71–80 of 265 posts
Earlier quoted context omitted.
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.
Your uncle is gambling, just like every day-trader on the traditional stock market before crypto was ever invented.
Didn'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.
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?
https://en.wikipedia.org/wiki/Wag_the_Dog
https://en.wikipedia.org/wiki/Nayib_Bukele
I applaud Pres Bukele's ingenuity. Lacking the resources for any military adventures, or illicit cash (narco, petro) to fund terrorism, or a readily available ethnic minority to persecute (pogroms), Bukele cleverly seized and weaponized some fancy jargon.
Huh. I wonder if Bukele's next gig will be on Sand Hill Road. He's gotta do something with his pilfered wealth. There are worse options.
Earlier quoted context omitted.
9% adoption rate in 2 months for something optional is amazing. It takes time for people to learn to use it, as it's very different from the traditional banking system.
it doesn't mean 9% adoption though. I bet a large part of these 9% are still using $, maybe even exclusively.
TLDR: Chile attempts to escape economic slavery from the US, is subjected to manufactured dissent and ultimately overthrown by a military coup that is funded by and supports the West. 100,000 die from Pinochet’s subsequent war crimes.
Earlier quoted context omitted.
Matt Levine had a good take on it: https://www.bloomberg.com/opinion/articles/2021-11-22/be-car... (TL;DR: it's a good marketing play targeting people who want this to be a thing, it's actually better to buy "normal" El Salvador bonds and invest in Bitcoin yourself: the normal bonds give better interest and you'd get the full gains from the bitcoin profit, not just a share)
How can institutions that have obligations for performance but limitations in what they can buy get exposure to Butcoin? For normal people this bond doesn't make sense (except for the residence that they get), but regulated institutions may want a piece of it. We'll see.
I’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.
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.
What would the problem be to use Transferwise?
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.
2. They’re not cheaper than other methods. They’re more expensive.