So 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.
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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
#42Bitcoin 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 pure deflection. The use of BTC in El Salvador is a joke. Comments about whatever US corruption don't change that.
Re: Bitcoin Failed in El Salvador. The President Says the Answer Is More Bitcoin
#43I’m exhausted by cryptocurrency. There’s a kernel of neat tech innovation and a reasonable argument about monetary policy obliterated by an avalanche of greed, hype, fraud, and magical thinking.
I remember being shocked that my uncle was doing NFT trading and buying and selling digital land in the metaverse over Thanksgiving (though not his primary job).
I thought I was an early adopter for having 1.4 ETH.
Re: Bitcoin Failed in El Salvador. The President Says the Answer Is More Bitcoin
#44Didn'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.
The author is also the author of the book "Attack of the 50 Foot Blockchain". It seems more like a hit piece than a news article.
Everything is an anti-crypto conspiracy. Embrace the paranoia.
Re: Bitcoin Failed in El Salvador. The President Says the Answer Is More Bitcoin
#45I’m exhausted by cryptocurrency. There’s a kernel of neat tech innovation and a reasonable argument about monetary policy obliterated by an avalanche of greed, hype, fraud, and magical thinking.
The most innovative part of crypto is how it encourages "normal" people to become personally financially invested in promoting it.
Re: Bitcoin Failed in El Salvador. The President Says the Answer Is More Bitcoin
#46This article is weird. It doesn’t seem to explain why bitcoin “failed”, just seems to suggest that El Salvador is not yet an economic paradise after 8 months. I like what this guy is doing. Sure it could fail. But obviously the SOP has already failed. Good for him and good for the people of El Salvador.
From the article: > More than 91 percent of Salvadorans want dollars, not bitcoins. The official Chivo payment system was unreliable at launch in September—the kiss of death for a new system. Users joined for the $30 signup bonus, spent it or cashed it out, then didn’t use Chivo again.
9% of the population of an entire country wanting bitcoin sounds like a decent win to me. It's not clear to me where that optimistic number comes from though.
Re: Bitcoin Failed in El Salvador. The President Says the Answer Is More Bitcoin
#47I’m exhausted by cryptocurrency. There’s a kernel of neat tech innovation and a reasonable argument about monetary policy obliterated by an avalanche of greed, hype, fraud, and magical thinking.
The most innovative part of crypto is how it encourages "normal" people to become personally financially invested in promoting it.
Decentralised MLMs. That and nobody wants to be the bag holder.
Re: Bitcoin Failed in El Salvador. The President Says the Answer Is More Bitcoin
#48Earlier quoted context omitted.
Can you point me to a isolationist magazine on geopolitics?
Ah, the technique of distracting from the point by bringing in an irrelevant point that cannot be debunked. Nice try.
As opposed to dismissing the points in the article with merely a wave of "globalist website"?
You may be right but you offer no evidence, only shoot the messenger.
Re: Bitcoin Failed in El Salvador. The President Says the Answer Is More Bitcoin
#49I’m exhausted by cryptocurrency. There’s a kernel of neat tech innovation and a reasonable argument about monetary policy obliterated by an avalanche of greed, hype, fraud, and magical thinking.
The most innovative part of crypto is how it encourages "normal" people to become personally financially invested in promoting it.
Too many grass-roots movements failed, or at least struggled, because money was an after thought.
Re: Bitcoin Failed in El Salvador. The President Says the Answer Is More Bitcoin
#50Earlier quoted context omitted.
>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…
I'm not doubting your point that the U.S. has both the incentive and track record to interfere with El Salvador. How do you back up your suggestion that the media is being controlled by U.S. interests, that there is collusion on the part of the media and U.S. government?
There are clear conflicts of interests between an independent press and the press being owned by large corporate entities.
Aside from that, note the revolving door and cozy relationship between the intelligence arm of the government and media:
William Brennan - CIA to MSNBC
James Clapper - NSA to CNN
Michael Hayden - NSA to CNN
Asha Rangappa - FBI to CNN
Chuck Rosenberg - DEA to MSNBC
The above are just a few, and clearly a new flavor of the military/intelligence industrial complex.
Then consider that the Washington Post is owned by an individual that has also competed for billions of CIA and NSO business (going back many years before 2020): https://www.datacenterdynamics.com/en/news/cia-awards-multib...
Or consider the overt yellow journalism that was used to justify invasion of Iraq in 2003 - the New York Times was one of the most culpable outlets: https://en.wikipedia.org/wiki/Media_coverage_of_the_Iraq_War...