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927 points smallerfish | 1 comments | | HN request time: 0s | source
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ptero ◴[] No.42925410[source]
That's heavy editorializing:

El Salvador keeps buying the Bitcoin for its strategic reserve. Businesses and citizens can keep using it.

But for getting an IMF loan, IMF (which, to put it mildly, doesn't like Bitcoin) required the end to Bitcoin legal tender status.

Now the businesses are free to accept it or not instead of being required to accept it. That's all. The government plans to keep buying and using it.

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georgeecollins ◴[] No.42926067[source]
There seems to be two concepts that are getting conflated. One concept is that BTC is a good investment. Historically that is undeniable.

The other concept is that it is a good medium of exchange. I think that is not so true because 1) its neither cheap nor easy to buy a lot of things with it 2) a thing that goes up in value is not a good medium of exchange because people don't want to spend it, they want to hoard it.

If you accept that BTC is a reasonable investment, but not a great medium of exchange then what is happening makes sense.

I am not saying that a decentralized token couldn't be a good medium of exchange -- honestly I don't know. But so far BTC is not that.

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agumonkey ◴[] No.42928146[source]
Makes me wonder why the BTC original design tilted toward deflationary, since allegedly, 'satoshi' was trying to create currency, not speculation. Was it a two phase idea ? Attract people for 80 years as investment then when it's stable, use them as stupid coins ?
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int_19h ◴[] No.42929639[source]
A lot of people on libertarian right genuinely believe that deflationary money is desirable. BTC is often referred to as "digital gold" for a reason.
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agumonkey ◴[] No.42930914[source]
can you explain their reasoning ? just curious (i'm a newb)
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llamaimperative ◴[] No.42931827[source]
Sure: if I buy today, I’ll be richer tomorrow.

Ergo, the exact reason it’s a horrible currency for the system.

It’s really just the infamous libertarian inability to consider the needs of the system as separate but still important and sometimes in tension with the desires of the individual.

It’s just a particularly goofy one because a deflationary currency very obviously cannot support an economy.

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KetoManx64 ◴[] No.42940292[source]
You're right, It is a horrible currency for the system. How would we prop up the military industrial complex and wars with foreign third world countries if we could no longer print money out of thin air? Just dreadful to think about.
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1. llamaimperative ◴[] No.42940877[source]
Lol