Bitcoin Failed in El Salvador. The President Says the Answer Is More Bitcoin

Post by xiphias2 » Sat, Dec 11, 2021, 2:52 PM UTC

detaro wrote: post #39

CPLX wrote: post #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 wou…

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)

Post by lalaland1125 » Sat, Dec 11, 2021, 2:55 PM UTC

howdydoo wrote: post #59

JKCalhoun wrote: post #38

Earlier quoted context omitted.

Agenda? Hit-piece? Are people allowed to have opinions any more, allowed to draw conclusions and take a side? As if Albert Einstein authored anti-quantum hit-pieces, had a classical physics agenda (or choose any other contentious issue in history where people had divided opinions).

In his opening paragraph, he calls a sitting president a con artist. The first "source" he cites is his own article, written only a few days after the law passed, already calling it a failure. I don't care which "side" you're on, it's a stretch to call this news. The real shame is that if the article were less biased, it would never have made it this high on the front page.

Post by audessuscest » Sat, Dec 11, 2021, 2:57 PM UTC

xiphias2 wrote: post #54

lalaland1125 wrote: post #35

Earlier quoted context omitted.

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% 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.

Post by NicoJuicy » Sat, Dec 11, 2021, 2:59 PM UTC

bobcostas55 wrote: post #56

NicoJuicy wrote: post #28

Earlier quoted context omitted.

While David Gerard has been very critical of El Salvador ( and mostly Bukele), he is giving information/insights about it, that you won't see elsewhere. I wouldn't dismiss it as a hit piece. He's obviously spending a lot of time researching what's happening in El Salvador with the Chivo wallet. As far as i checked/found, all the information he gave, is factually correct. But yes, he is very critical of the usage of C…

Is this the same Gerard who has a bizarre hatred for Scott Alexander and harasses anyone on twitter who talks about him?

Post by temp8964 » Sat, Dec 11, 2021, 3:01 PM UTC