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El Salvador abandons Bitcoin as legal tender

(ticotimes.net)
927 points smallerfish | 1 comments | 04 Feb 25 00:00 UTC | HN request time: 0.293s | 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. heurist ◴[04 Feb 25 04:31 UTC] No.42927982[source]▶
Bitcoin's utility is that you can both hold it in your hands and send it across the world in 10 minutes with no intermediaries. Can't do that with gold.