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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: 0.001s | 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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elevaet ◴[04 Feb 25 04:50 UTC] No.42928117[source]▶
There is an infinite supply of computer algorithms. Gold is an element.
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1. block_dagger ◴[04 Feb 25 05:53 UTC] No.42928559[source]▶
Your comment indicates that you fundamentally misunderstand BTC. I recommend reading Broken Money by Lyn Alden.
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2. elevaet ◴[04 Feb 25 18:36 UTC] No.42936677[source]▶
No, I get it, thank you very much. Early adopter of BTC here, I've read the whitepaper and all that, sodl when I realized what an energy pig it had become.

The only thing that separates BTC from all the derivative shitcoins is hype and stories we tell about it. Bitcoin is itself interchangeable with an infinite number of related algorithms/schemes.

Gold extraction definitely has its problems, but it's a fundamental element of the universe.

In 100 years, I know which one will definitely still hold value.

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3. LAMike ◴[12 Feb 25 19:20 UTC] No.43028772[source]▶
Are you going to stop using AI because it consumes too much energy?