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I'm happy El Salvador adopted Bitcoin. Not so much that I think it will transform the economy or even be practical, but that if a nation state adopted it, it'll
by bko 5y ago
I'm happy El Salvador adopted Bitcoin. Not so much that I think it will transform the economy or even be practical, but that if a nation state adopted it, it'll be harder for governments and international governing bodies to clamp down on crypto in general.
I don't understand why so many people are bearish on this decision. We should encourage more experimentation as long as no one is forced to use Bitcoin.
- unmole 5y ago> if a nation state adopted it, it'll be harder for governments and international governing bodies to clamp down on crypto in general. This is vastly overstating the relevance of El Salvador on the world stage. It's a country of less than 7 million people and not a rich one at that.
- bko 5y agoIt'll still have to be consideration when some country tries to put in draconian restrictions on crypto (i.e. math)
- unmole 5y agoIs this how you imagine it's going to play out? Behemoth A: We should immediately prohibit our banks from offering services to anyone dealing with Bitcoin. Behemoth B: Hold on just a second. There is this tiny Latin American country that you probably never heard of that uses Bitcoin as legal tender. Behemoth A: You're right, this needs more thought. The last thing we should do is upset a country we do virtually no trade with and has negligible diplomatic clout.
- bko 5y agoSee original reply > It'll still have to be consideration when some country tries to put in draconian restrictions on crypto (i.e. math) The key is the word "consideration"
- fuzzylightbulb 5y agoIf by "consideration" you mean it would have the effect of a flea standing in the way of a steam roller, then sure. No major nation is going to temper it's stance on crypto in any meaningful way because of concern for El Salvador.