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2 sats \ 2 replies \ @GreyRamada 22h \ parent \ on: Vietnamese buyers queue for hours amid gold rush - VnExpress International econ
when people say Crypto is Scam, it's Fear enough to see this is the FLoor. I am not sure but I am Buying more! when people afraid I always to greedy about it! NFA but is Positive Mind!
Me saying it? Don't count too much on it, and I am not even necessarily agreeing with it (you would know reading my other posts) in the Bitcoin territory.
But merely saying that Vietnam (or those countries in the region) are too far authoritarian (not just the government, but in culture, as in people embracing authoritarianism) and they are just far behind US, Switzerland etc. in Bitcoin adoption.
Bitcoin's monetary value, like any other form of money, is in the monetary network (not the technical network network of nodes and miners etc. but related). That means common people recognise the value by seeing to what extent they can pay their bills via it (which you can do, to a small extent in US, Switzerland, some Bitcoin driven economies in some towns), but definitely not in Vietnam, not likely in half a century. This also relates to the liquidity of the investment, although the common folks may not think of this precise term.
Can they pay their bills with nuggets of gold? Of course not, but in their culture, gold is seen as liquid enough that you can off ramp easier (hence cheaper) than Bitcoin.
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good points! it's still early and we will see more Country will use #BITCOIN as treasury FUnd. just see what happen in more 10 years..!
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