Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Bitcoin becomes Legal Tender in El Salvador

coindesk.com

Post reply on HN
Print view View original

1–10 of 145 posts

Re: Bitcoin becomes Legal Tender in El Salvador

#3

Post by Cyclone_ »

I know you have the option to convert to USD, but haven't seen yet if there would be any fee to doing so. Also, it might be difficult to get every merchant in the country to be able to accept bitcoin. The other thought I had was if they would start accepting other crypto as well if this works out.

Re: Bitcoin becomes Legal Tender in El Salvador

#4

Post by mrtksn »

The strictly limited amount of BTC makes this into a land grab. First comers are entitled to the services of the real economy due to their virtue of being first(or lucky to be on the right place at the right tweet).

Musk is right on this one: https://twitter.com/elonmusk/status/1401251430015582209?s=21

Unlike fiat money, BTC is not an accounting tool for value exchange.

Unlike actual land, it doesn’t have any intrinsic value.

I’m very curious to see an elite class whose core virtue is based on being an early adopter.

Re: Bitcoin becomes Legal Tender in El Salvador

#5

Post by enigami »

Cyclone_ wrote: post #3

I know you have the option to convert to USD, but haven't seen yet if there would be any fee to doing so. Also, it might be difficult to get every merchant in the country to be able to accept bitcoin. The other thought I had was if they would start accepting other crypto as well if this works out.

Agree and somehow if the Government could abstract away all the complexities involved with Storing Bitcoin, Private Keys Management, Fees and Coversion this would be a major step forward

Re: Bitcoin becomes Legal Tender in El Salvador

#10

Post by timdaub »

mrtksn wrote: post #4

The strictly limited amount of BTC makes this into a land grab. First comers are entitled to the services of the real economy due to their virtue of being first(or lucky to be on the right place at the right tweet). Musk is right on this one: https://twitter.com/elonmusk/status/1401251430015582209?s=21 Unlike fiat money, BTC is not an accounting tool for value exchange. Unlike actual land, it doesn’t have any intrins…

The intrinsic value argument is a funny one. What's the idea behind it? Assume you have asset X but then one key assmption fails. Now, is asset X still valuable considering the failed assumption?

For land, you can say that even in the case that society collapses it is still valuable. Or is it?

What exactly is the assumption that deems BTC's intrinsic value zero and land's value more than zero?

Post reply on HN