Key Post Bitcoin is a clearly identifiable economic bubble

[DazedInPontoon]

All the shops and services accept it.

Indeed, in quickly increasing amounts it would seem.

 

[CuriousGeorge11]

For money? Absolutely. Government guarantees to accept it for the tax bill. All the shops and services accept it. Very handy, really. The guy at the local Centre was most unimpressed last time I tried to pay him my great great grandfather's South Sea Island share certs, 3 tulip bulbs and a printout of an email from Nigerian civil servant.

I spent crypto in my local centra yesterday, guy behind the till was none the wiser. Regular cash passed through.

Google pay is compatible with Crypto.com now and Apple and Samsung phones will both have crypto wallets inbuilt. Technology moves fast

 

[time to plan]

Indeed, in quickly increasing amounts it would seem.

Try paying in BTC and see how you get on.

 

[time to plan]

I spent crypto in my local centra yesterday, guy behind the till was none the wiser. Regular cash passed through.

Google pay is compatible with Crypto.com now and Apple and Samsung phones will both have crypto wallets inbuilt. Technology moves fast

I reckon you paid in Euros and the goods were priced in Euros.

 

[CuriousGeorge11]

I reckon you paid in Euros and the goods were priced in Euros.

Yes in a way but then again it was still crypto translated to euro

 

[DazedInPontoon]

Try paying in BTC and see how you get on.

You're misunderstanding my use for bitcoin. It's for money I'm saving and keeping under my own custody, not money I'm spending in the local shop.

 

[time to plan]

Yes in a way but then again it was still crypto translated to euro

So you converted your crypto into Euro and then you paid in Euro and the shopkeeper accepted payment in Euro. You didn't pay in crypto.

 

[time to plan]

You're misunderstanding my use for bitcoin. It's for money I'm saving and keeping under my own custody, not money I'm spending in the local shop.

It's not money.

 

[DazedInPontoon]

I'm telling you what use I find in it, and how I use it. Whether it meets your definition or not is irrelevant to me and irrelevant to my usage of it.

 

[CuriousGeorge11]

So you converted your crypto into Euro and then you paid in Euro and the shopkeeper accepted payment in Euro. You didn't pay in crypto.

I didnt convert anything into euro. it's done automatically when I paid

 

[time to plan]

I didnt convert anything into euro. it's done automatically when I paid

Automatically is the method. You converted it, because you paid in Euros. You have a contract with the shop. And the contract is for payment in Euros. And you paid the shopkeeper. Check the price tag and the receipt. If you believe otherwise, you are deluded.

 

[tecate]

Indeed, in quickly increasing amounts it would seem.

Teetering close to another Euro crisis, will the same playbook be deployed to save it?

"Whatever it takes" - Mario Draghi
"When things get serious, you have to lie" - Jean-Claude Juncker

Yes in a way but then again it was still crypto translated to euro

So let me get this straight. If someone were to choose to use BTC for the purpose of buying goods and services, they now have products available to them that will facilitate the spending of BTC either A. natively or B. through a conversion from BTC to <the local currency monopoly>?
Wait, are you saying that where before there was great difficulty in operating on a day to day basis in BTC, now there isn't? But don't you find that its disgusting that stuff isn't priced in BTC? Should you simply stop using such a product until stuff is priced in BTC?
Should the renegades who might decide somewhere in the world to pay someone in BTC stop? I mean, the product you describe means that clearly it can be spent (whether natively or otherwise). I would have thought this solves a problem for someone that decided to operate in BTC - but clearly they should shun that neat fintech solution - and wait until stuff is priced in BTC because it just ain't right? Amirite?

Do you feel dirty when crypto.com converts your BTC at the point of payment like that?

 

[CuriousGeorge11]

Automatically is the method. You converted it, because you paid in Euros. You have a contract with the shop. And the contract is for payment in Euros. And you paid the shopkeeper. Check the price tag and the receipt. If you believe otherwise, you are deluded.

I paid for goods using crypto that I earned in crypto and used that crypto in a shop to purchase goods for crypto

Just because my crypto was translated using the value of euro at the time of purchase and is transferred to the shop in euro doesnt make it any less of a purchase using crypto

Can tulip bulbs do that, could you do it with sterling or dollars.. No.

But what I can do, is do the very same thing in America or Britain

 

[CuriousGeorge11]

Teetering close to another Euro crisis, will the same playbook be deployed to save it?

"Whatever it takes" - Mario Draghi
"When things get serious, you have to lie" - Jean-Claude Juncker


So let me get this straight. If someone were to choose to use BTC for the purpose of buying goods and services, they now have products available to them that will facilitate the spending of BTC either A. natively or B. through a conversion from BTC to <the local currency monopoly>?
Wait, are you saying that where before there was great difficulty in operating on a day to day basis in BTC, now there isn't? But don't you find that its disgusting that stuff isn't priced in BTC? Should you simply stop using such a product until stuff is priced in BTC?
Should the renegades who might decide somewhere in the world to pay someone in BTC stop? I mean, the product you describe means that clearly it can be spent (whether natively or otherwise). I would have thought this solves a problem for someone that decided to operate in BTC - but clearly they should shun that neat fintech solution - and wait until stuff is priced in BTC because it just ain't right? Amirite?

Do you feel dirty when crypto.com converts your BTC at the point of payment like that?

I would never spend BTC in a shop ever. I take staking rewards from one of my alts and transfer them to spend in my day to day life. The best part of this which you will love is that it's all from an airdrop. Free money making free money all based on an investment, sorry I mean gamble

 

[argolis]

I think his point is that he can keep his wealth in crypto and only at the point in time where he wants to spend it in his local Centra, then it gets converted at whatever the going rate is.

If you had no faith in the Euro because you felt it was totally unstable, it would be akin to keeping your money in a US Dollar account and when you went to Centra, it converted and paid in Euros for your family pack of Mars bars. If the euro currency was declining day by day á la Zimbabwean dollar, then he wouldn't have to worry so much about that.

That moves the point of discussion to whether you feel crypto is a better long term store of value over the euro and that's where you can get into debates about fiat vs crypto vs gold vs barter, etc.

 

[time to plan]

I paid for goods using crypto that I earned in crypto and used that crypto in a shop to purchase goods for crypto

Just because my crypto was translated using the value of euro at the time of purchase and is transferred to the shop in euro doesnt make it any less of a purchase using crypto

Can tulip bulbs do that, could you do it with sterling or dollars.. No.

But what I can do, is do the very same thing in America or Britain

You believe you purchased goods for crypto! This thread is certainly entertaining.

 

[CuriousGeorge11]

You believe you purchased goods for crypto! This thread is certainly entertaining.

You're just being pedantic

 

[time to plan]

You're just being pedantic

I see.

 

[tecate]

That moves the point of discussion to whether you feel crypto is a better long term store of value over the euro and that's where you can get into debates about fiat vs crypto vs gold vs barter, etc.

Indeed - but it's important to note that it has additional utility feeding into that role. It doesn't have to conquer every sovereign currency on earth in day to day currency use. It's the fact that it can and it will be used for the purposes of payment. It can and it will be used for international transactions. It can and will be used for settlement. And it can do that on a peer to peer, censorship resistant basis - globally. It doesn't have to be a category winner in payments - it just needs to provide that optionality - which it does.

 

[Duke of Marmalade]

Yes in a way but then again it was still crypto translated to euro

Some people think crypto is a store of value. For them it would be a nonsense to use crypto instead of fiat, which no one argues is a store of value as it is unapologetically merely a medium of exchange, to buy their Corn Flakes.
Possibly you do not think it is a store of value which makes me wonder why you have it in the first place. Also it is surely inefficient to be going through an exchange swap every time you go shopping.
On reflection I could see a logical position where you believe crypto is a store of value and yet you exchange it to € to buy your Corn Flakes. That would make sense if you had no source of fiat, or more realistically if you immediately convert all sources of fiat to crypto. This would be similar to @argolis point, that maybe some folk convert all their € income to $ as soon as they receive it.
I didn't fully understand the crypto money tree you seem to have found - I guess you have given up the day job.