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El Salvador to airdrop $30 in Bitcoin to up to 6M citizens

finance.yahoo.com

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Re: El Salvador to airdrop $30 in Bitcoin to up to 6M citizens

#111

Post by SideburnsOfDoom »

errantmind wrote: post #105
SideburnsOfDoom wrote: post #104

Earlier quoted context omitted.

How then does it compare to M-Pesa?

I'm not overly familiar with M-Pesa. That said, a primary distinction is centralized vs decentralized. I prefer to have full control and trust in my currency. Crypto is volatile, but there also isn't a central bank to inflate away its value. From my perspective that is the totality of the value from distributed / decentralized consensus in currencies

So you're saying you "see this cryptocurrency initiative serving a real need with remittances and electronic payments" and also you're not "overly familiar" with the market leader in remittances and electronic payments?

Re: El Salvador to airdrop $30 in Bitcoin to up to 6M citizens

#112

Post by errantmind »

SideburnsOfDoom wrote: post #111
errantmind wrote: post #105

Earlier quoted context omitted.

I'm not overly familiar with M-Pesa. That said, a primary distinction is centralized vs decentralized. I prefer to have full control and trust in my currency. Crypto is volatile, but there also isn't a central bank to inflate away its value. From my perspective that is the totality of the value from distributed / decentralized consensus in currencies

So you're saying you "see this cryptocurrency initiative serving a real need with remittances and electronic payments" and also you're not "overly familiar" with the market leader in remittances and electronic payments?

The leader you reference is not dominant in all or even most developing countries. You likely have never even had a need to use an app like this. I can only conclude your comments are in bad faith.

Re: El Salvador to airdrop $30 in Bitcoin to up to 6M citizens

#113

Post by robjan »

errantmind wrote: post #108
robjan wrote: post #106

Earlier quoted context omitted.

What I said is factually accurate. It's mentioned on the homepage of the lightning network website in the "How it Works" section. Why would you challenge my statement when you haven't even read the basic information? https://lightning.network/

Because you left out some information. These channels only have to be opened once, and at current prices this is around 40 cents. It costs a lot more to both open a bank account and send money from a -> b.

If you need to open up 6 million channels it will create approximately a month worth of transactions at the current rate and will significantly push up the transaction fee.

Re: El Salvador to airdrop $30 in Bitcoin to up to 6M citizens

#114

Post by rocqua »

NicoJuicy wrote: post #109
rocqua wrote: post #100

Earlier quoted context omitted.

Trickle down works for immigration. Immigration is not even close to zero sum. For wealth re-distribution within a country it starts of zero sum. And indeed, putting all the wealth concentrated does not help the poor. Making the wealthy wealthier without taking from the poor will help the poor some. Moreover, it will help the government a lot more.

> Trickle down works for immigration. Proof/evidence for that statement?

The fact that immigration is not wealth re-distribution (zero sum in the short term) but wealth influx.

Re: El Salvador to airdrop $30 in Bitcoin to up to 6M citizens

#115

Post by chucknthem »

lalaland1125 wrote: post #87
rocqua wrote: post #69

Earlier quoted context omitted.

Printing money in bitcoin requires some really weird stuff to happen. Essentially, either you need to scam others with Tether, or you need your apps to literally lie to their users. Bitcoin was made to be deflationary. That means it was made not to allow anyone to print money. It would have made more sense for them to pick ethereum if they wanted the ability to print money. Really, the only thing I can imagine is usi…

If you look through the technical details this proposal, it 100% allows for money printing. El Salvador isn't actually giving people Bitcoin. It's giving people records in an SQL database that supposedly correspond to Bitcoin in a government wallet. The government can just edit that SQL database to print money.

And become insolvent in a bank run?
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