5 ms·

El Salvador hasn't adopted it yet.

by fnord123 5y ago

dadoge 5y ago
What do you mean? The law has passed, and takes effect in 90 days
- rualca 5y ago
  El Salvador only passed a vote where they agreed to pass a law sometime in the future. https://www.reuters.com/world/americas/el-salvador-approves-first-law-bitcoin-legal-tender-2021-06-09/ https://www.reuters.com/world/americas/el-salvador-approves-... From the article: > With 62 out of 84 possible votes, lawmakers voted in favor of the move to create a law to adopt bitcoin (...) > (...) > Its use as legal tender will begin in 90 days, with the bitcoin-dollar exchange rate set by the market.
defaultname 5y ago
And even if they did, it's El Salvador. It's a tiny economy (Cleveland has a GDP 4X the entirety of El Salvador) in effectively a broken country. In 2015, 1 out of 1000 people was murdered in a single year. Pretty weird seeing the BTC crew all crowing about that kind of sad endorsement of a desperate government.
- dadoge 5y ago
  Man, wow. What if, like, you know, solving problems like 70% of the population not having a bank could actually reduce crime. Bitcoin is a pretty easy fix for that problem. And “it’s a tiny country”…like do they not deserve a better life since they have such a small gdp. This is the most inhumane sentiment I keep seeing about this news “who cares, they are a tiny country with small gdp”
  - defaultname 5y ago
    Adorable pearl clutching.
    - dadoge 5y ago
      Adorable ignorance and lack of empathy
      - defaultname 5y ago
        It has nothing to do with lack of empathy, nor did I make any statement about banking in El Salvador. Your pearl clutching is the rather pathetic, desperate machinations of someone deep in BTC who is resorting to whatever foolish argument they can make to sell it. The vapid moralizing is embarrassing. You used El Salvador to try to legitimize BTC. As a tiny economic "power" (literally 7-11 sized), with a functionally broken government, it counts for somewhere approximating zero in legitimizing the farce that is BTC. The only people who think it is notable are BTC hypesters.
        dadoge 5y ago
        Read more about this experiment before jumping to conclusions https://apnews.com/article/caribbean-el-salvador-bitcoin-lifestyle-technology-d30c52b39e16ef49e4b6342fdc885c92 https://apnews.com/article/caribbean-el-salvador-bitcoin-lif... The smallness of the country doesn’t mean this isn’t significant. They have problems, and through an experiment found solutions to those problems and are scaling them up
        defaultname 5y ago
        Again, what "conclusion" do you think I'm jumping to? Modernizing payment systems is having a huge impact across the entire developing world. I spent two years of my life building a system for payments (mobile to mobile) for a variety of African countries. Negligible fees, immediate, robust and reliable. This isn't new or novel. Bitcoin has shockingly little to do with El Salvador. It is a lightning network being pitched (which could be funded by USD, gold, eggs, turtles...whatever), trying to pump BTC in the process. So save with the feel good El Salvador story.
        dadoge 5y ago
  - iamben 5y ago
    Why bitcoin over a bank account? What's the advantage? I mean, if you don't have a bank account - "here, store everything you have on this phone [do you own a smartphone?], that requires an internet connection [can you afford that?]" - seems like a bigger step, no? Unless I'm missing something obvious?
    - dadoge 5y ago
      That is a good question that I’ve thought about but haven’t dug enough to have a great answer. Blockstream is working to make internet more accessible there. It’ll be interesting to see how much penetration they get and how much it’ll cost folks there. Doesn’t need to be a brand new iPhone, but I do agree that phones are an initial cost and I’d be interested in seeing what are low-cost smart phone options there. That said! The Bitcoin Beach experiment there was enough of a success https://apnews.com/article/caribbean-el-salvador-bitcoin-lifestyle-technology-d30c52b39e16ef49e4b6342fdc885c92 https://apnews.com/article/caribbean-el-salvador-bitcoin-lif...
      - dadoge 5y ago
        Update! 50% of ES has internet access, and this will only increase with companies like Blockstream coming in https://megaphone.link/BLOCK5279366544 https://megaphone.link/BLOCK5279366544
      - ceejayoz 5y ago
        Did you read that Bitcoin Beach article at all? > Gerard said it appears to work because the bitcoin donor keeps pumping bitcoin into the village’s system. “That’s not a proof of concept that works. That shows that you can trade this stuff if you’re not trading actual bitcoins and someone massively subsidizes it.” > Edgar Magaña was in town from San Salvador to convert $50 to bitcoin. He inserted the dollars into the machine and was surprised to see only $47 in bitcoin fractions credited to his account on his phone. “They took three dollars commission,” Magaña said, adding that he had understood there was no commission. “This is like in the banks.”
        5y ago

El Salvador hasn't adopted it yet.

dadoge 5y ago

What do you mean? The law has passed, and takes effect in 90 days

rualca 5y ago
El Salvador only passed a vote where they agreed to pass a law sometime in the future. https://www.reuters.com/world/americas/el-salvador-approves-first-law-bitcoin-legal-tender-2021-06-09/ https://www.reuters.com/world/americas/el-salvador-approves-... From the article: > With 62 out of 84 possible votes, lawmakers voted in favor of the move to create a law to adopt bitcoin (...) > (...) > Its use as legal tender will begin in 90 days, with the bitcoin-dollar exchange rate set by the market.

defaultname 5y ago

And even if they did, it's El Salvador. It's a tiny economy (Cleveland has a GDP 4X the entirety of El Salvador) in effectively a broken country. In 2015, 1 out of 1000 people was murdered in a single year. Pretty weird seeing the BTC crew all crowing about that kind of sad endorsement of a desperate government.

dadoge 5y ago
Man, wow. What if, like, you know, solving problems like 70% of the population not having a bank could actually reduce crime. Bitcoin is a pretty easy fix for that problem. And “it’s a tiny country”…like do they not deserve a better life since they have such a small gdp. This is the most inhumane sentiment I keep seeing about this news “who cares, they are a tiny country with small gdp”
- defaultname 5y ago
  Adorable pearl clutching.
  - dadoge 5y ago
    Adorable ignorance and lack of empathy
    - defaultname 5y ago
      It has nothing to do with lack of empathy, nor did I make any statement about banking in El Salvador. Your pearl clutching is the rather pathetic, desperate machinations of someone deep in BTC who is resorting to whatever foolish argument they can make to sell it. The vapid moralizing is embarrassing. You used El Salvador to try to legitimize BTC. As a tiny economic "power" (literally 7-11 sized), with a functionally broken government, it counts for somewhere approximating zero in legitimizing the farce that is BTC. The only people who think it is notable are BTC hypesters.
      - dadoge 5y ago
        Read more about this experiment before jumping to conclusions https://apnews.com/article/caribbean-el-salvador-bitcoin-lifestyle-technology-d30c52b39e16ef49e4b6342fdc885c92 https://apnews.com/article/caribbean-el-salvador-bitcoin-lif... The smallness of the country doesn’t mean this isn’t significant. They have problems, and through an experiment found solutions to those problems and are scaling them up
        defaultname 5y ago
        Again, what "conclusion" do you think I'm jumping to? Modernizing payment systems is having a huge impact across the entire developing world. I spent two years of my life building a system for payments (mobile to mobile) for a variety of African countries. Negligible fees, immediate, robust and reliable. This isn't new or novel. Bitcoin has shockingly little to do with El Salvador. It is a lightning network being pitched (which could be funded by USD, gold, eggs, turtles...whatever), trying to pump BTC in the process. So save with the feel good El Salvador story.
        dadoge 5y ago
- iamben 5y ago
  Why bitcoin over a bank account? What's the advantage? I mean, if you don't have a bank account - "here, store everything you have on this phone [do you own a smartphone?], that requires an internet connection [can you afford that?]" - seems like a bigger step, no? Unless I'm missing something obvious?
  - dadoge 5y ago
    That is a good question that I’ve thought about but haven’t dug enough to have a great answer. Blockstream is working to make internet more accessible there. It’ll be interesting to see how much penetration they get and how much it’ll cost folks there. Doesn’t need to be a brand new iPhone, but I do agree that phones are an initial cost and I’d be interested in seeing what are low-cost smart phone options there. That said! The Bitcoin Beach experiment there was enough of a success https://apnews.com/article/caribbean-el-salvador-bitcoin-lifestyle-technology-d30c52b39e16ef49e4b6342fdc885c92 https://apnews.com/article/caribbean-el-salvador-bitcoin-lif...
    - dadoge 5y ago
      Update! 50% of ES has internet access, and this will only increase with companies like Blockstream coming in https://megaphone.link/BLOCK5279366544 https://megaphone.link/BLOCK5279366544
    - ceejayoz 5y ago
      Did you read that Bitcoin Beach article at all? > Gerard said it appears to work because the bitcoin donor keeps pumping bitcoin into the village’s system. “That’s not a proof of concept that works. That shows that you can trade this stuff if you’re not trading actual bitcoins and someone massively subsidizes it.” > Edgar Magaña was in town from San Salvador to convert $50 to bitcoin. He inserted the dollars into the machine and was surprised to see only $47 in bitcoin fractions credited to his account on his phone. “They took three dollars commission,” Magaña said, adding that he had understood there was no commission. “This is like in the banks.”
      - 5y ago