World Bank rejects El Salvador request for Bitcoin help

#1

Post by verginer » Thu, Jun 17, 2021, 5:26 AM UTC

World Bank rejects El Salvador request for Bitcoin help
bbc.com

Re: World Bank rejects El Salvador request for Bitcoin help

#2

Post by deadalus » Thu, Jun 17, 2021, 5:47 AM UTC

Will the big banks, institutions and governments make a move against DeFi soon? Seems like it.

Re: World Bank rejects El Salvador request for Bitcoin help

#3

Post by sildur » Thu, Jun 17, 2021, 5:50 AM UTC

The environmental impact of Bitcoin is positive, as Bitcoin allows us to use energy sources that are too remote or inaccessible to build cables to. For instance, waterfalls in remote locations. About transparency, it is the most transparent system, as all transactions are public. This is nothing but poor excuses.

Re: World Bank rejects El Salvador request for Bitcoin help

#4

Post by sildur » Thu, Jun 17, 2021, 5:51 AM UTC

deadalus wrote: post #2

Will the big banks, institutions and governments make a move against DeFi soon? Seems like it.

Of course, they don't want to lose their part of the pie.

Re: World Bank rejects El Salvador request for Bitcoin help

#5

Post by leppr » Thu, Jun 17, 2021, 5:51 AM UTC

sildur wrote: post #3

The environmental impact of Bitcoin is positive, as Bitcoin allows us to use energy sources that are too remote or inaccessible to build cables to. For instance, waterfalls in remote locations. About transparency, it is the most transparent system, as all transactions are public. This is nothing but poor excuses.

How does exploiting remote energy sources for Bitcoin have a positive environmental impact?

Re: World Bank rejects El Salvador request for Bitcoin help

#6

Post by elevenoh » Thu, Jun 17, 2021, 5:52 AM UTC

>"While the government did approach us for assistance on Bitcoin, this is not something the World Bank can support given the environmental and transparency shortcomings," they added.

Environmental as the #1 concern?

Bitcoin's enegery:market-cap ratio - a proxy for energy vs. value to humans - is >300x better than an airline & 60x better than JP Morgan & 20x better than google's.

https://twitter.com/Okcoin/status/1403405528462770183/photo/...

And the BTC"s electricity source trend is quickly toward renewable.

>Mr Zelaya also said that discussions with the International Monetary Fund (IMF) have been successful, saying the IMF was "not against" the implementation of Bitcoin.

Interesting.

Considering/speculating one incentive: If the world bank were to assist in implementing bitcoin in El Salvador, their general technical & financial competence would be transparently on display. And I doubt this fact appeals to them & their backers (powerful incumbents).

Reputation & optics are extremely important to incumbent institutions that yield influence. And as such it's a dissuading from entering open competitive markets.

Long term: Consuming less energy - which is tightly coupled with human prosperity - is futile. It's about the source of that energy.

Re: World Bank rejects El Salvador request for Bitcoin help

#7

Post by [deleted] » Thu, Jun 17, 2021, 5:53 AM UTC

[deleted]

Re: World Bank rejects El Salvador request for Bitcoin help

#8

Post by justinzollars » Thu, Jun 17, 2021, 5:54 AM UTC

The US uses the dollar as a weapon and it controls the world bank. So it makes sense that they won't help to de-dollarize the world.

Re: World Bank rejects El Salvador request for Bitcoin help

#9

Post by AshamedCaptain » Thu, Jun 17, 2021, 5:55 AM UTC

deadalus wrote: post #2

Will the big banks, institutions and governments make a move against DeFi soon? Seems like it.

This is absurd. Big banks, institutions and certain governments are amongst the first adopters of all of this.

They don't even try to hide their love for the so-called Wild Wild Financial West.

Re: World Bank rejects El Salvador request for Bitcoin help

#10

Post by LegitShady » Thu, Jun 17, 2021, 5:55 AM UTC

elevenoh wrote: post #6

>"While the government did approach us for assistance on Bitcoin, this is not something the World Bank can support given the environmental and transparency shortcomings," they added. Environmental as the #1 concern? Bitcoin's enegery:market-cap ratio - a proxy for energy vs. value to humans - is >300x better than an airline & 60x better than JP Morgan & 20x better than google's. https://twitter.com/Okcoin/status/1403…

>From the data & trend on % renewable energy use & the absolute figures compared to, for instance, energery use by [arguably displaceable] financial co's, that seems a little weak.

Environmental concerns are very fashionable ways to get out of dealing with it, whether true or not. But on your point directly, bitcoin won't displace most financial companies so the implementation of bitcoin doesn't mean anything about that.