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I can't blame El Salvador for trying to get rich...They acted like a retail investor. The crash is painful. That being said 50% crash on "its currency" may no

I can't blame El Salvador for trying to get rich...They acted like a retail investor. The crash is painful. That being said 50% crash on "its currency" may not be uncommon. I believe Turkey's currency has had a similar devaluation.

oneoff786 4y ago
Turkey got to spend the money first though
kylebenzle 4y ago
El Salvador's sweatheart deal was FAR from anything anyone in "retail" could ask for. They NEVER would have gotten into Bitcoin had Blockstream's Samson Mow not been able to fenagel a deal to sell them BTC at a 75% discount. Ask yourself, why was this all overseen by the private company Blockstream? Why was El Salvador pushed by Samson Mow and his employeer, Blockstream to issue these "Bitcoin Bonds?" The basic deal is that Bitfinex owns both Blockstream and Tether and uses the later to pump the former. Tether needs a nation state's help to look legitimate. So Tether printed and sold fresh USDT to El Salvador for $0.25 to the dollar (or even cheaper). El Salvador used the USDT to buy Bitcoin and then issued goveerment bonds backed by thoes Bitcoin. You might think Tether is losing selling USDT for $0.25, but remember this is not actaully $1 USD, this is $1 USDT. Tether benefits more from increasing money velocity and supply more than they lose by inflating their scam token. Blockstream's Adam Back helps promote Tether and maintain the Bitcoin Core GitHub repo to make sure BTC is unusable as peer-to-peer digital cash which pushes people to stable coins and competing networks, like Blockstream's own "Liquid, lBTC" token.
- pyinstallwoes 4y ago
  Wow that … is quite the big if true story. Adds a lot to the tether narrative.
- cryptozone 4y ago
  > Blockstream's Adam Back helps promote Tether and maintain the Bitcoin Core GitHub repo to make sure BTC is unusable as peer-to-peer digital cash Not what you'd expect from the most convincing candidate of Satoshi Nakamoto's true identity [1]. [1] https://chainbulletin.com/the-unmasking-satoshi-aftermath/ https://chainbulletin.com/the-unmasking-satoshi-aftermath/
Proven 4y ago
el-salvador 4y ago
> That being said 50% crash on "its currency" may not be uncommon. I believe Turkey's currency has had a similar devaluation It had never happened in El Salvador though. The USD and the former currency were stable for decades.

oneoff786 4y ago

Turkey got to spend the money first though

kylebenzle 4y ago

El Salvador's sweatheart deal was FAR from anything anyone in "retail" could ask for. They NEVER would have gotten into Bitcoin had Blockstream's Samson Mow not been able to fenagel a deal to sell them BTC at a 75% discount. Ask yourself, why was this all overseen by the private company Blockstream? Why was El Salvador pushed by Samson Mow and his employeer, Blockstream to issue these "Bitcoin Bonds?" The basic deal is that Bitfinex owns both Blockstream and Tether and uses the later to pump the former. Tether needs a nation state's help to look legitimate. So Tether printed and sold fresh USDT to El Salvador for $0.25 to the dollar (or even cheaper). El Salvador used the USDT to buy Bitcoin and then issued goveerment bonds backed by thoes Bitcoin. You might think Tether is losing selling USDT for $0.25, but remember this is not actaully $1 USD, this is $1 USDT. Tether benefits more from increasing money velocity and supply more than they lose by inflating their scam token. Blockstream's Adam Back helps promote Tether and maintain the Bitcoin Core GitHub repo to make sure BTC is unusable as peer-to-peer digital cash which pushes people to stable coins and competing networks, like Blockstream's own "Liquid, lBTC" token.

pyinstallwoes 4y ago
Wow that … is quite the big if true story. Adds a lot to the tether narrative.
cryptozone 4y ago
> Blockstream's Adam Back helps promote Tether and maintain the Bitcoin Core GitHub repo to make sure BTC is unusable as peer-to-peer digital cash Not what you'd expect from the most convincing candidate of Satoshi Nakamoto's true identity [1]. [1] https://chainbulletin.com/the-unmasking-satoshi-aftermath/ https://chainbulletin.com/the-unmasking-satoshi-aftermath/

Proven 4y ago

el-salvador 4y ago

> That being said 50% crash on "its currency" may not be uncommon. I believe Turkey's currency has had a similar devaluation It had never happened in El Salvador though. The USD and the former currency were stable for decades.