DMcW kept rolling out his nonsense and it was clear that Saylor didn’t agree with or understand what he was banging on about (neither did I).
Just some of the low lights:
In all fairness, it's very hard for Saylor to respond to waffle and when that waffle comes from someone who hasn't got a proper grasp of the subject (yet), then what can you expect?
BTC is energy which is thermonuclearly sound and can travel thru time and space (Einstein roll over)
I suppose you can try hard to not understand his point if you're diametrically opposed to it, Duke
All he's saying is that value can be changed into different forms - whether its from fiat to bricks n mortar to equities, etc. Comparatively, bitcoin can be transmitted with ease through space. It can be done in an instant - without involving a third party.
That's not the same with gold - it's hard to move and it can be confiscated relatively easily (which he gives examples of - be it at a nation state level or personal level ). Bricks n mortar has far more friction in that sense. Equities less so - but you're still at the mercy of third party brokers, governments, etc.
On the 'time' aspect, his claim is that bitcoin holds its value over a long time horizon. Cash is a melting ice cube. Incidentally, did you manage to find any government or banking industry warning or advice directing citizens NOT to hold their savings in fiat?
cryptocurrency is totally wrong nomenclature, it is crypto property - it is not a currency (gosh I agree)
The El Sal experiment is going off the rails because they are treating it as a currency (where did they get that idea, I cuda told them that leaving property to their great, great, great, grandchildren is a not a number one priority for the folk of El Sal)
How is the El Sal experiment going 'off the rails'? I'm here - I haven't seen any 'off the rails' aspects to it. The photo I just took below suggests education and adoption.
What Bukele has done here is being misunderstood from what I can see. The objective isn't that everyone in the country use bitcoin every day for all purposes - it's simply that they can if they want or need to....and in that way remittances can be brought into the country without the Western Union tax and to get around the failed banking system where 70% don't have access.
Where there is push back is with the bitcoin bond raise - that kicks in next month. The IMF don't like the idea of being made irrelevant. It's very much an experiment and remains to be seen if it works - but it's an entirely different project to the initial bitcoin rollout here.
The reason Saylor exaggerated the timespan with reference to the great great grandkids was to demonstrate his belief that bitcoin can be relied upon over a long term time horizon to maintain its value and buying power. McWilliams came back at him with the same point you're making i.e. what would that matter to poor people - and his response is valid as far as i'm concerned i.e. if inflation is a minimum 10% pa - then anyone holding any savings greater than a year has an interest in choosing a mechanism where their savings are not vapourised via inflation.
Folk should have all their pension fund in BTC
I didn't catch that when I listened to it. Can you provide the timestamp for the point in the interview where this was discussed?
Mind you I’ll keep anything I might need in this mortal coil in The God He Trusts.
Yeah, those that don't get it can have their savings pilfered via the melting ice cube that is fiat if they won't listen. I'm fine with that so long as I have full freedom to maintain full control over my own savings - and that I can be assured that it retains its buying power. That's all I ever wanted from btc when I first came across it. I didn't understand that to get there we'd have to go through this long, protracted adoption process with it being overpriced and underpriced at times - and all the other risks and growing pains. But that's alright - if I'm getting paid a premium to take on those risks as an early adopter, that works too.
