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El Salvador abandons Bitcoin as legal tender

(ticotimes.net)
927 points smallerfish | 3 comments | 04 Feb 25 00:00 UTC | HN request time: 0.771s | source
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ks2048 ◴[04 Feb 25 00:26 UTC] No.42925530[source]▶
Do pro-bitcoin people still talk about goals of bitcoin being a currency that people use daily?

I don't follow it closely, but that idea seems to have faded and now it's just an asset to buy and hold while it magically goes up forever.

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block_dagger ◴[04 Feb 25 00:37 UTC] No.42925661[source]▶
Those who continue to invest in and use the Lightning (layer 2) network think it will be used as currency but most see it as a long term storage of value, at least until infrastructure supporting layers 2 and 3 mature.

As for “magically,” there’s nothing magic about its increase in value as it replaces legacy technology, chiefly gold as a store of value.

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derriz ◴[04 Feb 25 01:02 UTC] No.42925941[source]▶
Except it has none of the properties of gold as an asset. The value of bitcoin is highly correlated with equities and anti-correlated with gold. It’s the opposite of what you want to be holding as a hedge against a stock market crash.
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LAMike ◴[04 Feb 25 01:23 UTC] No.42926173[source]▶
It is more rare than gold and getting more rare every 4 years.

What is the current supply of gold and what will it be in 2050?

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nadermx ◴[04 Feb 25 01:40 UTC] No.42926360[source]▶
Gold has a utility, used in a large swath of electronics. Can always be sold to make something. Bitcoin can only be sold if there is a fiat currency trading in it
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1. desumeku ◴[04 Feb 25 01:47 UTC] No.42926428[source]▶
Electronics didn't exist for the thousands of years that gold was used as currency. The fact is, it only has most of the value that it does because it was rare, malleable, particularly shiny, and because metallism was simply the easiest way (or at least one of the easiest ways) to invent the concept of currency and a monetary system.
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2. nadermx ◴[04 Feb 25 19:45 UTC] No.42937569[source]▶
Even then it had a utility as jewlery. Bitcoin fails on that.
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3. ◴[04 Feb 25 21:04 UTC] No.42938655[source]▶