51–60 of 421 posts
> Bukele said the country is partnering with digital wallet company, Strike, to build modern financial infrastructure using bitcoin technology. Wow, this seems like an incredibly shitty situation for the people of El Salvador. It looks like some lobbyists got hired by a wallet company stacked with angel investors willing to pour money into the idea of being integrated into the government at such a low level. I wouldn…
If creditors were obligated to accept Bitcoin, does that mean that to be a creditor, you must maintain a Bitcoin address/wallet? Or could you still just say, "Sorry, you still have to pay in USD because we don't have a Bitcoin wallet"?
One you’ve a debt and you didn’t specify you may be required to accept payment (though if the debt is denominated in dollars the BTC is perhaps not as clear - does it have to be enough at the time of payment, settlement, etc?).
I'm sure the people of El Salvador won't mind having 20% of their wealth wiped out every time Elon Musk tweets something that changes his mind in some way. Certainly if I was selling something I'd denominate it in something relative stable and then change Bitcoin asking price to match the exchange rate to that stable currency. Since the currency there is the USD... Yeah, I'd still be pricing my goods and services in…
Historically, Bitcoin appreciated 300% YoY whereas the dollar is in a constantly depreciating cycle, I know which one I'd prefer.
Slow and steady inflation is a stated goal for most governments and central banks.
Earlier quoted context omitted.
Historically, Bitcoin appreciated 300% YoY whereas the dollar is in a constantly depreciating cycle, I know which one I'd prefer.
What evidence is there that the USD is depreciating?
Probably not unrelated: US report: Allies of El Salvador's president deemed corrupt (last month) https://apnews.com/article/latin-america-el-salvador-1d089ae...
America extorts other nations by virtue of the $US being the world's dominant reserve currency. The federal reserve can print money unimpeded, with foreigners bearing the brunt of inflation. The math is simple.
Americans suffer if the dollar inflates because imports get more expensive and rates demanded on USD debt purchased by foreigners will go up, making the loans more expensive in America.
Earlier quoted context omitted.
Their work is open source and they are using standard Bitcoin protocols. Zap is their wallet https://zaphq.io Strike is a payment app that uses Bitcoin Lightning network internally to settle payments between financial institutions. It's useful for sending fiat currency denominated remittances instantly and without fees. https://strike.me When they released Strike in El Salvador, it was an instant success. The preside…
To add on to that, it's been used pretty nicely in the El Zonte beach town [1]. 1: https://www.forbes.com/sites/tatianakoffman/2020/07/14/this-...
https://bitinfocharts.com/comparison/bitcoin-transactionfees...
> Bukele said the country is partnering with digital wallet company, Strike, to build modern financial infrastructure using bitcoin technology. Wow, this seems like an incredibly shitty situation for the people of El Salvador. It looks like some lobbyists got hired by a wallet company stacked with angel investors willing to pour money into the idea of being integrated into the government at such a low level. I wouldn…
I wonder why a country would choose Bitcoin as legal tender when better, faster, more environmentally friendly cryptos exist (ones which can feasibly be used to transact money in real-time, for instance).
They are planning to use Bitcoin Lightning Network which is environmentally friendly and offers instant and almost feeless payments.
I'm sure the people of El Salvador won't mind having 20% of their wealth wiped out every time Elon Musk tweets something that changes his mind in some way. Certainly if I was selling something I'd denominate it in something relative stable and then change Bitcoin asking price to match the exchange rate to that stable currency. Since the currency there is the USD... Yeah, I'd still be pricing my goods and services in…
Historically, Bitcoin appreciated 300% YoY whereas the dollar is in a constantly depreciating cycle, I know which one I'd prefer.
> Bukele said the country is partnering with digital wallet company, Strike, to build modern financial infrastructure using bitcoin technology. Wow, this seems like an incredibly shitty situation for the people of El Salvador. It looks like some lobbyists got hired by a wallet company stacked with angel investors willing to pour money into the idea of being integrated into the government at such a low level. I wouldn…
Their work is open source and they are using standard Bitcoin protocols. Zap is their wallet https://zaphq.io Strike is a payment app that uses Bitcoin Lightning network internally to settle payments between financial institutions. It's useful for sending fiat currency denominated remittances instantly and without fees. https://strike.me When they released Strike in El Salvador, it was an instant success. The preside…