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45.89% down, that's insane I always thought it wasn't such a bad idea, it's a country reliant on remittances, and wire transfers and alternatives are expensive
by cruano 4y ago
45.89% down, that's insane
I always thought it wasn't such a bad idea, it's a country reliant on remittances, and wire transfers and alternatives are expensive (I used to work at Xoom/PayPal)
The other thing is that it never was well adopted by the public. I visited the country in January and some restaurants mentioned which items you could and couldn't buy using bitcoin on the menu
- rr888 4y ago> country reliant on remittances This is the big thing. #1 foreign income source is expat workers. Make it easier for people to send money home, send more people to USA, and its good for the economy that has no other resources.
- bigbonch 4y agoJust say immigrant. No need to make sure people know you're talking about the white kind.
- vaidhy 4y agoI believe rr888 was making a point in the other way.. calling brown people like me expats :)
- bregma 4y agoImmigrants stay in their new forever home. Expat workers have plans to return to their own home some day. They're not the same thing.
- amluto 4y agoAlso, even if they plan to stay forever, the people in question would be El Salvador’s emigrants, not immigrants.
- filoleg 4y agoWhat? Your comment doesn't make any sense. We are talking about El Salvadorian expats earning money in the US and sending it back to their families in El Salvador. Is El Salvador majority white somehow now? And second, race is entirely irrelevant here. A person earning money temporarily in a guest country with full intent to go back to their home country is an expat. If they, instead, intend on staying in that new country permanently, then that person is an immigrant. White or not makes exactly zero difference here.
- deleted 4y ago[deleted]
- rr888 4y agoIf it wasn't clear I meant El Salvadorians working in the USA and sending money back.
- scotty79 4y agoThat's nothing in bitcoin world. It routinely gains more than few hundreds percent in 3 years. It is also know to drop below 20% of previous peak price.
- HWR_14 4y agoIt hasn't been around long enough to "routinely" do anything on a three-year period. There have been 4 such periods. That's not enough samples to say anything is routine.
- X6S1x6Okd1st 4y agoHow many would you want to see to call it routine?
- thechao 4y agoI'm an `n=30` man, myself!
- Andrew_nenakhov 4y ago20-25, when kids born after Bitcoin emergence will start dying of old age.
- HWR_14 4y agoFor something with this effect size, I feel like people can start making a case in the mid-teens, but you're probably at 20+ before you can make a strong case. Edit: That's cycles. So I'm saying it's 2055+ before any case can be made and it's 2070+ before a strong case can be made.
- imtringued 4y agoActually, during the gold standard there were booms and busts every four years. Bitcoin might be on a different cycle but the constant inflation and deflation are actually expected with a fixed supply currency.
- jejeyyy77 4y agoand in 6 months when they are 50% up?
- JumpCrisscross 4y ago> in 6 months when they are 50% up? Irrelevant. San Salvador has less than 3 months' imports in foreign reserves on hand (about 2 years' on a net basis [1][2]) and an $800mm bond payment due in January it can't afford. This is the stupidity of their Bitcoin play. They don't have the time horizon to handle something this volatile. [1] https://data.worldbank.org/indicator/BN.CAB.XOKA.CD?locations=SV https://data.worldbank.org/indicator/BN.CAB.XOKA.CD?location... [2] https://data.worldbank.org/indicator/FI.RES.TOTL.CD?locations=SV https://data.worldbank.org/indicator/FI.RES.TOTL.CD?location...
- jejeyyy77 4y agolol
- 1270018080 4y agoWhere is the next batch of greater fools coming from?
- jejeyyy77 4y agocapitulating deniers finally realizing they were wrong ;)
- thehappypm 4y agoOnly way I would ever invest in bitcoin is if I had a time machine
- squeaky-clean 4y agoIf it goes up 50% up in 6 months it will still be down 18.4% overall.
- ryanSrich 4y agoStock market tanked 80% this year. It’s partially recovered. Being down 45% at this point isn’t even that bad, regardless of which asset you’re talking about. BTC is/already has entered a macro bear market for the next 2-4 years. If El Salvador can stick it out, they’ll end up very well off during the next bull run.
- CrazyStat 4y ago> Stock market tanked 80% this year. Which stock market is that? Certainly not US.
- neogodless 4y agoWhich indices of the stock market showed an 80% loss from peak value?
- enlyth 4y agoWhich stock market? The S&P 500 was down maybe like 23% from all time highs this year, and currently trending upwards
- repler 4y ago> I visited the country in January and some restaurants mentioned which items you could and couldn't buy using bitcoin on the menu What exactly is the thinking there? Was it just a price limit or something more involved?