Cuba cash shortage.

[helix]

No one trusts the banks with their cash.

https://apnews.com/article/cuba-economy-cash-shoCuba rtage-1bb0c49c286495c66a94e32feffc042d

[dicko]

Its more explicit in places like Cuba but its happening everywhere. The govt wants you in their local fiat currency so they can inflate away your purchasing power and impose capital controls. Bitcoin is the solution albeit barely anyone knows this yet.

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[Li Bai]

1 hour ago, dicko said:

but its happening everywhere

I must say I haven't seen a single coin or a note on my recent trip to London.

[Arabian]

3 hours ago, Li Bai said:

I must say I haven't seen a single coin or a note on my recent trip to London.

People are going digital. 

[VeguerosMAN]

On 4/30/2024 at 6:13 PM, dicko said:

Its more explicit in places like Cuba but its happening everywhere. The govt wants you in their local fiat currency so they can inflate away your purchasing power and impose capital controls. Bitcoin is the solution albeit barely anyone knows this yet.

I have been saying this for years. I have literally less than $200 in my bank account.  ALL IN CRYPTO

[BrightonCorgi]

Money must get converted to something more stable as soon as they get it.

[traveller]

On 4/30/2024 at 6:13 PM, dicko said:

Its more explicit in places like Cuba but its happening everywhere. The govt wants you in their local fiat currency so they can inflate away your purchasing power and impose capital controls. Bitcoin is the solution albeit barely anyone knows this yet.

 

14 hours ago, VeguerosMAN said:

I have been saying this for years. I have literally less than $200 in my bank account.  ALL IN CRYPTO

Have you bought anything with crypto? Use it to buy your groceries? Use it for at least 80% of your transactions?

[NSXCIGAR]

2 hours ago, traveller said:

Have you bought anything with crypto? Use it to buy your groceries? Use it for at least 80% of your transactions?

Yes but I buy all my groceries on the dark web. 

[VeguerosMAN]

Not yet. But I am expecting every transaction will be crypto in the future. Crypto is still very early. 

[ha_banos]

31 minutes ago, VeguerosMAN said:

Not yet. But I am expecting every transaction will be crypto in the future. Crypto is still very early. 

I agree it's very early days. World is certainly going cashless. Mobile phones seem to be the driver (apps, internet.) Which the banks have gotten into. So it's full on digital. Crypto adoption is a 20 year game I'm guessing.

[BrightonCorgi]

9 hours ago, traveller said:

Have you bought anything with crypto? Use it to buy your groceries? Use it for at least 80% of your transactions?

I've paid for a couple of things via Crypto. Kind of a pain to do. I've seen debit cards that are tied to crypto accounts that could make this as easy as a normal bank.

[VeguerosMAN]

2 hours ago, ha_banos said:

I agree it's very early days. World is certainly going cashless. Mobile phones seem to be the driver (apps, internet.) Which the banks have gotten into. So it's full on digital. Crypto adoption is a 20 year game I'm guessing.

I would say this year if Elon integrates Doge with X. 

[traveller]

On 5/3/2024 at 8:54 PM, VeguerosMAN said:

Not yet. But I am expecting every transaction will be crypto in the future. Crypto is still very early. 

 But when? Bitcoin has been around for well over a decade and there is not appreciable uptake in people using it in everyday environments.

On 5/3/2024 at 9:27 PM, ha_banos said:

I agree it's very early days. World is certainly going cashless. Mobile phones seem to be the driver (apps, internet.) Which the banks have gotten into. So it's full on digital. Crypto adoption is a 20 year game I'm guessing.

This I certainly agree with, but with crypto as it stands particularly bitcoin the transaction costs are much higher then traditional cashless (i.e. cards) or the new phone based ones.

On 5/3/2024 at 9:29 PM, BrightonCorgi said:

I've paid for a couple of things via Crypto. Kind of a pain to do. I've seen debit cards that are tied to crypto accounts that could make this as easy as a normal bank.

My issue with Bitcoin at least is that it is inherently deflationary, there is no incentive to use it buy things when the scarcity of new coins will continue to go up with either each mining difficulty increase or the same number of coins to be split among more and more users if it becomes more adopted.

[NSXCIGAR]

7 hours ago, traveller said:

My issue with Bitcoin at least is that it is inherently deflationary, there is no incentive to use it buy things when the scarcity of new coins will continue to go up with either each mining difficulty increase or the same number of coins to be split among more and more users if it becomes more adopted.

It's not deflationary since the supply can't decrease. Inflation and deflation are caused by fluctuations in the supply which crypto doesn't really have. As far as price deflation when you have a very stable currency such as when a gold standard is adopted you typically find a long-term soft price deflation which is in no way an impediment to economic growth despite what modern economists might tell you. And with crypto almost infinitely divisible natural price deflation isn't a challenge for crypto. 

Crypto meets all the criteria for being money except one, and it's an important one. Unlike gold, silver, tobacco and wampum that have all been used as money over the centuries crypto has no utility or practical value. For something to be adopted as money it must first have had a market value as a good itself.

This problem is illustrated when it's pointed out that if a superior crypto emerges people will simply shift to that one leaving the previous one worthless. Also the blockchain is public and there is ultimately a record of transactions that can be traced. It can never be truly anonymous or untraceable like cash (gold, silver etc.) If governments really wanted to clamp down on it they could. 

Although I will say crypto is far superior to the fiat currency of modern regimes that have the same problem crypto does and several more. 

[VeguerosMAN]

13 hours ago, traveller said:

 But when? Bitcoin has been around for well over a decade and there is not appreciable uptake in people using it in everyday environments.

This I certainly agree with, but with crypto as it stands particularly bitcoin the transaction costs are much higher then traditional cashless (i.e. cards) or the new phone based ones.

My issue with Bitcoin at least is that it is inherently deflationary, there is no incentive to use it buy things when the scarcity of new coins will continue to go up with either each mining difficulty increase or the same number of coins to be split among more and more users if it becomes more adopted.

I think of Bitcoin as GOLD. I don't think it's meant to use as every day currency. Doge will be the everyday currency once Musk integrate with X in my opinion.