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El Salvador to adopt Bitcoin as legal tender

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Re: El Salvador to adopt Bitcoin as legal tender

#241

Post by stOneskull »

rawtxapp wrote: post #28

Even though the market hasn't really reacted to this news (which I suspect is due to the fact that it's proposed/didn't happen yet), this is one of the most bullish news in a very long time in my opinion (even more bullish than companies buying into it). I suspect this will start the domino effect of countries slowly, but surely adopting BTC. It'll probably be the smaller countries first where they don't have great c…

it's very interesting indeed. i think it becomes inevitable once the next country gets on board. the dominos will be cool to watch - like states decriminalizing marihuana. bop bop hodl.

Re: El Salvador to adopt Bitcoin as legal tender

#242

Post by Acrobatic_Road »

atq2119 wrote: post #237
nairboon wrote: post #217

Earlier quoted context omitted.

But the money was still printed as you see in the M2 supply: https://fred.stlouisfed.org/series/M2SL

I seriously doubt that the money was printed . It's all electronic nowadays. There's so much confusion and cargo-culting around money, it would serve as well to use accurate language. The money was created , but not printed. This is significant because "printing" evokes a picture of the money being distributed to people who then spend it, which is not quite the case here.

It makes no difference whether the money was printed or "created".

Re: El Salvador to adopt Bitcoin as legal tender

#243

Post by lottin »

louloulou wrote: post #228
noahadavis wrote: post #204

Earlier quoted context omitted.

You don't see the side-effects of destabilizing a government as potentially disastrous for an economy? Governments and economies can have many different forms, but there are clear cases where destabilizing one will destabilize the other and ultimately lead to mass suffering for a period of time. Imagine what would happen if a government in a place like the Middle East or parts of Africa collapsed. History has shown t…

Allowing corrupt governments continue to steal the wealth of their citizens through printing money isn't a great alternative. At the end of the day people will use the money that works best for them if they have a choice.

Of course, but adopting another currency doesn't make a dysfunctional government any more functional. It's like fixing a wobbly table while your house is on fire... probably not the most pressing problem under the circumstances.

Re: El Salvador to adopt Bitcoin as legal tender

#244

Post by cinntaile »

bb88 wrote: post #226
landemva wrote: post #193

Earlier quoted context omitted.

"... only works when there's a stable currency to dump your value into ..." Hence the rise of algorithmic stable coins.

You mean like... Tether?

There are several alternatives nowadays, you're being dishonest by only mentioning the most controversial one.

Re: El Salvador to adopt Bitcoin as legal tender

#245

Post by fladrif »

narrator wrote: post #164
BenoitEssiambre wrote: post #97

Earlier quoted context omitted.

A deflationary coin cannot stabilize without destabilizing the economy that trades in it. https://benoitessiambre.com/specter.html

Nobel Prize winner F.A Hayek, who also famously predicted the denationalization of money in the 1970s[1], provided the excellent counterargument to this in the debate with the proto-Keynesians back in the 30s concerning stable supply money vs. inflationary money: https://mises.org/library/hayek-paradox-saving Hayek was later interviewed in the 70s and said he was mystified when Keynes was promoted to godhood upon his…

The linked article doesn't address the effects of deflationary currency at all, it describes the notion of including capital in the description of economies.

Re: El Salvador to adopt Bitcoin as legal tender

#247

Post by lottin »

ipaddr wrote: post #69
kragen wrote: post #38

Earlier quoted context omitted.

Oh, I see. So reserves held in overseas banks might suddenly become inaccessible, even if not actually seized , and Bitcoin (unlike, say, the euro or yen) offers a way to reduce this risk?

If the currency is in a bank that deals with the US it could be seized. Bitcoin doesn't allow this.

What? No. The US has no legal power to seize assets outside its jurisdiction.

Re: El Salvador to adopt Bitcoin as legal tender

#248

Post by lottin »

rawtxapp wrote: post #28

Even though the market hasn't really reacted to this news (which I suspect is due to the fact that it's proposed/didn't happen yet), this is one of the most bullish news in a very long time in my opinion (even more bullish than companies buying into it). I suspect this will start the domino effect of countries slowly, but surely adopting BTC. It'll probably be the smaller countries first where they don't have great c…

Why would countries give up control over monetary policy voluntarily? It seems a rather dumb idea.

Re: El Salvador to adopt Bitcoin as legal tender

#249

Post by lottin »

NaturalPhallacy wrote: post #227

This is what bitcoin - and the world - through non-authoritarian controlled currency, needs. BTC is a currency. People who treat as such - by simply accepting it or spending it - drive it's growth, and more importantly its acceptance. People who treat it as purely an investment stagnate its growth. Feel free to read (or not) my more detailed comment on this concept here: https://news.ycombinator.com/item?id=27338320

But bitcoin is more authoritarian-controlled than the US dollar. The US is democracy, whereas the Bitcoin development team is not.
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