 Capital that developed the Aqua wallet that allows users to use stable coins and bitcoin side by side are seeing strong growth in demand from their Argentinian and Brazilian users for bitcoin. These users typically get the Aqua wallet because they want USD stable coins and then they later decide to buy a little bit of bitcoin also because all they need to do is click a button.
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very good point about middle income countries, that makes sense

About El Salvador adoption and the number of people using bitcoin: the number of people on bitcoin does not matter - it is the amount of wealth it absorbs. 1 billion poor people adopting bitcoin vs 1 million rich people is the same for bitcoin
 
Yes, even the network effect is generally misunderstood by most, and that happens especially when you get to "pie in the sky" about everything in life that is good and you want others to recognize and/or utilize. It turns out that while BTC will help more and more people by saving their time and energy (that's what money is a proxy for), of course most people will have very little. But the wise man already realizes that this is baked into the reality of the world - the Pareto principle is something we'll never get past, since it is part of human nature and group realities. That's why the attacks on BTC always tend to be so silly. This technology ONLY helps people, even if it is still understood and held by a new "elite" group. We actually also gave everyone a fair shot. Don't be mad if you biffed it.

As usual, we explain the entirety of the network, and the social effects, with completeness. All one has to do is follow the argument, recognize that it is true, and then of course (as is in life) adapt your behavior.

You're welcome.
 
Gentlemen.......my friend had a little get together at his place last night, smart strong conservative guy good man.

He started telling me a little about XRP and asked me if I would do research on it and give him my take, apparently he has large holdings at a low number and is planning to hold indefinitely.

I would much rather hear and put more stock into what you guys have to say before I go get a youtube and bias BS internet search education.

He also owns BTC, it's not about one vs the other. Would love to hear your take.....
 
FrancisK said:
Gentlemen.......my friend had a little get together at his place last night, smart strong conservative guy good man.

He started telling me a little about XRP and asked me if I would do research on it and give him my take, apparently he has large holdings at a low number and is planning to hold indefinitely.

I would much rather hear and put more stock into what you guys have to say before I go get a youtube and bias BS internet search education.

He also owns BTC, it's not about one vs the other. Would love to hear your take.....
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It's just another shitcoin with an ICO that the founders own a ton of (same story with most).

Can you trade it and possibly make "some money" (fiat)? Sure. I don't know why you'd bother, though.

I told a friend who also asked me recently about XRP, and mostly this is because they either think they "missed" BTC or don't have patience (or both), and I said: No, just buy and hold BTC. Then I said, but if you insist, I don't want you to blame me if you act like you would have bought and sold perfectly, so take a shot if you really must, but don't go more than 5%.
 
Blade Runner said:
It's just another shitcoin with an ICO that the founders own a ton of (same story with most).

Can you trade it and possibly make "some money" (fiat)? Sure. I don't know why you'd bother, though.

I told a friend who also asked me recently about XRP, and mostly this is because they either think they "missed" BTC or don't have patience (or both), and I said: No, just buy and hold BTC. Then I said, but if you insist, I don't want you to blame me if you act like you would have bought and sold perfectly, so take a shot if you really must, but don't go more than 5%.
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Thank you but I'm not worried about xrp in comparison to btc. I'm just trying to get some input on xrp, different opinions from real people before I wade through a bunch of garbage bias internet articles.

You're saying the founders own most of it? That could be really dangerous or really good, I'm usually pessimistic on this crap...
 
FrancisK said:
Thank you but I'm not worried about xrp in comparison to btc. I'm just trying to get some input on xrp, different opinions from real people before I wade through a bunch of garbage bias internet articles.

You're saying the founders own most of it? That could be really dangerous or really good, I'm usually pessimistic on this crap...
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The founders of XRP are well connected and have good lobbying power so they will get favourable regulations for their token and they will get some level of increased institutional adoption so there will be some kind of pump.

Will XRP still be relevant in 15 years time? Who knows.

The technology behind XRP is outdated and clunky and the tokenomics are not great. Banks can take advantage of the XRP ecosystem/rails without having to own the tokens so it’s not clear how much value will accrue to the tokens even if network usage grows.

Also it’s very centralised with a handful of people and institutions owning the majority of the token supply meaning it’s always at risk of whale dumping crashing the price hard and manipulating the price, etc. Also being extremely centralised is against the basic ethos of crypto.

XRP only does around 1500 transactions per second compared to Solanas record of 107,000 transactions per second. If you are doing to go down the risk curve and own anything other than bitcoin I think Solana is more worthy of consideration than XRP.
 
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