Using the car repair example… You are quoted in USD and expect to pay with ADA the equivalent amount at time of payment? First problem is you are thinking in USD. If you are using ADA as the payment then you get quoted in ADA and pay ADA - no conversions. Using the same repair example and the cost is 10 oz of silver when the repair is done you turn over 10 oz of silver. The Silver to USD could have changed but the deal was for 10 oz of sliver. And Yes, ADA would need to be stable as a currency before anyone would agree to transact in ADA like this - IMO.
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Thinking and calculating in USD or any other fiat currency is a reality. We are delusional (albeit being crypto enthusiasts) if we think that ADA or any other cryptocurrency will soon be used as unit of account. It would be much more realistic, therefore, to predict contracts where the exchange rate, at the time of execution, is pulled from the “real world” via oracle and then the ADA execution amount adjusted with regard to that. The contract parties would, of course, choose if and when to use this option.
Agreed. I’m glad someone is recognizing the reality. There are use cases but the idea of a full replacement is not realistic for now at least.
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I would imagine that at some point soon one will be able to link smart contract execution to the legacy financial world so that one could trigger an Escrow payment in fiat at the completion of a contract or whatnot. Transaction fees for the contract would be paid in Ada of course. This will probably be somewhat normal at first as people adapt to the new ways. I can think of many historical analogs for this blending of technology when something new comes out. The first Iron bound ships that had sails AND a steam engine for instance.
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Full replacement is starting to occur in countries where fiat money is extremely unstable. An example would be Venezuela where the Venezuelan Bolivar is by far more unstable than Bitcoin and Dash. These two cryptocurrencies are being used to pay for goods in Venezuela.
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What are you talking about? You obviously do not know what you’re talking about. I’ve already covered this topic. OMG, you seriously said fiat is unstable. Dude, c’mon now. If fiat is so unstable, trade all of you money and wealth for BTC instead of USD or Euro. I’ll see you out on the street in a week. You need to quit with that. You’re going to make people lose their savings with that unfounded BS. There is no metric that shows crypto is more stable than fiat. Show me one! Talking BS like that makes you not even worth listening to. You should think about what you post before you do it. It’s a horrible statement to make and none of what you stated is based on facts. Hope that no one is listening to that BS youre pumping. Probably looking for a donor pool so you can exit!
Facts:
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The USD is valued more than BTC, Dash or any Crypto in Venezuela by more than 10:1
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The USD is traded on the open market and black market in Venezuela more than 100:1 than BTC or any other crypto COMBINED.
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The USD has gained in value more than 10X in Venezuela while BTC has dropped more than 10%. Let me guess people are flocking to a currency that is losing value.
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The USD is accepted at a rate of more than 10:1 than BTC and is accepted at more than 100K retailers than BTC and EVERY OTHER CRYPTO COMBINED. That does not include non-reporting street vendors, taxi drivers, tips, etc.
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More transactions actions have occurred in USD than BTC, Dash, and EVERY OTHER CRYPTO COMBINED in the tens of millions USD than BTC and every other crypto combined. This is not even a close comparison. Feel free to check wallet activity of BTC, Dash, or any other crypto and transaction count, distinct count, value amount, aggregated value, and every other metric shows USD outpacing every other crypto on the planet, being used in Venezuela by more than 25:1.
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More retailer accept USD than BTC and every other crypto combined by more than 100:1
There is not a single metric that favors BTC or any other crypto in this environment except:
- Volatility
- Being used less than USD
- Being accepted less than USD
- Less transactions than USD
- Any almost any other VALUED metric tracking a comparison against USD that results is a lesser value when compared against USD.
That’s not to say that some people have not opened up to crypto and crypto opportunities. It is saying by far, and when I say by far, I mean its not even a close first and second place finish comparison when you compare USD against all cryptos. This has been and an absolute windfall for the USD. The comparison is actually laughable. If this was the Super Bowl in the first 5 minutes of the game, I would have left wherever I was at, sold my house and everything possession I had, bet the rent and went all in, that BTC and every other crypto combined would not make 25% adoption of USD, 25% of transactions of USD in count, acceptance, and value.
Those are the facts. The new elite in Venezuela are being created by USD. Period. I’m not even going to bother listing all of the data point and relative links. You can research that on your own. It is widely available public data. Go on and search Indy!
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OMG…I’m sorry…Full Replacement…dude I could not stop laughing when I read that! I cant stop laughing at this moment. Seriously, you think full replacement is starting…OK full replacement by USD. Let me tell you this…USD will replace the currency first and the US will install a friendly government of the people will elect one simply because of the mismanagement resulting from Socialists. Socialism doesnt work as good as capitalism and never will. Period.
You’re going to get me in trouble if I keep laughing this hard.
Blah blah blah blah. I lived and grew up in a third word country were people had no access to water, electricity and dollars. The only people that have access to dollars are the wealthy which are the minority. You have no idea what you are talking about. You can research, copy and paste what you find on the Internet from the comfort of your house. I talk from personal experience. You probably have never traveled outside of the US and have no idea how people move money in these countries. This applies to all Latin America. I bet you can barely speak or understand Spanish.
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And for this same reason it makes sense in my mind to tackle Africa as planned by Cardano. Third world countries would benefit the most from cryptocurrency.
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The only thing I agree with you is that communism does not work. My formative years where in Central America during the civil war. When Russia was subsidizing these communists to take over the region. So go back to your cushy life and pretend you know everything
Tackle Africa…a country where the median wage is less than Venezuela, the infrastructure less developed than Venezuela, and in some instances less stable than Venezuela. A country where most people do not have their own laptops…hmm OK. So much for storing Daedalus on a wallet there. But wait…there is Yoroi. Oh wait…I still see people using Lolipop there…so much for mobile. People spending their money on computers, electricity, and the Internet…wha…instead of exchanging for dollars? Yea good luck with that. The amount of disposable income for those types of purchases is not available in the typical household. But wait, they can buy used computers…hmmm OK lets try that one. A 386 perhaps…486…686…on win 98, 2000, Vista, Win 7…OK lets get Linux its free…Ubuntu, Suse, Mandrake…oh wait…looks like we need a hardware upgrade. Mom can I have some more money, I need a larger hard drive for Daedalus, some memory cause they OS wont work on it, oh and anti virus so someone doesnt hack our computer and take out money.
Mom: “Put your money in the drawer in your room. At least we can see who is taking your money.”
The internet did not start in Africa for a good reason. Adoption would be slow and almost never occur. Computers need to be upgraded constantly. Who do you think has the economic capacity to upgrade first…a first world country like the US or a third world country? Honestly, I’d like to hear your feedback on this.
Just so we are on the same sheet of music. Russia is not communist. They are called that for all the wrong reasons.
USSR
Union of
Soviet
SOCIALIST
Republic
And just for the record, I do not think I know everything. I have stated often I do not. The fact is socialism does not work. Free markets is what has brought the world to where it is as far as innovation is concerned…the majority of it at least.
Also, my life is not cushy. My first job was for 3.00 USD an hour. I’ve worked all my life except for one period of 2 weeks.
Just finished reading the article you posted. It says exactly what I am saying.
“Those receiving dollars have access to money that stays stable in value, but those who depend on bolívares have seen their purchasing power reduced by nearly 90 percent in the past year,” Oliveros said. “They are condemned to aggressive, devastating impoverishment.”
The article says some people send money back home but for those without access to dollars are doomed. Did you even read the article? You just like to pick fights. That has been your MO throughout this site. You sound like me when I was in my twenties with no experience and a know it all. I am going to bed. Enough of this blah blah blah blah.
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OK so…I leave emotion at the door when it comes to crypto and money. In all honesty, I dont care where you grew up when it comes to crypto. Now its completely different if we were talking about cultures, food, art, history and other things of true human value and relevance. If we were talking about that Bohemian, I would be asking you about where the best places to eat are at? Why are they the best? Does it remind you of your mom’s home cooking? What spices are used? What places should I really travel to to learn about your culture instead of the postcard tourist places. What was it like growing up in your country? What are the customs and history of your country? And I’d probably ask about how to say some things because I found that when I travel, people are much friendlier when you show effort in trying to learn their language and culture instead of imposing English on them and expecting them to understand what you’re saying. The thing is this is crypto and trading in general. I leave emotion out of the door when it comes to trading. This can be costly by “loving” a coin or project. We’re in it for different reasons in the short term. You see I want to see the project succeed and help people around the world, make things efficient, etc. But my involvement at this point is to make money. Period. And that requires me to look at facts and nothing more even if the facts are critical and seem emotionless.
And as far as traveling outside of my home country. I have been in several capacities including humanitarian aid. There are some places I’d like to go to like the black sand beaches of Costa Rica, actually Venezuela, Peru, and Brazil. Maybe when Ada reaches 10.00 USD. For now, I have to work and save and trade wisely to get there. My Spanish…hmm not all that great but I do understand some.
Actually, I read the article. I read every article I read several times over. As I indicated, the new elite are being created by people with dollars, not crypto. Everyone wants dollars more than crypto. Every metric shows this as does the article. It doesnt mention anyone having crypto being sent to them and it being of value right? Maybe I missed that…I doubt it though.
I agree with you. Who ever says they are not in it for the money is lying. We all want to make money. I apologize if I came across as an assh.le. I just felt I was being attacked for no good reason. I was not giving advice to anyone or provide information to mislead anyone. Everyone should do their own research and come to their own conclusions. I don’t want to fight with you or anyone on this site. I do believe this technology is something special. I am here to learn from you and others as much as I can. Hope you have a good night.
No apology needed at all; likewise my apologies if I came across too aggressive. I think we all want to see the project succeed. Keeping it honest is my way making sure I’m trading correctly and not getting lost in the hype. I actually buy Ada the most and this is based on the people involved in building and development as well as the community. It’s very healthy to have debate and discussion. It lets people know that there is an active community involved in the project and we are looking to make it succeed. At the same time, it allows everyone the opportunity to learn from one another. At some point in time, hopefully, this will seriously go to the moon and we can laugh about all of this over a beer while chillin’ on the beach! Keeping mah fingers crossed that Charles and team make this happen. Ha!
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They will just jump over this step. I was in Gabon two years ago and I was completely surprised how many people had a smartphone there. So who will adapt faster: saturated Americans or Africans with smartphones and poor banking possibilities?
Nice. I’m sure, the Africans will have a surprise for you.
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No one is saying Africa will not progress. Don’t read it the wrong way. What I am saying is right now, there is no Wakanda. fact. So jump whatever hurdles you may, but the rest of the world moves forward also. It’s not an overnight thing.
As for Africans having something for me, to show me, etc. Yes I’m an African descendant so what’s your point? The fact is the internet did not start in Africa because if it did, it would not have developed as it had due to the lack of available technology and adoption.
Say what you will but you know I’m right. I’m simply answering a question with a matter of fact and not hope of prediction.
Who will adapt faster? If you’re talking about rate specifically, we’d have to quantify the factors involved and agree on a definition, etc. But I can tell you this, adoption in part is driven by access to resources. If the resource is driven by access to the latest technology and ability to purchase it, the rate of adoption will occur in the US first. No question.