Bitcoin was designed as a proof of concept. Not to be a global reserve currency nor to be a store of value.
Are you a Bitcoiner or a nocoiner? Bitcoin can mean different things to different people, and it serves a purpose that may differ based on a different set of circumstances I have studied Bitcoin for a very long time and have extensive experience with it You're unqualified to tell me what Bitcoin is and is not
Just tell me one thing. Is bitcoin currently being used as a medium of exchange (eg. money) between individuals (or even among corporations), especially in the developed world? Or more to the point, when Mr. Satoshi flipped the switch on for Bitcoin, did he think Bitcoin would be used as a vehicle of speculation? Other than trading/investing, Bitcoin is totally useless IMO. It has yet to serve its intended purpose.
To get Bitcoin to 1M you guys need a lot of suckers. Most of cryptoboys are licking their wounds at the moment, so I don't see that happening anytime soon. Fake tethers are in decline, therefore you need real money to pump the scam. Even wankers like Saylor got a big hit so there's no one at the moment that would sport that rally.
Yes in El Salvadore. It's adopted as one of the legal tenders. You can officially use it to pay for goods and services at El Salvadore and the businesses cannot refuse it because it's legal tender. And if I am not mistaken, I read somewhere that Saudi Arabia is looking to adopt bitcoin as well as one of its legal tenders.
You know what? Tethers are really a cop-out. I mean the way they are tethering at other instruments, that just makes them to be another fiat, albeit digital fiat by blockchain. And I really don't know how they resolve their value. If their value is going to be ultimately determined by the currency, commodity or crypto that they are tethered to, don't they just become the currency, commodity or crypto that they are tethered to? For example if this crypto is tethered to the USD and if it's USD that's going to determine its value ultimately, isn't this crypto really just USD albeit in digital form?
That's exactly the main point that I've been arguing for months. The "value" of a cryptocurrency is in dollars. We see everyone watching the price in dollars of any cryptocurrency, hoping to get an increase of their dollars. Pretty much like you would do with any other investment. Any asset that is linked to the dollar, in any form, falls into the current financial system. It doesn't matter how you call it, if you exchange it for any fiat currency you are tied to their owners, the actual authority that runs that currency, normally a goverment. Tether is just another example of a scam, simply because they can generate fake tethers out of nothing. The very same way FTX generated their shitty tokens that disspeared over night, Tether owners have been challenged multiple times and failed to prove where their funds are coming from. The minute countries start generating CBDCs, cryptos will fall apart. So that nonsense about disrupting the actual current financial system with cryptos is hilarious. They simply can't do anything if they exchange it for dollars. Now, show me a crypto that does not convert its value on any exchange for dollars. Show me that crypto that is being used to pay goods and services and it is not linked to any fiat currency, then we will start talking. Exchanges like Binance are the places that are killing the main point of cryptocurrencies.
There are unintended consequences to bitcoin having success and some of those may ultimately put a ceiling on its price. Anyone predicting bitcoin to lofty levels is doing it in a vacuum. While bitcoin's supply may be fixed, the supply of blockchains and cryptos, as well as government intervention, is not.