Want A Thriving Business? Avoid Bitcoin!

It’s true that Bitcoin is accepted by a lot of, by a substantial, let’s say a non-trivial number of stores and other places in payment. So like they may even agree, they may be long-term bullish on crypto and say like by 2100, fiat currencies are going to… I mean, I’m thinking of, George, like your work in private and alternative currencies going way, way back to very pre-crypto days where there were lots of issuers of currency. 10:04 Aaron Ross Powell: So we could have, and I think we have, there’s nascent versions of this, like a credit card where I fill it up with Bitcoin, and then I go to buy something from you and you don’t accept Bitcoin, you accept dollars, but at the moment that I swipe, my Bitcoin are behind the scenes converted into dollars and transferred to you at some standard rate and then you could convert it back or you can take the dollars and we could do that with all sorts of different coins and it happens instantaneously.

11:12 Diego Zuluaga: I think it’s worth going back to the title of the foundational paper for Bitcoin, which is a peer-to-peer electronic cash system. So we’ve been talking about Bitcoin but there are lots of different cryptocurrencies and people are creating ones all the time, some for good technical reasons or at least plausible, others as potential cash grabs and so on. Enter another user’s Cashtag when sending bitcoin from the Cash app. And at that point, its comparative advantage, competing against national currencies, will make it be able to be used in the way that people hoard gold, so they can hoard Bitcoin and still have it. Now, one of the arguments I have been making is that for crypto to succeed, intermediaries will have to come in to help fulfill transactions. The idea was to avoid intermediaries altogether and Bitcoin, while it’s an extremely attractive and useful and impressive technology, it’s still quite expensive to operate. While Bitcoin reached an all-time high near $68,000 in November of 2021, just a few months later in May of 2022, the value of one Bitcoin had dropped to around $30,000.

Now, hyperinflation, or very high inflation is a completely different situation, where you really do have the possibility and even the likelihood that something’s… As of now, the transaction costs of it, a bit like you using your credit card abroad, are higher, and that’s why you have to pay a foreign exchange fee on your credit card. That’s of course a major deterrent in using crypto for transactions. And this is similar because there’s not only the short-term volatility of crypto, in terms of its relationship to fiat currencies in various countries, but policy in the US and many other countries right now is such that you have to record its, it’s treated like property, and so it would be a bit like using bits of housing as a medium of payment that the tax authority will say, if in the time that you’ve held this you’ve earned some in terms of dollars, you have to declare that as tax. And on that point, don’t we even see that in some countries where currencies have failed, like Venezuela, or relatively failed, and more transactions have occurred in the crypto world because it just depends on how well the national currency is doing.

The main dashboard has several charts and graphs including the order books, a candlestick chart, as well as the trade history of the trading pair you’re viewing. But we’re certainly, there’s no doubt that we have more and more private sector institutional corporate interest in crypto and more innovation in terms of making crypto attractive, more secure, more transparent, more attractive for 바이낸스 레퍼럴 law enforcement as well to tolerate transactions. 13:57 George Selgin: The tendency, of course, is for that kind of standardization to happen, because money is the ultimate network good, and despite technologies for exchange, etcetera, what we find is that what really makes a medium of exchange convenient for people is for prices to be ordinarily posted in terms of that medium and it counts to be posted that way. In addition to that, we will often see that chart of the dollar used to be worth this in 1925 and look how much purchasing power it’s lost in the last 100 years, but of course, people are able to buy real assets to protect themselves against the long-term effects of inflation.

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