El Salvador hopes to becomes the world’s first country to adopt bitcoin as legal tender

Discussion in 'Crypto Assets' started by johnarb, Jun 5, 2021.

  1. Sig

    Sig

    In a month. Actually its (.55-.35)/.35=57.14% per month, to be more exact. There are 12 months in a year. When someone uses the term "annualized inflation" they're converting a one month number to an annual number, hence the term "annualized" which involves multiplying it by 12. Most economic reporting numbers are annualized in such a manner.

    Regardless, how is even 63% (or 57%) protecting "from potential shocks of fiat currency inflation"?
     
    #31     Jun 7, 2021
  2. Trader Curt

    Trader Curt

    So now you think Bitcoin follows your annualized inflation rate of 685%???

    *Shakes head*

    It's a volatile asset, it does whatever it wants. Put the calculator down...
     
    #32     Jun 7, 2021
    johnarb likes this.
  3. johnarb

    johnarb

    Use the price of bitcoin from beginning of the year or from a 1 year ago
     
    #33     Jun 7, 2021
    Trader Curt likes this.
  4. Sig

    Sig

    Talk about a bunch of fanboys missing the point so completely and utterly it would be funny if it wasn't sad!

    Bitcoin if used as a currency would cause the price of real goods denominated in that currency to vary violently. That is the opposite of the article's assertion that "bitcoin provides a way to protect developing economies from potential shocks of fiat currency inflation"

    But thanks to you and @Trader Curt for answering my question about the fanboys, idiots it is.
     
    #34     Jun 7, 2021
  5. Sig

    Sig

    No, I just understand the concept of annualizing economic data as is pretty much universally done. You, to be blunt, were clearly too ignorant to understand that the concept existed given your post. Your welcome, I taught you a new concept that will be useful in life if you can get over yourself long enough pay attention when people use the term "annualized" going forward. If for no other reason than to keep you from looking like a complete fool.
     
    #35     Jun 7, 2021
  6. johnarb

    johnarb

    Did your calculator break?

    Run the numbers using btc price on 1/1/2021 or a year ago 6/7/2020
     
    #36     Jun 7, 2021
    Trader Curt likes this.
  7. virtusa

    virtusa

    This is why Venezuela wants BTC:
    ves.jpg
    Venezuela's own currency is worth ZERO. They are so desperate that they hope BTC will change everything.
    There is not a single country with a strong or normal currency that wants BTC as their currency.
    Only countries with hyperinflation and crashing currencies are interested.
    But will it make the economy suddenly run better? Keep on dreaming.
     
    #37     Jun 7, 2021
    ITM_Latino likes this.
  8. virtusa

    virtusa

    :thumbsup:
     
    #38     Jun 7, 2021
  9. Trader Curt

    Trader Curt

    No, I just know that annualized data has nothing to do with Bitcoin. And you just brought that up to make yourself seem smart in front of everyone. Which is pretty foolish all on it's own.

    That might be helpful when calculating earnings on a company. But this isn't a company man, this is a currency that has no limits. You need to be looking at the overall trend, not the 3 month dip that you think is "The end of Bitcoin"
     
    #39     Jun 7, 2021
    johnarb likes this.
  10. Sig

    Sig

    Let's be clear here, you didn't initially argue that annualized bitcoin changes were inappropriate, you corrected me when I clearly stated the annualized numbers. Charitably you just didn't see that I wrote "annualized", but your doubling down on ignorant shows you actually didn't understand the concept up to then. What exactly do you hope to accomplish with this line of attack?

    Regardless, you seem intellectually incapable of addressing my actual point, which is that any currency that wildly fluctuates doesn't in any way serve in the role of "protecting developing economies from potential shocks of fiat currency inflation". Do you disagree with that statement, or is this whole argument about how many angels fit on the head of a pin your tacit acknowledgement that you don't have anything to disagree with but it hurts the fanboy in you so you have to be disagreeable?
     
    #40     Jun 7, 2021