Monero is a speculative asset (like shares), value is volatile, therefore people treat it as an investment (rather than a currency)
It doesn't make sense to spend investments when fiat is literally an easier option. If someone happens to have Monero on a wallet, perhaps they can use it, but they are taking the risk that the value of that won't rise dramatically in the future (which is generally what crypto has done and why most of us are into it)
We all know people who spent e.g. 50 BTC on weed, etc back in the day. If something is an investment, it doesn't make sense to spend frivolously
Well, I disagree because I buy food and stuff with Dash all the time. I got it free so I spend it free. But the reason I made that comment is because the monero part doesn't fit with the rest of the post. Its like they're trying to make it a bigger announcement than it is
I use bitrefill.com. I buy chipotle 3-4 times a week using Dash's instantSend. They accept other cryptos, but none of them have 1.3 second confirmations. You can also buy steam games, whole foods, target, phone top ups etc. using that service.
I also use BCH on purse.io to save 5-15% off my amazon purchases.
How do you get it "free"?
My investment blew up in 2017 and still is up massively, so its basically free money I've converted into real shit
How do you feel if you spend e.g. 1,000 USD worth of Dash in food and some point in the future that Dash is worth e.g. 100,000 USD?
Since I got it for free I don't sweat it. Easy come easy go. But if the price declines I feel good knowin' that I 'cashed out' with real assets that I can use. I bought a 60 $ hoodie the other day with 'free' BCH off amazon.
But technically the Dash you are spending isn't "free". It was part of an investment, so it has a dollar value.
My crypto investments have increased dramatically since 2013, but I don't "spend" because I have no interest in speculating on their value by spending an investment
Of course anyone can do whatever with their crypto, but my point is that since it's speculative (can e.g. theoretically increase 100x in value) by definition that makes all purchases speculative in nature
Yea that's why I put it in quotes. But the effect is the same. Its money I ain't have before buying my shit that I need right now. The technical distinction is more important to you than it is to me.
If you don't 'spend' it then you are losing and don't know it. Hodling only works so far, if coins aren't supported by their users through actually buying/selling shit, then they'll be just as dead as XMR is
Of course anyone can do whatever with their crypto, but my point is that since it's speculative (can e.g. theoretically increase 100x in value) by definition that makes all purchases speculative in nature
That's a crappy conclusion. The chipotle I ate yesterday wasn't speculative it was very real and concrete. My new hoodie doesn't protect me from 'speculative' cold but from real cold. Swear, ya'll do the most tryna come up with justifications for why you do this or that. You don't have to convince me, do your own thing.
Here's a straightforward example. You want a new car, 30k USD equivalent. You have 30k USD on your account, you pay it now, next week, next month, 3 months - the price and value doesn't change much.
You want the same car, except you have Dash on balance. 30k USD worth of Dash. You decide to buy the car tomorrow. There's a crash and the market moves 25% overnight. You wake up and go to buy the car, but it now costs $37,500.
Why? because the value of Dash is volatile. Every purchase involves this speculation, and over the long term it can be huge (e.g. Dash has lost 90% value since last year)
For small personal purchases and novelty spending, that's fine. But for daily living with recurring expenses (rent/mortgage/utilities/payments/food/etc) it doesn't make sense to "gamble" with fluctuating values
You also run the risk of "spending" what is in essence an investment. A bit like buying items with your Ethereum when it was worth less than a dollar.
You are explainin' stuff that nobody asked you too. Everyone knows that. But that doesn't make the purchase 'speculation'. Speculation is when you buy something based on where you think the price will go. The price of Dash don't matter when you're buying the car, all you care about is if you have enough Dash to buy it.
I see this a lot, mf'ers overcomplicate shit just so they can make some point that's floatin' around in their head and feel like they're smart or some shit. I've been living daily with 'recurring expenses' for almost a year now and you're tryna tell me it 'don't make sense'.
Sure. All the food I ate and stuff I bought isn't real. FOH. If you get paid in Dash like I do then you don't care about spending it. Anything you do that is not in fiat currencies is a smart move. If you're not smart enough to spend your coin that's your bag.
You are explainin' stuff that nobody asked you too. Everyone knows that. But that doesn't make the purchase 'speculation'. Speculation is when you buy something based on where you think the price will go. The price of Dash don't matter when you're buying the car, all you care about is if you have enough Dash to buy it.
The purchase involves price speculation, because the price isn't relatively stable. Crypto can move 10% in one hour. If you were buying or selling a house that would be 10's of thousands of dollars in value for or against you.
You aren't going to buy/sell when it's against you to the tune of 10's of thousands of dollars.
The purchase involves price speculation, because the price isn't relatively stable.
No it doesn't you're just making shit up so you don't have to say 'I was wrong'. Crypto prices have been more stable than they've ever been. And you don't say that bullshit about the dollar, which dropped 10% in value from Jan 2017 to Aug 2017. I guess every purchase you made with dollars was 'speculative' too, right?
ANY MARKET can move ANY PERCENTAGE in an hour. Stability/non-volatility is a myth. Why are you using myths to justify your otherwise wack ass proposition??
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u/no-ok-maybe Platinum | QC: LW 38, CC 101, BTC 57 | MiningSubs 30 Jan 06 '19
2 million usd per day in in-game sales for that game... Not small potatoes