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I don't particularly like BTC (as it senselessly burns huge amounts of energy, thereby actively contributing to the destruction of our biosphere), but this news
by twothreeone 2y ago
I don't particularly like BTC (as it senselessly burns huge amounts of energy, thereby actively contributing to the destruction of our biosphere), but this news post is intentionally misleading. As reported by many other outlets (e.g. [1,2]), El Salvador abandons BTC to qualify for an IMF loan - so the IMF is pressuring them towards this move (presumably for political reasons).
[1] https://finance.yahoo.com/news/el-salvador-changes-bitcoin-rules-164742636.html https://finance.yahoo.com/news/el-salvador-changes-bitcoin-r...
[2] https://www.msn.com/en-us/money/financial-regulation/el-salvador-quickly-approves-bitcoin-law-to-comply-with-the-imf-s-deal/ar-AA1y6S8s https://www.msn.com/en-us/money/financial-regulation/el-salv...
- RabbiNoseberg 2y ago[dead]
- wyager 2y agoThe resource usage is not senseless; it's the core aspect of Bitcoin that makes its security model so trustworthy.
- the_af 2y agoIn general, resorting to the IMF is not a good sign to begin with. What were Bukele's goals with his policy of adopting bitcoin?
- bawolff 2y agoIts not like IMF had a gun to their head. They could have refused the loan. At the end of the day they abandoned the policy because they believe it will help the economy to abandon it (indirectly via the loan). I certainly wouldn't call that a success.
- attila-lendvai 2y agoand USD senselessly burns up entire countries... e.g. most recently that giant, and very destructive money loundering operation in ukraine... somehow everyone forgets that wars don't make sense and shouldn't really be financeable... and yet they are. BTC can burn orders of magnitude more energy if it makes financing wars just twice as hard as it is today...