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Why does he insist on Bitcoin? Their biggest use cases are 1. incoming USD payments from relatives in the States and 2. Retail USD transactions. BTC is really b

Why does he insist on Bitcoin? Their biggest use cases are 1. incoming USD payments from relatives in the States and 2. Retail USD transactions. BTC is really bad for both of these. Why not stablecoins on some cheaper chain?

relaxatorium 5y ago
Because it’s at least partially, if not mostly, a publicity play and “bitcoin” is the word most regular people know when it comes to crypto stuff.
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JohnJamesRambo 5y ago
Stablecoins won’t go up and lift up the country in a world of money printing and fiat debasement.
- josefrichter 5y ago
  it's a country with failed currency and failed leadership. USD printing is far from being their biggest problem.
k__ 5y ago
I think the focus on BTC is a bad thing too. But I also don't think stable coins only are the way. The new economy needs a mix of both.
- josefrichter 5y ago
  They're not building a new economy really. It's a country with incompetent leadership and failed local currency, they don't seem to be able to pull it off. And regular folks are just trying to survive - they heavily depend on USD from relatives, but they pay massive fees to corrupt institutions. They are trying to work around that using BTC, but it also has high fees, and brutal volatility on top of that. If your monthly income is $500 and you risk losing 20-30% of that to fees & volatility, you're screwed. No wonder people protest in the streets. What they really need right now it a stablecoin on cheap network. It's not gonna change the world, but it's gonna solve their biggest problems right now.
  - el-salvador 5y ago
    > What they really need right now it a stablecoin on cheap network. It's not gonna change the world, but it's gonna solve their biggest problems right now. That, and we could link the El Salvador and U.S. bank transfer ACH networks to make sending and receiving money cheaper. Considering 2.5 million Salvadorans live in the U.S. Mexico and Panama have already done that.

relaxatorium 5y ago

Because it’s at least partially, if not mostly, a publicity play and “bitcoin” is the word most regular people know when it comes to crypto stuff.

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JohnJamesRambo 5y ago

Stablecoins won’t go up and lift up the country in a world of money printing and fiat debasement.

josefrichter 5y ago
it's a country with failed currency and failed leadership. USD printing is far from being their biggest problem.

k__ 5y ago

I think the focus on BTC is a bad thing too. But I also don't think stable coins only are the way. The new economy needs a mix of both.

josefrichter 5y ago
They're not building a new economy really. It's a country with incompetent leadership and failed local currency, they don't seem to be able to pull it off. And regular folks are just trying to survive - they heavily depend on USD from relatives, but they pay massive fees to corrupt institutions. They are trying to work around that using BTC, but it also has high fees, and brutal volatility on top of that. If your monthly income is $500 and you risk losing 20-30% of that to fees & volatility, you're screwed. No wonder people protest in the streets. What they really need right now it a stablecoin on cheap network. It's not gonna change the world, but it's gonna solve their biggest problems right now.
- el-salvador 5y ago
  > What they really need right now it a stablecoin on cheap network. It's not gonna change the world, but it's gonna solve their biggest problems right now. That, and we could link the El Salvador and U.S. bank transfer ACH networks to make sending and receiving money cheaper. Considering 2.5 million Salvadorans live in the U.S. Mexico and Panama have already done that.