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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

#311

Post by Devasta »

eyeball wrote: post #180
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.

They’re using the 2nd layer lightning network which has more tps. https://en.wikipedia.org/wiki/Lightning_Network#2021_adoptio...

Lightning network still requires you to have on chain transactions to open your connections though, it's not nearly the fix that people pretend it is.

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

#312

Post by X6S1x6Okd1st »

Ancapistani wrote: post #266
X6S1x6Okd1st wrote: post #245

Earlier quoted context omitted.

Using renewables to do something that doesn't need to be done is not a win. I divested from all PoW coins except ETH in expectation that PoS will be completed soon.

> Using renewables to do something that doesn't need to be done is not a win. It is if it spurs development of the underlying tech. Pornography isn’t necessary, but because it was consumed in volume we ended up with ubiquitous household VCRs in the 80s and 90s.

And breaking windows spurs the local economy because people will pay to get them fixed.

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

#313

Post by NicoJuicy »

thebean11 wrote: post #216
NicoJuicy wrote: post #189

Earlier quoted context omitted.

It's down though. https://twitter.com/nayibbukele/status/1435197879795212291?r...

The lightning network? Or the government's node? https://explorer.acinq.co/

The Chivo Wallet nodes, which is the required one in El Salvador.

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

#314

Post by lottin »

cwkoss wrote: post #304
lottin wrote: post #301

Earlier quoted context omitted.

Yes, and I assume bitcoin magically fixes this somehow?

I'm just pointing out your statement "every profit-maximising firm will always use the cheapest energy available" is not true or practically feasible. Bitcoin miners can respond to energy price in minutes, where most industry is hours, sometimes days (for capacity that already exists - months to years for capacity that does not). Stop/start costs are very low, so its easy to run only in profitable energy conditions.

A Bitcoin miner cannot relocate to a different part of the country where electricity costs are momentarily cheaper in a matter of minutes. And they are not gonna buy a whole lot of computing equipment and then let it idle for long periods of time because of fluctuations in the price of electricity. None of this makes any sense.

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

#315

Post by Karrot_Kream »

simiones wrote: post #121
m00dy wrote: post #72

Earlier quoted context omitted.

I think you are spreading misinformation. Your whole comment is absolutely wrong. [0]: https://twitter.com/OpenNodeCo/status/1435264127241527306

I was a bit too direct - it's true that officially bitcoin transactions must be accepted, and any valid bitcoin app would work - including anything based on Lightning. But in practice, it's absurd to imagine that the population of a whole country will learn about lightning or bitcoin directly and create their own Lightning channels or bitcoin wallets (though doubtless some will). Instead, most will use an app that hi…

> I was a bit too direct

You're just moving the goal posts. Here was your original statement:

> Actually, they are not even using lighning wallets

Here is your updated statement:

> it's absurd to imagine that the population of a whole country will learn about lightning or bitcoin directly and create their own Lightning channels or bitcoin wallets (though doubtless some will)

You started with what sounded like fact, then revealed that the justification is just the invocation of a thought experiment. There's nothing but speculation here. You're right this may happen, but a hyperbolic angry comment isn't the way to add to the discussion. This is why HN cryptocurrency threads are garbage dumps.

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

#316

Post by colinmhayes »

arcticbull wrote: post #273
colinmhayes wrote: post #260

Earlier quoted context omitted.

Is civil war forever really the best policy? At some point it makes sense to realize war is costly, both in terms of lives and the economy. When is it time to just try to make the best peace you can?

Is acquiescing to violent murderers and criminals?

If it stops them from murdering as much, it might be? The options seem to be they murder indiscriminately because they pretty much control the government or they murder less indiscriminately because they came to an agreement on when it's ok to murder with the government. I think option 2 is better, but different normative ethical philosophies certainly disagree.

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

#317

Post by stiltzkin »

pwm wrote: post #10

I read the whitepaper around early 2011 if my memory serves right. I remember finding it rather intriguing but also quite far-fetched for the lack of a better word. A whacky thought experiment on how to reimagine money only just after the GFC. Now 10 years later that whacky thought experiment is an official tender of a country. We truly live in interesting times :)

Can't take you serious if you find it "whacky" or "far-fetched".

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

#318

Post by el-salvador »

val314159 wrote: post #179
aazaa wrote: post #22

> To warm up a skeptical public, Bukele has promised every citizen $30 in bitcoin if they sign up for a government digital wallet. Ahead of the launch, El Salvador bought 400 bitcoins, Bukele said, helping drive the currency price above $52,000 for the first time since May. > In the early hours of Tuesday the wallet had not appeared on Apple Inc., Google and Huawei’s app download platforms, however, prompting a serie…

you think the government doesn't have a list of its citizens? I'm sure they have something like a social security number.

There is a National ID Number for everyone with Salvadoran Nationality 18 and older. And also a Tax ID that anyone can apply for.

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

#319

Post by Devasta »

Geee wrote: post #192
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.

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.

Hundreds of millions in possession of bitcoin maybe, but the number using it for any legitimate purpose is a miniscule fraction of that. The vast majority are in it under the assumption that bigger rubes will come along later to buy it off them.

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

#320

Post by stiltzkin »

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.

Seems you have really outdated info about Bitcoin, Bitcoin being not fungible is a great tool for analysing/tracking transactions. Money laundering and drugs use FIAT or Monero.
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