Subnostr

It DOES matter. Here’s an example because you don’t appear to understand budgets or expenses:

A Syrian family needs to pay rent and buy food across the month. Rent is equivalent to $200/month. Groceries cost about $90/month.

Household income is equivalent to $300/month. If the family buys Bitcoin with all $300 of wages and the fiat exchange rate drops 15%, they may not be able to buy enough groceries to feed the whole family with only $55 remaining. All-in Bitcoin is too risky for tight budgets. Many low income people have tight budgets.

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Discussion

Fryheid 2y ago

This is why we need hyperbitcoinization. Low income folks often can’t protect themselves from inflation, because at the end of the month they don’t have money left to put into bitcoin. So instead of them adopting a new system, aka bitcoin, we need bitcoin to become the default system.

Kendy 2y ago

They cannot fully protect themselves but they can soften the pain of inflation by “dollar” cost averaging any small savings leftover.

Hyperbitcoinization is likely many years or decades away, if it happens. Balanced and diverse approaches will work best until then.

Gildong.Hong 2y ago

You don't undesrstand what you are saying. Hard money protects plebs. Bitcoin is the hardest money.

Kendy 2y ago

You still have not directly refuted my point about near term fixed expenses nor my budget example

Gildong.Hong 2y ago

You're talking about countries that don't use the dollar first, the next you're talking about something else. You lost the way.

Kendy 2y ago

The original context of this thread is DOLLAR STABLE COINS. You’re the one who is lost.

Gildong.Hong 2y ago

Dollar-pegged-coin is worse than dollar.

Kendy 2y ago

True. Syrians, Venezuelans, etc cannot get access to USD easily. Which is why dollar stablecoins are useful to them.

Gildong.Hong 2y ago

🤦‍♂️

Enough, We can stop here.

Even if I don't like your idea, I don't hate you. I hope your thought will be changed.

Kendy 2y ago

I don’t hate you either. But I am frustrated that you don’t understand my point that BTC is too volatile and too risky to use for 100% of all money 100% of the time.

Rent, groceries, and nearly everything is still priced in fiat by their providers.

BTC is for saving. Fiat is for spending.

Speedster 2y ago

Pay the $290 expenses with fiat and save $10 in bitcoin. This way it makes it easier to survive the volatility.

Kendy 2y ago

I agree.

My original point was to refute ignorant maxis who claim something like stablecoins are trash and not practical for anybody.