El Salvador makes Bitcoin legal tender

Post by ric2b » Tue, Jun 15, 2021, 12:26 AM UTC

deschutes wrote: post #621

PragmaticPulp wrote: post #350

Earlier quoted context omitted.

According to the article, the town didn't even want to use Bitcoin. An anonymous donor gifted them a large amount of Bitcoin on the condition that they must learn how to use Bitcoin and advocate for the use of Bitcoin: > After meeting with several philanthropies in the region, all of which wanted to take the funds and convert them into fiat to cover the community's immediate needs, the donor partnered with Michael Pe…

It's evil.

This one time a guy offered to give me $5k, but I had to give him my car.

There are sick people everywhere, I simply said "No, thank you" but clearly I should have called the cops on him.

Post by madis » Thu, Jun 17, 2021, 8:05 AM UTC

loceng wrote: post #482

slim wrote: post #414

Earlier quoted context omitted.

Seems legit to me. It worked. There was no reason for them to want to cash out apart from resistance to change.

Meanwhile whoever donated it is seemingly furthering adoption of it helping solidify the unnecessary increasingly large wealth transfer from later adopters to earlier adopters - a promise where the money is only worth the artificial price if enough of society adopt it to allow early adopters to be made whole again without crashing the price..

You don't seem to understand bitcoin. You're talking about cashing out. Why would anyone cash out from bitcoin? Ok, you get some dollars. What do you do with them? They lose >10% yearly, whereas BTC has gained >200% yearly over the past 10 years.

Instead you hold it. And if you need money you borrow against it.

Likely the poorer people won't be able to save & hold much bitcoin at least in the beginning. But the government can keep their reserves (and pension funds for example) in BTC and thus benefit everybody.

Re: El Salvador makes Bitcoin legal tender

Re: El Salvador makes Bitcoin legal tender