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by diamondhandle 1864 days ago
Someone is going to make a chart comparing crypto to the already-ridiculous crypto derivatives market, and you’ll realize your point is totally irrelevant.

Companies don’t transact in Bitcoin because nobody wants to hold it. Except for companies getting a valuation boost from retail investors.
1 comments
z3c0 1864 days ago
No, my point isn't irrelevant, and you thinking it is means you almost certainly missed it. Most of the world's value is speculative in nature (derivatives, credit, real estate, you name it), so I couldn't care less about the crypto derivatives market, or the "normal" derivatives either. Neither are preventing me from using crypto as a store of value. At the end of the day, people speculating the value of crypto does nothing to detract from its core function as a decentralized ledger. I know this to be fact, because I have and continue to use it as money, and no amount of smug pseudo-intellectual retorts can change that. The briefest of cursory internet searches will disprove your idea that companies don't want to hold crypto - there's been massive buy in from very significant companies. Eg Sotheby's, a company that has existed since the 1700s. But they must be fools who don't know what they're doing, right?
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throwaway2037 1864 days ago
You wrote: <<internet searches will disprove your idea that companies don't want to hold crypto - there's been massive buy in from very significant companies. Eg Sotheby's>>

I looked into this claim, and I disagree. Google search for <<sotheby's cryptocurrency>>. The first two results for me were:

https://www.sothebys.com/en/articles/cryptocurrency-payment-...

https://www.sothebys.com/en/buy-sell/cryptocurrency-faq

They are allowing partial cryptocurrency payment for a single Banksy painting.

From the FAQ:

<< Which part of the transaction is payable in cryptocurrency?

Sotheby's will accept cryptocurrency for the hammer price of the lot. The buyer’s premium and overhead premium, as well as any taxes, must be paid in USD. >>

Sotheby's is simply facilitating the transaction as an auction house. They have zero exposure to cryptocurrency. I assume the cryptocurrency will be transferred to the seller after the auction is paid-in-full. The buyer must pay all non-hammer-price costs in USD to Sotheby's. (As I understand, these fees can be significant.)

Like some other posts mentioned, the seller could agree to receive seashells instead of cryptocurrency. All said, this seems like a very good publicity stunt by Sotheby's.

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