BITCOIN

noitsnotme

flaneurs_lobster said:

Scottex99 said:

If I wanted to buy a car with my BTC today (I don’t), I’m sure I could find a way 

Buy a car from a private seller? Maybe.

Buy a car from a commercial car retailer that was able to accept BTC and credit same to it's company accounts?

I'd suggest that you would struggle.

There are add ons to Xero Accounting Software that allow businesses to track crypto payments in their company/business accounts.  I use Xero and would happily accept crypto but my customer base are not typical crypto users.

gravel_2

Another thing holding this kind of development back is the HODL philosophy... BTC hardcore don't actually want to use BTC as currency (right now), as that means holding less BTC. You don't want to be that guy who famously bought a pizza with 10k BTC or one of the thousands who spent millions in today's money on Silk Road.

This is also why platforms like Celsius and Nexo exist. People with large holdings would rather securitise their crypto, take tax-free cashflow in fiat and release their holdings later for the cost of interest payments (paid in fiat). Functionally BTC acts more like a fine art collection or property portfolio than currency in that market, and such market is geared only to those with significant holdings.

flaneurs_lobster

Scottex99 said:

My company has a client that rent supercars, they came to us because their potential clients were coming to them asking about BTC/ETH/USDT etc

If the demand is there it will happen

Does your company accept payment in BTC?

HHarry

Scott,

 Thanks for taking the time to reply.  It’s one of the rare positive posts that doesn’t revert to name calling stereo-types, shout ‘to the moon’, cites uncheckable facts and didn’t introduce a strawman argument.

 I don’t agree with everything (store of value) but learnt that a yield is possible.

 Have a good day!

MeteredOut

Cus said:

Boomers - i'm sorted, milked the established system, don't like the idea that someone younger knows better about investing, let's mock the whole thing/ don't actually understand it.

Millennials - the economic world has screwed us, bitcoin is the future, and will revolutionise finance, and get one over on the boomers, fiat is going to blow, and I've got no other option but to go all in on crypto.

Gen x (me) - maybe I should punt a few grand on it, but don't get too serious.

It's incredible that people born 1 day apart will have such a completely different outlook on things. Do you believe in astrology too?

Or, more likely, generalisations based on date of birth are a crock of the proverbial.

MeteredOut

gravel_2 said:

Another thing holding this kind of development back is the HODL philosophy... BTC hardcore don't actually want to use BTC as currency (right now), as that means holding less BTC. You don't want to be that guy who famously bought a pizza with 10k BTC or one of the thousands who spent millions in today's money on Silk Road.

This is also why platforms like Celsius and Nexo exist. People with large holdings would rather securitise their crypto, take tax-free cashflow in fiat and release their holdings later for the cost of interest payments (paid in fiat). Functionally BTC acts more like a fine art collection or property portfolio than currency in that market, and such market is geared only to those with significant holdings.

Saw an interesting post today where the Microstrategy guy who's into crypto was being interviewed and was advocating for crypto not as a digital currency (he said it was unfortunate it was regarded as that) but as digital property. ie. a store of wealth, but not something you typically buy something else with. Was talking about how the rich buy property.

I was was a bit disappointed the interviewer didn't question him on the return on those investments when compared to property, but it was an interesting thought. Aligns with those that compare it to investing in gold. The difference in volatility was not mentioned either.

I was just scrolling and it was a random feed the algorithm threw at me, so I didn't catch the channel but will see if I can find a link.

gravel_2

MeteredOut said:

gravel_2 said:

Another thing holding this kind of development back is the HODL philosophy... BTC hardcore don't actually want to use BTC as currency (right now), as that means holding less BTC. You don't want to be that guy who famously bought a pizza with 10k BTC or one of the thousands who spent millions in today's money on Silk Road.

This is also why platforms like Celsius and Nexo exist. People with large holdings would rather securitise their crypto, take tax-free cashflow in fiat and release their holdings later for the cost of interest payments (paid in fiat). Functionally BTC acts more like a fine art collection or property portfolio than currency in that market, and such market is geared only to those with significant holdings.

Saw an interesting post today where the Microstrategy guy who's into crypto was being interviewed and was advocating for crypto not as a digital currency (he said it was unfortunate it was regarded as that) but as digital property. ie. a store of wealth, but not something you typically buy something else with. Was talking about how the rich buy property.

I was was a bit disappointed the interviewer didn't question him on the return on those investments when compared to property, but it was an interesting thought. Aligns with those that compare it to investing in gold. The difference in volatility was not mentioned either.

I was just scrolling and it was a random feed the algorithm threw at me, so I didn't catch the channel but will see if I can find a link.

The only problem is the question of utility. Real property has obvious uses and therefore intrinsic value, although property valuation is not necessarily tied to intrinsic value. Art, while more subjective and esoteric, is desirable, has value and is tangible. Being a "store of value" or "digital property" is not a utility. And if not a currency, then what's it for? What sustainable need is actually driving the market?

Scottex99

gravel_2 said:

Another thing holding this kind of development back is the HODL philosophy... BTC hardcore don't actually want to use BTC as currency (right now), as that means holding less BTC. You don't want to be that guy who famously bought a pizza with 10k BTC or one of the thousands who spent millions in today's money on Silk Road.

This is also why platforms like Celsius and Nexo exist. People with large holdings would rather securitise their crypto, take tax-free cashflow in fiat and release their holdings later for the cost of interest payments (paid in fiat). Functionally BTC acts more like a fine art collection or property portfolio than currency in that market, and such market is geared only to those with significant holdings.

I’d tend to to agree. 

Celsius went bankrupt btw, I got burned with a few ETH there although I did get maybe 35 cents on the dollar by the end, better than nothing.

I’ve used Nexo in the past with no problem, I’m kind of surprised that it was them and not Celsius that came through the crypto winter but yeah it’s the counterparty risk that you need to factor in.

The pizza guy is a very niche one. On one hand that’s huge money now, on the other he convinced some guy to trade with magic bean money that at the time had no value (and arguably still doesn’t according to most in here haha)

im sure he had plenty other BTC and is still very wealthy.

I have stoner mates who used Silk Road, they are skint too and cursing their luck that the can’t find an old wallet with half a bitcoin in it 

Scottex99

flaneurs_lobster said:

Scottex99 said:

My company has a client that rent supercars, they came to us because their potential clients were coming to them asking about BTC/ETH/USDT etc

If the demand is there it will happen

Does your company accept payment in BTC?

We’re a regulated trading desk/ crypto payments firm so yes, every day 

Scottex99

HHarry said:

Scott,

 Thanks for taking the time to reply.  It’s one of the rare positive posts that doesn’t revert to name calling stereo-types, shout ‘to the moon’, cites uncheckable facts and didn’t introduce a strawman argument.

 I don’t agree with everything (store of value) but learnt that a yield is possible.

 Have a good day!

No worries, you too.

Will put this quote on my wall, lol