El Salvador adopts Bitcoin as official currency, first country to do so

Post by okl » Tue, Sep 07, 2021, 5:57 PM UTC

kleer001 wrote: post #177

Devasta wrote: post #165

Let's ignore that Bitcoin is climate arson, and that its only used for money laundering and buying drugs. Bitcoin has a max throughput of 7 transactions per second. It's utter lunacy to suggest that it could function as a currency for a country. This will only end in tears.

Energy use is not energy source. There's been no full accounting of the carbon footprint of bitcoin mining, only its use. Much of it is done using geothermal or other renewable sources. (edit, incorrect) That El Salvador is adopting it refutes your second claim. Then there's the lightning network which increases the transaction throughput. Everything is going to be okay.

Post by JumpCrisscross » Tue, Sep 07, 2021, 5:57 PM UTC

ClumsyPilot wrote: post #166

nomoreplease wrote: post #119

Earlier quoted context omitted.

The most logical reason is that they want to connect the human identity to the wallet/address, thereby easily removing anonymity and ensuring the government can monitor their population effectively

Normal banks already do that

Post by edgefield » Tue, Sep 07, 2021, 5:58 PM UTC

kleer001 wrote: post #177

Devasta wrote: post #165

Let's ignore that Bitcoin is climate arson, and that its only used for money laundering and buying drugs. Bitcoin has a max throughput of 7 transactions per second. It's utter lunacy to suggest that it could function as a currency for a country. This will only end in tears.

Energy use is not energy source. There's been no full accounting of the carbon footprint of bitcoin mining, only its use. Much of it is done using geothermal or other renewable sources. (edit, incorrect) That El Salvador is adopting it refutes your second claim. Then there's the lightning network which increases the transaction throughput. Everything is going to be okay.

Post by imtringued » Tue, Sep 07, 2021, 5:58 PM UTC

dragonwriter wrote: post #147

ulzeraj wrote: post #139

Earlier quoted context omitted.

A middle finger to the IMF sharks is a good start to fix a country.

> A middle finger to the IMF sharks is a good start to fix a country. On the one hand, I’m no IMF fan and appreciate how that abstractly could be part of the beginning of a better fix than typically comes of working with the IMF. On the other hand, in practice it seems usually to be part of a flag-waving, nationalist, foreigners-are-the-problem distraction for regime leaders implementing either looting the country or…

Post by JumpCrisscross » Tue, Sep 07, 2021, 5:59 PM UTC

washedup wrote: post #6

As a country where remittances make up roughly 20% of the GDP, and with remittance fees as high as 20% or more, this could boost GDP by 4-5%. Not surprising to see them be the first to do this. Others will likely follow.