An authoritarian banana republic is pretty much the only place where something like this would happen : https://www.hrw.org/news/2021/05/21/us-can-stop-el-salvadors...
El Salvador adopts Bitcoin as official currency, first country to do so
41–50 of 394 posts
Re: El Salvador adopts Bitcoin as official currency, first country to do so
#42Earlier quoted context omitted.
what an awful waste of energy. Each bitcoin transaction uses the energy equivalent the entire lifespan of a tree. Effectively, each bitcoin transaction is cutting down of tree... in this case, for a hamburger
Nope. Bitcoin use and mining power are completely uncorrelated. By mining bitcoins, your earn as much as the computational fraction you are representing. So, indeed, there was a race to more and more mining power in the recent years but it can completely be reversed. For example if electricity prices rises. Bitcoin could be used by the whole world with mining only happening on a laptop. That would not change anything…
> Bitcoin could be used by the whole world with mining only happening on a laptop. That would not change anything for Bitcoin users.
No, that is completely inaccurate.
First of all, with current parameters that would mean that you need a good few hundred years to process a few seconds of world-wide transactions.
And if the parameters were adjusted such that it would be that easy to mine blocks, bitcoin would become valueless, as everyone with a laptop could produce their own longest blockchain where they have half of all bitcoin.
Proof of work systems will always require absurd wastes of energy - that is, by definition, the only way they ensure the correctness of the blockchain.
Re: El Salvador adopts Bitcoin as official currency, first country to do so
#43It’s amazing how countries are wholeheartedly adopting this thing as an official currency that we have no idea who invented and for what purpose. I mean sure, there’s a white paper that says why it was invented, but why should anyone believe it? If it does turn out to be malicious it’s going to make for one hell of a cautionary tale.
Malicious in what way? Do you mean the software? The software has been developed in the public for 10+ years.
The software isn't malicious but the decision to use it could be driven by malicious intent . Wonder what the presidents investment portfolio looks like
Re: El Salvador adopts Bitcoin as official currency, first country to do so
#44Earlier quoted context omitted.
> will just lead to a debt crisis down the road Reduced El Salvadorian immigration will lead to a debt crisis?
USA exports $2.8 billion to El Salvador. El Salvador exports $2 billion to USA. Where do they get the money to do that? By working in the US. By sending remittances through Bitcoin or conventional means.
Oh, it would lead to a debt crisis for El Salvador. Sure. But why is that something the U.S. would want?
The original claim was the U.S. would want to “lessen the reason people use Bitcoin.” I’m pushing back on there being political will for that end.
Re: El Salvador adopts Bitcoin as official currency, first country to do so
#45Found this interesting deck[1] on El Salvador's digital climate while looking for smart phone adoption statistics. It would appear that there are more than enough smart devices to allow for such a transition successfully. Already on Twitter we're seeing crypto-punks there using Bitcoin to pay for their McDonalds, paying something like 0.000002 Bitcoin. I can't help but wonder what the outcome +1 year / + 5 years will…
what an awful waste of energy. Each bitcoin transaction uses the energy equivalent the entire lifespan of a tree. Effectively, each bitcoin transaction is cutting down of tree... in this case, for a hamburger
Dumbest comment I have seen today.
Re: El Salvador adopts Bitcoin as official currency, first country to do so
#46Why go with Bitcoin specifically? Why not use the Celo blockchain or Algorand instead and create their own stable coins on there? Both these networks are proof of work, transactions are very fast and cheap as well. Bitcoin is slow to validate transactions, is environmentally costly, and its value fluctuate, so I'm not sure what they were thinking. I wonder what the 30$ they receive from the gov is worth today after t…
The "problems" you've listed have been very clearly debated for the past 5 years. You can find answers. Youre just repeating talking points.
Please point me to good answers on why proof of work is a reasonable way to run a currency
Re: El Salvador adopts Bitcoin as official currency, first country to do so
#47Earlier quoted context omitted.
> prompt the USA to import more products from El Salvador to reduce the size of the remittances sector and thereby lessen the reason people use Bitcoin Who in America would benefit from fighting this? Crypto is a real industry. It’s more profitable for the financial sector than similar activity in U.S. dollars. And the Fed doesn’t thoroughly love that it has to take international factors into account when its politic…
> Crypto is a real industry. Not really. An industry produces goods and services. What does crypto produce?
Mining is an industry that processes transactions and prevents double spend
Exchanges are industry that allows people to trade assets
Re: El Salvador adopts Bitcoin as official currency, first country to do so
#48Why go with Bitcoin specifically? Why not use the Celo blockchain or Algorand instead and create their own stable coins on there? Both these networks are proof of work, transactions are very fast and cheap as well. Bitcoin is slow to validate transactions, is environmentally costly, and its value fluctuate, so I'm not sure what they were thinking. I wonder what the 30$ they receive from the gov is worth today after t…
What about just give all the salvadorans one eth rock nft?
Re: El Salvador adopts Bitcoin as official currency, first country to do so
#49Earlier quoted context omitted.
Malicious in what way? Do you mean the software? The software has been developed in the public for 10+ years.
The software isn't malicious but the decision to use it could be driven by malicious intent . Wonder what the presidents investment portfolio looks like
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Re: El Salvador adopts Bitcoin as official currency, first country to do so
#50Found this interesting deck[1] on El Salvador's digital climate while looking for smart phone adoption statistics. It would appear that there are more than enough smart devices to allow for such a transition successfully. Already on Twitter we're seeing crypto-punks there using Bitcoin to pay for their McDonalds, paying something like 0.000002 Bitcoin. I can't help but wonder what the outcome +1 year / + 5 years will…
what an awful waste of energy. Each bitcoin transaction uses the energy equivalent the entire lifespan of a tree. Effectively, each bitcoin transaction is cutting down of tree... in this case, for a hamburger
Not necessarily with the Lightning Network. Strike is actively advising El Salvador in this, they develop a lightning app.