Why not use a stablecoin? Or are they dealing with Bitcoin volatility in another way?
El Salvador adopts Bitcoin as official currency, first country to do so
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Re: El Salvador adopts Bitcoin as official currency, first country to do so
#212Down 1.6 million the first day. Good luck 400 coins BTC-USD Bitcoin USD 47,256.78 -4,285.39 -8.31%
In Jan 2020, the USD monetary base (= the other legal tender in El Salvador) was 15.3 trillions, in Jan 2021 it was 19. That's a drop of 24% in purchasing power. https://fred.stlouisfed.org/series/M2
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Re: El Salvador adopts Bitcoin as official currency, first country to do so
#213Waste of time, blockchain is a garbage technology
Re: El Salvador adopts Bitcoin as official currency, first country to do so
#214I'm really interested that they chose BTC as opposed to making their own, which as I understand it isn't super hard to do?
Tying to an already-established commodity, and an exceptionally volatile one at that, seems wildly irresponsible to me, but I'm very VERY under-educated in this area
Re: El Salvador adopts Bitcoin as official currency, first country to do so
#215Let'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.
Using renewable energy still takes that opportunity away from other users who end up stuck with X% of their energy use provided by non-renewables, so the real carbon footprint is still similar.
Re: El Salvador adopts Bitcoin as official currency, first country to do so
#216Earlier quoted context omitted.
They’re using the 2nd layer lightning network which has more tps. https://en.wikipedia.org/wiki/Lightning_Network#2021_adoptio...
It's down though. https://twitter.com/nayibbukele/status/1435197879795212291?r...
The lightning network? Or the government's node?
Re: El Salvador adopts Bitcoin as official currency, first country to do so
#217Let'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.
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Re: El Salvador adopts Bitcoin as official currency, first country to do so
#218Let'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.
Such an ignorant comment. There are hundreds of millions Bitcoin users globally, and only a very small fraction of them are criminals of any kind. And let's ignore the actual criminals who legally counterfeit US dollars to finance war all around the world.
I agree that that half of the comment was ignorant.
The rest still stands.
Re: El Salvador adopts Bitcoin as official currency, first country to do so
#219Let'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.
Such an ignorant comment. There are hundreds of millions Bitcoin users globally, and only a very small fraction of them are criminals of any kind. And let's ignore the actual criminals who legally counterfeit US dollars to finance war all around the world.
> And let's ignore the actual criminals who legally counterfeit US dollars to finance war all around the world.
I've not heard of a legal counterfeiter. How's that work?
Re: El Salvador adopts Bitcoin as official currency, first country to do so
#220Earlier quoted context omitted.
The best argument for Bitcoin is that it’s not created out of thin air and then lent to people with interest, IMO.
Sure, it's created out of hot air and instead of interest you have crazy transaction fees.
100% BULLSHIT. The fees on Bitcoin, on chain, have been less than 75 cents the entire year of 2021. The average tx on chain the past 9 months has been about 10-15 cents. Unless you stand here trying to tell everyone that 10 cents is a crazy transaction fee. Quit lying, or better yet quit spreading FUD purposely.