Why 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?
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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
#12Why 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?
Stablecoins won’t go up and lift up the country in a world of money printing and fiat debasement.
Re: Bitcoin Failed in El Salvador. The President Says the Answer Is More Bitcoin
#13So the key reason for btc adoption in El Salvador is cheaper remittance payments, I find it odd that an article that sets out to criticize btc in El Salvador doesn't even mention the original intended use case.
Re: Bitcoin Failed in El Salvador. The President Says the Answer Is More Bitcoin
#14Color me shocked that a globalist website advocates against Bitcoin in an alarmist "news" story.
Can you point me to a isolationist magazine on geopolitics?
Re: Bitcoin Failed in El Salvador. The President Says the Answer Is More Bitcoin
#15Seems a bit too soon to call it a failure. It hasn’t even been a year.
Re: Bitcoin Failed in El Salvador. The President Says the Answer Is More Bitcoin
#16Bitcoin 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 Scorce…
>I doubt any theories of “the media” having anything to gain from conspiring against the country
Aside from your sweeping and snide remarks on Americans, this is a woefully naive take. The US derives a lot of its power through the global monetary system. It can essentially isolate an entire country from large segments of global trade by simply sanctioning it (severing SWIFT transactions and threatening any banks with loss of settlement/SWIFT access/penalties for dealing with the country). Most of global trade is settled in dollars and a lot of reserves are held in dollars. The US exports dollars. The US takes advantage of those circumstances for its own benefit and seeks to preserve this system. BTC doesn't really pose a threat (not enough of it, slow throughput, too volatile).
Further, the US has a long history of interfering in South America (United Fruit, for example). Or: https://en.wikipedia.org/wiki/United_States_involvement_in_r...
Bottom line: There is clear incentives for the US to have its way in El Salvador and elsewhere. There is also a clear track record of the US doing anything it can, legal or illegal, to achieve its desired outcomes in South America. Leveraging a largely US based mega-corporate-owned media to assist in those endeavors is only natural (and blithely dismissed by midwits like yourself). The president of El Salvador has disrespected the empire, so El Salvador delenda est.
Re: Bitcoin Failed in El Salvador. The President Says the Answer Is More Bitcoin
#17Didn't El Salvador just announce that bitcoin is legal tender a few months ago? Isn't it a bit soon to declare that it failed? Especially considering the state of El Salvador's fiat.
Re: Bitcoin Failed in El Salvador. The President Says the Answer Is More Bitcoin
#18So the key reason for btc adoption in El Salvador is cheaper remittance payments, I find it odd that an article that sets out to criticize btc in El Salvador doesn't even mention the original intended use case.
Why are retailers forced to support BTC transactions if that is not a key part of the adoption?
Re: Bitcoin Failed in El Salvador. The President Says the Answer Is More Bitcoin
#19Re: Bitcoin Failed in El Salvador. The President Says the Answer Is More Bitcoin
#20Earlier quoted context omitted.
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 Scorce…
>I doubt any theories of “the media” having anything to gain from conspiring against the country Aside from your sweeping and snide remarks on Americans, this is a woefully naive take. The US derives a lot of its power through the global monetary system. It can essentially isolate an entire country from large segments of global trade by simply sanctioning it (severing SWIFT transactions and threatening any banks with…
Aside from your sweeping and snide remarks on journalists, this is a woefully naive take.