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I'm starting to wonder if Bitcoin's extremely high fees are a feature and not a bug, at least for national governments. Sure, you can spend $10 to send $5 with
by pkulak 5y ago
I'm starting to wonder if Bitcoin's extremely high fees are a feature and not a bug, at least for national governments. Sure, you can spend $10 to send $5 with your non-custodial wallet... or, you can just let your friendly government institution hang on to those Bitcoins for you, and then your transactions are free.
- rchaud 5y agoI suspect that's what's happening here. This is a state-backed HODL play that puts deposits into the government's hands. Bukele himself is not formally educated beyond high school, and has no background in finance, which would be needed for an initiative as large as this. Additionally, the US State Department has some of his close colleagues on a list of corrupt officials [0]. I wonder what protections are in place that would prevent Bukele from pulling the rug and boarding a private jet with nothing but a seed phrase. [0]https://www.reuters.com/world/americas/us-names-bukele-aide-el-salvador-corruption-list-2021-05-18/ https://www.reuters.com/world/americas/us-names-bukele-aide-...