Bitcoin Failed in El Salvador. The President Says the Answer Is More Bitcoin
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Re: Bitcoin Failed in El Salvador. The President Says the Answer Is More Bitcoin
#2Did not fail, cope and seethe.
Re: Bitcoin Failed in El Salvador. The President Says the Answer Is More Bitcoin
#3Nice propaganda piece.
Re: Bitcoin Failed in El Salvador. The President Says the Answer Is More Bitcoin
#4Bitcoin isn't the lone currency in the country and the dollar is still widely used there. Expect more of this as the president of El Salvador has invited the ire of the US government by exposing the US's involvement in corruption in his country: https://twitter.com/nayibbukele/status/1469045510442864642
The media is about to go full court press on this guy, BTC is just one angle they'll use.
Re: Bitcoin Failed in El Salvador. The President Says the Answer Is More Bitcoin
#5> Bukele came onstage to an animation of beaming down from a flying saucer and outlined his plans for Bitcoin City: a new charter city to be built from scratch, centered on bitcoin mining—and powered by a volcano. Bitcoin City would be paid for with the issuance of $1 billion in “volcano bonds,” starting in mid-2022. The 10-year volcano bonds would pay 6.5 percent annual interest. $500 million of the bond revenue would be used to buy bitcoins. The bitcoins would be locked up for five years, then sold to recover the $500 million purchase price; any profit on the sale would be paid out as an additional dividend. Holding $100,000 in volcano bonds for five years would qualify investors for Salvadoran citizenship.
Seems legit.
Re: Bitcoin Failed in El Salvador. The President Says the Answer Is More Bitcoin
#6Bitcoin isn't the lone currency in the country and the dollar is still widely used there. Expect more of this as the president of El Salvador has invited the ire of the US government by exposing the US's involvement in corruption in his country: https://twitter.com/nayibbukele/status/1469045510442864642 The media is about to go full court press on this guy, BTC is just one angle they'll use.
This is like that complaint of Brexiteers, that the European Union, which they wanted to be oh-so-independent of, isn’t giving them the deal they had promised.
The whole premise was that Bitcoin would allow El Sal to free itself from under the power of the US($). I can’t even tell if you consider that effort to be successful or not. But considering the average American probably thinks ‘El Salvador’ was the guy Scorcese used to get his coke from, I doubt any theories of “the media” having anything to gain from conspiring against the country.
Re: Bitcoin Failed in El Salvador. The President Says the Answer Is More Bitcoin
#7I think it's a little too soon to announce failure here. The aesthetic performance 'Bitcoin is a currency', is probably not the essential goal. The essential goal may very well be that of increasing the nations wealth by way of ponzi schemes. While I doubt that will work, we should let the game run a bit longer here, to see if any other countries jump aboard the performance.
Thus far, this performance has profited for many of the individuals who have participated in the scheme thus far.
Good piece though. I'm a patreon supporter of David's , and I greatly enjoy and appreciate his work.
Re: Bitcoin Failed in El Salvador. The President Says the Answer Is More Bitcoin
#8> Bukele came onstage to an animation of beaming down from a flying saucer and outlined his plans for Bitcoin City: a new charter city to be built from scratch, centered on bitcoin mining—and powered by a volcano. Bitcoin City would be paid for with the issuance of $1 billion in “volcano bonds,” starting in mid-2022. The 10-year volcano bonds would pay 6.5 percent annual interest. $500 million of the bond revenue wou…
Yeah, would vote for the clow...man.
Re: Bitcoin Failed in El Salvador. The President Says the Answer Is More Bitcoin
#9Color me shocked that a globalist website advocates against Bitcoin in an alarmist "news" story.
Re: Bitcoin Failed in El Salvador. The President Says the Answer Is More Bitcoin
#10Why does he insist on Bitcoin? Their biggest use cases are 1. incoming USD payments from relatives in the States and 2. Retail USD transactions. BTC is really bad for both of these. Why not stablecoins on some cheaper chain?