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El Salvador isn't exactly a friendly neighborhood to visit at the moment, but, it sets a precedent and that is important for the Bitcoin and wider crypto commun

El Salvador isn't exactly a friendly neighborhood to visit at the moment, but, it sets a precedent and that is important for the Bitcoin and wider crypto community. The main issue, is lack of education of the public in how to use crypto and the government wallet, which is against the spirit of uncensorable crypto transactions.

CharlesW 4y ago
> …but, it sets a precedent… A negative one, seemingly. “The Bitcoin experiment promoted by the Bukele administration has significantly raised the market’s risk perception of the country,” said Fabiano Borsato, Chief Operating Officer of Torino Capital LLC.
- ItsTooMuch 4y ago
  "Oh no, we can't control them as much anymore, what a risk!!!" Nah, that's positive.
- dimensionc132 4y ago
  One guy's opinion who is biased and in favor of the current banking cartel's monopoly and practices. What El Salvador has done is revolutionary.
  - malermeister 4y ago
    ... so is what Khomeini has done, but that doesn't mean it was a good thing.
    - dimensionc132 4y ago
      can you spell straw man?
      - malermeister 4y ago
        You used the word revolutionary. I merely pointed out that that's not always a good thing. Revolutions have a way of eating their own.
        dimensionc132 4y ago
        Revolutionary in the sense that this monetary policy is something completely new and never before tried. It isn't a cultural revolution like what is happening in the USA with the LGBTQxyz crowd forcing their views on the entire society, something that could divide the populace enough and which could actually lead to civil war.
        joshualahoud 4y ago
        It is a revolution that has a thousand similar revolutions that are all backed by seemingly nothing. There are plenty of coins that offer everything bitcoin does and they are worth dirt. First mover advantage will not last forever
        malermeister 4y ago
        You don't think a bunch of techno-libertarians trying to force their ideology on the entire society has any similarities? I, and many leftists (actual leftists, not the US sense of the term where it's about bullshit identity politics instead of economic systems), would disagree. Plenty of civil wars have been fought over what amounts to momentary policy, hell, that's what the Cold War was about too.
        dimensionc132 4y ago
        >techno-libertarians trying to force their ideology on the entire society has any similarities? of course there are similarities, but, the biggest difference in El Salvador is that nobody is forced to use it, it is a choice. Those people that don't use the Chivo wallet and bitcoin for transactions can still use USD to pay in cash as they have before. The experiment is voluntary. Now for example in Sweden, where the government has been pushing a cashless society bereft of anonymity, that is not voluntary. If you go to Sweden today and try to pay for something with anonymous cash, it is essentially impossible. That is also an example of forcing an ideology onto the people against their will.
Proven 4y ago
malermeister 4y ago
It does set a precedent. Said precedent is a disaster. https://www.nytimes.com/2022/07/05/world/americas/el-salvador-bitcoin-national-currency.html https://www.nytimes.com/2022/07/05/world/americas/el-salvado... Not sure how that would be important for the crypto community, other than giving it the dressing down it needed.
- dimensionc132 4y ago
  Get back to me when Bitcoin is at 250k, and then tell me how much of a disaster El Salvador's decision was. Good things take time. 1 year is not enough to determine the success of anything, especially initializing a new financial system for a country.
  - malermeister 4y ago
    What makes you think it would ever get there? Vague unfounded promises of salvation in the future are the stuff of cults, not sound policy making.
    - dimensionc132 4y ago
      The current monetary system is also not sound, just look at what is happening in the world with the current system, rampant inflation, money printing out of thin air based on nothing as gold has been removed as a backing.....it's a complete disaster. The current system also promises salvation, except the difference is that Bitcoin at least is a limited resource, there will only ever be 21 million BTC minted whereas the Fed can print unlimited dollars and devalue the currency, which is what has been happening. Promises of salvation is all that humanity has to give it hope of a better future. When BTC was essentially worth less than $1 nobody could ever have imagined that the price would go as high as $59k within 11 years. Who knows what will happen in another 11 years, but i would like to think, that a finite asset such as BTC will be worth more, not less, and show the finance and banking cartels that we don't need them.
      - malermeister 4y ago

CharlesW 4y ago

> …but, it sets a precedent… A negative one, seemingly. “The Bitcoin experiment promoted by the Bukele administration has significantly raised the market’s risk perception of the country,” said Fabiano Borsato, Chief Operating Officer of Torino Capital LLC.

ItsTooMuch 4y ago
"Oh no, we can't control them as much anymore, what a risk!!!" Nah, that's positive.
dimensionc132 4y ago
One guy's opinion who is biased and in favor of the current banking cartel's monopoly and practices. What El Salvador has done is revolutionary.
- malermeister 4y ago
  ... so is what Khomeini has done, but that doesn't mean it was a good thing.
  - dimensionc132 4y ago
    can you spell straw man?
    - malermeister 4y ago
      You used the word revolutionary. I merely pointed out that that's not always a good thing. Revolutions have a way of eating their own.
      - dimensionc132 4y ago
        Revolutionary in the sense that this monetary policy is something completely new and never before tried. It isn't a cultural revolution like what is happening in the USA with the LGBTQxyz crowd forcing their views on the entire society, something that could divide the populace enough and which could actually lead to civil war.
        joshualahoud 4y ago
        It is a revolution that has a thousand similar revolutions that are all backed by seemingly nothing. There are plenty of coins that offer everything bitcoin does and they are worth dirt. First mover advantage will not last forever
        malermeister 4y ago
        You don't think a bunch of techno-libertarians trying to force their ideology on the entire society has any similarities? I, and many leftists (actual leftists, not the US sense of the term where it's about bullshit identity politics instead of economic systems), would disagree. Plenty of civil wars have been fought over what amounts to momentary policy, hell, that's what the Cold War was about too.
        dimensionc132 4y ago
        >techno-libertarians trying to force their ideology on the entire society has any similarities? of course there are similarities, but, the biggest difference in El Salvador is that nobody is forced to use it, it is a choice. Those people that don't use the Chivo wallet and bitcoin for transactions can still use USD to pay in cash as they have before. The experiment is voluntary. Now for example in Sweden, where the government has been pushing a cashless society bereft of anonymity, that is not voluntary. If you go to Sweden today and try to pay for something with anonymous cash, it is essentially impossible. That is also an example of forcing an ideology onto the people against their will.

Proven 4y ago

malermeister 4y ago

It does set a precedent. Said precedent is a disaster. https://www.nytimes.com/2022/07/05/world/americas/el-salvador-bitcoin-national-currency.html https://www.nytimes.com/2022/07/05/world/americas/el-salvado... Not sure how that would be important for the crypto community, other than giving it the dressing down it needed.

dimensionc132 4y ago
Get back to me when Bitcoin is at 250k, and then tell me how much of a disaster El Salvador's decision was. Good things take time. 1 year is not enough to determine the success of anything, especially initializing a new financial system for a country.
- malermeister 4y ago
  What makes you think it would ever get there? Vague unfounded promises of salvation in the future are the stuff of cults, not sound policy making.
  - dimensionc132 4y ago
    The current monetary system is also not sound, just look at what is happening in the world with the current system, rampant inflation, money printing out of thin air based on nothing as gold has been removed as a backing.....it's a complete disaster. The current system also promises salvation, except the difference is that Bitcoin at least is a limited resource, there will only ever be 21 million BTC minted whereas the Fed can print unlimited dollars and devalue the currency, which is what has been happening. Promises of salvation is all that humanity has to give it hope of a better future. When BTC was essentially worth less than $1 nobody could ever have imagined that the price would go as high as $59k within 11 years. Who knows what will happen in another 11 years, but i would like to think, that a finite asset such as BTC will be worth more, not less, and show the finance and banking cartels that we don't need them.
    - malermeister 4y ago