Emaar Properties, developers of the tallest building in the world, Burj Khalifa (pictured above the clouds), with yearly revenue of about $6 billion, has begun accepting bitcoin and ethereum for payments...
So trustnodes sucks, Abacus Journal is full of shit and Coindesk refuses to name Ethereum in articles that pertain to it. You have to wonder how Eth has made it this far with all the misinformation stacked against it?.
You perform an important service. Please keep the news coming. We all should keep reading with a healthy scepticism.
AQuentson4 - 5 years account age. 250 - 500 comment karma.3 weeks ago
Yeah, it's not very clear what is going on here. Saw that article after it was published. Been trying to chase Emaar for a few days, and they haven't clarified.
The attached document says Emaar only accepts fiat, that the agents are the ones entering into a relation with Bitcoin Suisse etc.
So can see why there might be a misunderstanding in regards to a Bloomberg reporter going there to ask plainly. If Invest Group is rogue, then that's a different matter.
So, either Emaar is shy, or Invest Group is some scam. If I had more resources I'd be able to get to the bottom of it, but before this denial it sounded like Emaar accepting cryptos while not quite doing so because they get fiat.
It's good news for those that want to pay directly in crypto, but
There’s a five pages document attached to the email describing the process of paying with bitcoin or eth, which are converted into dollars with Emaar receiving fiat.
Apparently it gets liquidated into fiat and that's what the company gets. It would definitely be even more interesting if these companies wanted to retain their revenue (or a part of it) in crypto.
zemoer2 - 3 years account age. 25 - 75 comment karma.3 weeks ago
Honestly, I don’t think we’ll ever see full mainstream payment adoption (i.e. where receiver wont instantly convert to fiat) in cryptocurrencies that are not explicitly designed as stablecoins. I think the best hope for widespread decentralized payment will be something like Dai but to scale (i.e. able to go far beyond the current 100m restriction). Stories like these have become extremely repetitive and increasingly less important/impactful since 2013, as all of these ‘adoption’ stories almost always involve the adopter converting to fiat instantly.