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Author Topic: Tim Draper Encourages Argentina’s President to Legitimize Bitcoin  (Read 181 times)
slaman29
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March 27, 2019, 09:07:55 AM
 #21

What's the point in comparing a single peso with 1 bitcoin? It is the same as investing 100$ into bitcoin or ETH. From investment point of view there is no matter what is the current price. THe only thing that matters is a % of future growth.
Also central banks are not trying to deflate the price of their currency so crypto is not that relevant to the global economy.

Exactly right. I don't really get people who say it's cheaper to invest in ETH than in BTC, or even in USD than in GBP. It's the same result whatever you choose to invest in. Units of the currency don't matter, it's how much they're worth that does, and how much potential you feel there is for growth, and the level of risk you're willing to put up with.

I do agree crypto's not relevant YET but in the future who knows?

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March 27, 2019, 09:55:22 AM
 #22

It's cool the guy had a chance to meet the president, but his bet sounds unrealistic and I bet the president thought it was a joke. Not to mention that it might as well be that it's not up to president to choose the national currency. Moreover, even though I like the idea of bitcoin as money, it seems clear that bitcoin itself cannot be adopted that widely. How will people buy food in the supermarkets, waiting around an hour for network confirmations? Someone might of course take the responsibility for this part, but this will mean there's now an intermedairy that will probably charge additional fees. And bitcoin fees are okay when the network is not busy, but we've seen how high they can be. I think that bitcoin as we have it nowadays is not apt to the task. Lightning network might be a viable solution, though.
Yes, this is true in respect to the terms and given that Argentina isn't having any crisis with her economy unlike what we had with the Venezuela economy and how Maduro snuggled in Petro. But come to think of it I do believe that countries should on their own adopt one form of cryptocurrency or the other without any coercion from any quarters. It's the rave of the moment and no one should go against the tide.

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March 27, 2019, 11:28:13 AM
 #23

Yes, this is true in respect to the terms and given that Argentina isn't having any crisis with her economy unlike what we had with the Venezuela economy and how Maduro snuggled in Petro. But come to think of it I do believe that countries should on their own adopt one form of cryptocurrency or the other without any coercion from any quarters. It's the rave of the moment and no one should go against the tide.

Speaking of Venezuela, during the last two blackouts, how convenient was to use bitcoin and dash?  Grin

that is a stupid decision, and it seems like Tim is either a big idiot who doesn't understand economy or he is trolling the whole country while trying to hype bitcoin up!
we all love bitcoin and we know of its potential but to declare it as a national currency today that price is still very volatile and there is manipulation in the market and also the whole thing is still small, is a terrible idea. and we know that this situation is not going to change for many years (probably another 5 to 10 years of same type of volatility). something like that can wreck the economy of the country more than its own currency even if their local currency is losing its value.

Or both and I'll add imbecile on top of it.
Seriously permabulls and permabears are so similar, there isn't a single moment they aren't trying to turn themselves into the laughingstock of everybody that hears them.

Before claiming that BTC once legalized will help their economy, how about he comes with ONE single example of a country where cryptos have helped their economy? One example with facts!!!

And when I see all those spammers here praising something they don't have a clue what it means or what would imply... Angry Angry Angry

It's not just Argentina. Blockchain and crypto coins are a nice opportunity for every country experiencing economic development. It's very important to use it just right.

It's also very important that you go......

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TheCoinGrabber
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March 27, 2019, 12:20:34 PM
 #24

Last I've watched anything about Argentina, it was saying that the economy is stagnating. I don't think Bitcoins would make a significant difference for their economy though.

There may be small benefits to legalizing it though since it may facilitate entry of capital from elsewhere. For example people selling digital goods and services have another way of receiving payments.
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