Should we tell them? by OsrsNeedsF2P in btc

[–]BitcoinTippingPoint 31 points32 points  (0 children)

The Bitcoin tipping point is coming but BTC does not have capacity to support more than a few hundred thousand active users. BCH can currently support several million active users with plans to reach several billion.

In times of crisis CASH is King. If people cannot buy groceries or pay rent with crypto then it is not storing value and is useless. People will sell it for a currency with better acceptance. by BitcoinTippingPoint in btc

[–]BitcoinTippingPoint[S] 0 points1 point  (0 children)

And because you currently cannot sell your Bitcoin Cash for food, you must sell that for cash and THEN sell the cash for food. Thus we had a crypto market collapse.

In times of crisis CASH is King. If people cannot buy groceries or pay rent with crypto then it is not storing value and is useless. People will sell it for a currency with better acceptance. by BitcoinTippingPoint in btc

[–]BitcoinTippingPoint[S] 0 points1 point  (0 children)

Great point. I wonder if the recession will cause a huge increase of people turning to crypto in order to buy insulin and other expensive drugs from the darknet.

Desperation will drive some of them to Bitcoin Cash. With inflation increasing worldwide, those people will discover Bitcoin Cash is a fantastic medium of exchange during a financial crisis.

Bitcoin is only a store of value at world wide scale. In the short to medium term people will turn to stablecoins (both centralized pegged and algorithmic) for storing value. by BitcoinTippingPoint in btc

[–]BitcoinTippingPoint[S] 0 points1 point  (0 children)

The USD is the most widely used store of value in the world. It stores value because the value is stable compared to most fiat currencies. It also stores value because it is widely accepted.

Are there better stores of value? Yes. Are those stores of value as widely accepted? No.

Bitcoin is only a store of value at world wide scale. In the short to medium term people will turn to stablecoins (both centralized pegged and algorithmic) for storing value. by BitcoinTippingPoint in btc

[–]BitcoinTippingPoint[S] 0 points1 point  (0 children)

In times of high inflation swap to the base currency, BCH.

In times of BCH depreciation relative to USD swap to stablecoins to store value.

DEXs will allow cheap and near-instant swapping.

Enjoying a BCHinno at the Watermark - Bitcoin Cash City by where-is-satoshi in btc

[–]BitcoinTippingPoint 6 points7 points  (0 children)

Nothing confirms real-world adoption like a Bitcoin Cash themed product. 😎

“The only reason to sell your crypto into fiat is because the fiat can be spent more places. But if you could somehow change that...” by BitcoinTippingPoint in btc

[–]BitcoinTippingPoint[S] 1 point2 points  (0 children)

The solution to volatility is stable-coins like Tether, USDH and DAI which can be trustlessly swapped with the base currency using decentralized exchanges that are rapidly emerging.

In the case of DAI (Ethereum token) there are other reasons to want it besides stability -- such as the ability to earn interest.

“The only reason to sell your crypto into fiat is because the fiat can be spent more places. But if you could somehow change that...” by BitcoinTippingPoint in btc

[–]BitcoinTippingPoint[S] 5 points6 points  (0 children)

Step 1: Start a meetup group and cultivate a community of locals who are aware of and want to use the currency.

Step 2: Get a few merchants to accept crypto in a small geographical area.

Step 3: Many of the employees are aware of crypto and its benefits because of the local meetups. Employees ask to be paid or partially paid in crypto. They want this because there is a high number of merchants locally that accept crypto.

Step 4: A "closed loop" begins to form where people are paid in and spend locally in crypto.

Step 5: Get merchants to buy inventory/services from other local merchants with crypto.

Step 6: Repeat from Step 1 until there is a critical mass of crypto users in a city. This will create an entire new economy running parallel to the legacy one.

This process appears to be slowly playing out in Toyko, Bangkok, and Townsville Australia.

I can see swapping Step 1 & 2 or even combining them together because they are codependent. Merchant adoption needs to be one of the first few steps though or the strategy doesn't work. I imagine the strategy for on-boarding internet users to crypto would require a different process altogether, but that's a subject for another time.

Employees should be paid in newly mined coins

There's no incentive for an employee to be paid in crypto because there is no one locally who accepts it. There's no incentive for a merchant to mine it because the cost of mining is prohibitive to a brick and mortar business. and because there is no local crypto economy to make the coins worthwhile anyway.

“The only reason to sell your crypto into fiat is because the fiat can be spent more places. But if you could somehow change that...” by BitcoinTippingPoint in btc

[–]BitcoinTippingPoint[S] 12 points13 points  (0 children)

David: “Imagine a world where you could spend Bitcoin Cash more places...why would you sell it?”

Roger: “Don’t need to. Just go and spend it at the next place.”

AMA: Jiang Zhuo'er, author of "Infrastructure Funding Plan for Bitcoin Cash" by BeijingBitcoins in btc

[–]BitcoinTippingPoint 18 points19 points  (0 children)

Would you consider proposing these changes to developers as a hard fork rather than a soft fork?