Adorable pearl clutching.
It is really odd until you reveal below that you have a pretty clear bias against Bitcoin because you personally worked on some traditional payment processing software.
As to the "clear bias", I literally laughed out loud at that hilarious claim. You seem to have a fundamental misunderstanding about this entire discussion.
Firstly, I don't work in that realm anymore, but secondly it's _irrelevant_ because the product that I worked on could as easily be "backed" by BTC (in fact it is used in multiple jurisdictions backed by various currencies. The net is that something of value can be transmitted between users). None of these payment systems -- including "Bitcoin Beach" -- actually operate off of the BTC blockchain (you know, because it's completely broken trash).
My bias against Bitcoin is that it is a garbage solution that solves literally nothing -- it is one of the worst solutions in every single claimed use -- but that we have to constantly hear a million pathetic salespeople for it because they've "invested" in it. If there were a thousand pet rock HN commentators pitching pet rocks in every discussion I'd shit on that too.
Yes, the USD is better for hyperinflation *right now* than BTC as it is more stable.
But I do think BTC has better properties that, in the long run, will prove superior to the USD and gold in environments of absurd inflation.
Hal Finney basically knew this in 2009
Elizabeth Stark knew this in 2014 and started Lightning
But, looking at the fundamental properties of BTC, it does have better properties than USD. It’s just not adopted enough to be stable…but you at least gotta admit that, over time, can change
You used El Salvador to try to legitimize BTC. As a tiny economic "power" (literally 7-11 sized), with a functionally broken government, it counts for somewhere approximating zero in legitimizing the farce that is BTC. The only people who think it is notable are BTC hypesters.
https://apnews.com/article/caribbean-el-salvador-bitcoin-lif...
The smallness of the country doesn’t mean this isn’t significant. They have problems, and through an experiment found solutions to those problems and are scaling them up
Bitcoin has shockingly little to do with El Salvador. It is a lightning network being pitched (which could be funded by USD, gold, eggs, turtles...whatever), trying to pump BTC in the process.
So save with the feel good El Salvador story.
Well that’s where I disagree with you.
What happened with those apps in Africa? And why is Nigeria increasingly looking to BTC? Could also be corrupt central banks, which I admit is less an issue in El Salvador.
Bitcoin is also censorship resistant, Nigeria tried to ban BTC but P2P usage went up after the “ban”.
And to be clear: I don’t think BTC is necessarily THE BEST conceivable solution out there - a USD backed coin probably is better for ES in the next few years.
But I also do think BTC is better than status quo for ES