I also hope so, because if poor countries become a bitcoin network, slowly their economy will improve, because of the many benefits that can be obtained from bitcoin, poor countries must take steps like el salvador which has legalized bitcoin.
My friend, how to you expect countries where even a flick of electricity is like a heavenly thing to start accepting bitcoin already? I appreciate the fact that they started using bitcoin as legal tender but that does not change the fact that these countries are poor. Bitcoin will not solve the poverty. They need to feed themselves first and for doing that they need fiat as a ground level currency that they can acquire without any electronic device and use without another gizmo. While that might be true in some cases, it's certainly not applicable to everyone in El Salvador. A valid point was raised in the other topic that around 20% of the nation's economy comprises of remittances sent from abroad. Bitcoin is often a better option for remittances than fiat. So for those citizens who are receiving dollars at the moment, it may be worth investing some of that money into a device to receive BTC (assuming they don't already have a smartphone). Over the long term, it will allow them to keep a greater proportion of the funds being sent, as they won't be relying on third parties. Middlemen like Western Union and TransferWise take a slice of pie. I don't think anyone is claiming that Bitcoin can help everyone in El Salvador, since that's not realistic. But even if it just helps some people, that's good enough. |
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This is really works like for example if you bought a lot of doge last December 2020 like worth $1k and you sell it for btc last May this year when ATH reached you can have atleast 2-3 btc in your $1k yeah its a nice return and looks like most people today are doing this kind of strategy invest in alts and buy bitcoin later when they got enough profit.
It can work, but success is highly dependant on external factors that you have no control over. Before anyone does this, they need to consider carefully how patient they are willing to be, since markets are unpredictable and can move in the opposite direction to the one you want. As an example, people often talk abut buying the absolute cheapest coin you can find, because those have the greatest potential to increase your profits. But that's rarely accompanied with a warning about the dangers of such coins getting delisted from an exchange and the effect that tends to have on the price once it is announced. That's either a one-way ticket to bagholderville or a substantial realised loss. If you inadvertently manage to convince someone that doing this is a guaranteed win, you could end up costing them a lot of money. Always give the pros and cons where you can. |
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The crux of the matter is how many people and companies actually embrace the usage of BTC.
I have a feeling that most of the companies aren't going to follow suit just because their government made BTC a legal tender. It boils down to whether they are comfortable doing their daily transactions in BTC, and obviously, when you're coming from a dollar standpoint, it's really hard to break old habits and changing your accounting, B2B contract payments, and salaries all to Bitcoin. Then there's the problem of us not having a de facto SPV wallet that works on all platforms. Electrum comes close but doesn't make the cut. That would make things so much easier for people who just want to get paid and don't care about the technical details of bitcoin. Indeed. Part of me feels like the most significant part of all this is the political power-play, roughly equivalent to raising a middle finger to the US and the IMF while the world watches on. I guess we'll see how committed the government of El Salvador really is to supplying their people with the infrastructure to actually support real world usage. That's what will likely determine the outcome. Hopefully it's not just an empty gesture on their part. If they really do want people to use bitcoins, they'll make the transition as easy as possible. |
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The crux of the matter is how many people and companies actually embrace the usage of BTC. In many places, taxation and general bookkeeping is a legitimate concern for businesses who deal with BTC, but in El Salvador this will remove that hurdle and place Bitcoin on a level playing field with fiat. However, because merchants have been given the option to convert it straight back to USD at point of sale, I'm curious to see how many actually opt to keep the bitcoins, versus how many take the off-ramp back to Dollars. Considering, if they don't keep the BTC, then they'll continue paying their workers in dollars and BTC generally won't find its way into the hands of many people. It's all going to depend on the choices these people make.
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Your work as a critic is easy. You risk very little, but enjoy a position of perceived power over those who offer up their work. You appear to thrive on negative criticism, fun to read. As fun as a clown at a circus . The separation between us is vast. People that create verse criticize . As you offer up your criticism . That’s basically your only utility. As you are lacking in vision, so do you lack in depth of understanding of what we are going to accomplish with Bitcoin Eco. One day you might scurry back to this thread and change your tune or be ostracized among those with true vision. Possibly only then will you see your overwhelming failure to see the future. In the short term you might pick up some merit for your glib shortsightedness by other naysayers . In the long term you will be left behind like a relic of the past. Thinking you have it all figured out is your weakness.
Speaking in absolutes shows your true level of your understanding. Absolutes are generally pushed by people who lack perspective and fail to see life's gradient . You could have came to this thread with insight but instead you came in hot with negativity. Acting like some carnival fortune teller that can see the future. I wish you well on your journey to TRY and tear people down with your negative opinion. Cause lets face it. That's all your offering up today. Your opinion in a sea of 2 cent opinions . Trying to tear down people with ideas and the will to pursue them is easy. The internet is full of people like YOU. As with any critic the power you think you have is merely perceived. Real power belongs to those willing to lower themselves to pick it up. Its obvious your way to high on your own opinion to be lowered or see someone else point of view.
The. Hypocrisy. Is. ASTOUNDING. Do you even hear yourself? You engage in the exact same behaviour when you discuss Bitcoin (except you do it as a shameless and not-exactly-covert plug to advertise this project, rather than for the sake of any genuine intellectual discussion) and then act like you're some zen visionary when someone returns the favour? But no, you go right ahead and show indignation and get all haughty just because someone lowered themselves to your level. Why would I come to your thread to offer insight? This is natural selection. I'm not here to prop up the weak. You survive on merit or you fail. Besides, I gave you all the insight you needed in the other topic when I told you to learn something before you said anything else dumb. I see you didn't heed that advice. Best of luck with Bitcoin Ego. May your paltry number of followers nourish your sense of self importance. I hope it proves sufficient consolation for the obscure and desolate wasteland your coin disappears off to and dies in. Maybe then you'll see why you were wrong. |
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This isn't "an environmentally sustainable Bitcoin" because it has nothing to do with Bitcoin. It's a crapcoin attempting to leech from a recognised name. There have been dozens of totally worthless crapcoins which have employed the same predictable tactic and have remained absolutely nowhere in terms of adoption.
If you want to sink value into a dead-end vanity project run by an absolute buffoon who has demonstrated on multiple occasions that they are unable to comprehend the first thing about what makes bitcoins valuable, this project is definitely right for you!
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Think the point might be. Bitcoin Core developers could solve all the problems of Bitcoin NOW.
Not without introducing new problems, you illiterate numpty. Again, you don't understand the costs and the trade-offs involved. Optimisations are still being made where possible, but beyond that, most other changes come with a price attached. You either choose to sacrifice one area to gain in another, or you abandon a primary objective. We have the technology to do so. They just wont
So it's a conspiracy, then? They could choose to make it better, but they aren't doing that for reasons you can't explain. Yeah, sounds legit.  You and your shitcoin are a joke. Troll harder. |
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IMF sees legal, economic issues with El Salvador bitcoin move
The International Monetary Fund said on Thursday it has a number of economic and legal concerns regarding the move from El Salvador to make bitcoin a parallel legal tenders.
If it makes the world's biggest loan shark unhappy, then I like the news all the more, heh. Something tells me it's more about self-preservation for them. Imagine if nations do adopt a currency which the IMF are unable to control and it does have the effect of improving their respective economies (it's a big "if", but imagine it happened), that results in fewer countries relying on the IMF, reducing their overall influence on the world stage. This is a potential threat to their vice-like grip on struggling countries if it proves successful. |
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I wouldn't say it's an unpopular opinion at all. Unwise, perhaps, but not unpopular. It's all a question of risk and self-control. It's certainly possible to accumulate more Bitcoin by speculating with alts. But it's likely that a greater number of people lose more than they gain. And the longer you play the game, the more likely the odds you'll eventually lose. Surprisingly few people know how to quit while they're ahead.
Due diligence on its own sadly isn't enough. You can do all the research you want, but markets don't necessarily follow the same logic you're choosing to employ. An altcoin could solve any number of legitimate real-world problems, but it can still tank in a heartbeat under the right (wrong?) conditions.
Always remember: Just because you have a strategy, doesn't mean you aren't gambling.
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Also, did Japan accept bitcoin as legal tender already?
Getting a bit off topic, but they granted it status as a legal payment method. Legal tender is a step further. You can pay your taxes in legal tender. As far as I'm aware, you can't do that with Bitcoin in Japan. |
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The Lack of ZERO Acknowledgment that bitcoin has deficiency's just shows Confirmation bias is strong on this thread. The ability to NOT to see both sides of the argument is a symptom of Confirmation bias. The Road to a stronger Bitcoin is to admit the shortcomings. Currently most are to wrapped up in their own self interest to improve upon Bitcoin. The Acknowledgment Bitcoin is flawed and fixing it could improve every single Bitcoin users self interest. Would require everyone admit the flaws. Most are incapable of admitting negative narratives that involve their own arrived upon thought constructs. Doomed to cycle through repeated failure. Break the cycle. Fix Bitcoin
I'm not saying Bitcoin can't be improved. I'm saying you totally lack the awareness and competence to judge what form those improvements might take. Spend several years without saying stupid shit, take the time to actually learn something. Then, one day, you might have something that resembles an informed opinion. Until then, your opinions are meaningless. |
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I usually try to keep my response measured, but it is a pretty big deal. I figured it was going to be another decade or so before a sovereign nation made BTC legal tender.
Just keep in mind that other countries may not opt to follow blindly. Perhaps they'll deem it prudent to watch closely and see how things unfold before they decide whether to take the plunge or not. I suspect El Salvador will fall under tremendous scrutiny over the coming months. It's also likely the FUD won't end here. Those who pull the puppet stings in the media will take every opportunity to highlight any remotely tenuous link to money laundering or other forms of financial crime. And they'll continue to leave out the part where most crimes involve a national fiat currency. There's always the chance that it won't be plain sailing from here.
[Insert the usual advice of taking nothing for granted/don't invest what you can't afford to lose/past performance is no guarantee of future success/etc here]
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I guess that's official, then. Multiple sources reporting it has passed. We'll see if there's a snowball effect and whether this changes any paradigms. Well done, El Salvador!
This is now a great news for bitcoin despite of the banning of bitcoin in China and the cancellation of Tesla to bitcoin as a mode of payment.
Do Tesla have any dealerships in El Salvador? If so, they might have to accept BTC there whether they like it or not, heh. |
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Chances are, if you're reading this and you came here to learn how Bitcoin actually works, an ETF isn't the right option for you. They're intended for a different audience. 'Traditional Finance' has some sort of collective neurological disorder where they have an overwhelming and unrelenting compulsion to have all the fingers in all the pies. They can't help themselves but to find a way to get onboard. And for them, this is one of the few ways they can do it. So they're going to play with some IOUs like they always do. It's the only thing they can comprehend.
You have a better option. You don't have to play with IOUs. You can have the real thing.
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Even if you were in a position to refund the difference between the original amounts and your proposed new amounts to each of the people who originally donated, the answer would still likely be 'no'. You don't get to diminish their contribution like that.
Not everyone gets to make history. Rare moments can pass you by. Sometimes you do have to be in the right place at the right time in order to get certain things. You don't always get a second chance. Some things are unattainable. They're just a few of those unfortunate facts of life.
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I'm more interested in what would happen if people actually took some time to understand why things work the way they do before they suggested ways they could (supposedly) be "improved". Isn't it funny how none of these people have ever succeeded in building this vastly superior version of Bitcoin they keep talking about? The simple fact is, every last one of you deluded, ignorant fools who think you somehow know better: You don't have a viable alternative. You have a wishlist. Things that you would like to have. But the thing is, you can't have them, because you don't understand the costs involved. So you keep telling us what the problems (again, supposedly) are. Because it's all you're capable of. Just stop wasting your time and ours with your mindless babbling. You know absolutely nothing. Quite possibly the only valid thing you have raised is the absurdity of trying to argue with closed-minded nocoiners. That's usually a complete waste of time and effort. |
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He announces it one day after El Salvador become the first country to make Bitcoin Legal Tender. Would it be a domino effect? Will other countries adopt Bitcoin in their projects too?
As with the other topic, it's important to stress it hasn't happened yet. The El Salvador President has announced a bill, but the bill has not yet been approved. |
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So if I follow your reasoning you don't go into the stadium to watch the game because your ex-girlfriend is in the stand with her new guy who files her crotch every day?!
I wouldn't go to the stadium to watch the game if it were being played by a bunch of criminals who were trying to impersonate the genuine athletes. That's what this is. This is not a clown show.
It's worse than a clown show. Clowns as least have entertainment value. This is utterly worthless. Unless, of course, your goal is to spread lies and deceit, attempting to broadcast your propaganda to a wider audience. I'm guessing you probably see some value in that, given that you're the one promoting it. What's it like to actively support thieves and crooks? Do you sleep well at night? |
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I'd rather wait for the bill to go through before adding to the hype. I suspect there are people in this world with vested interests, who occupy positions of power and influence, who would prefer this didn't happen. If this goes through and other countries did follow suit, it changes certain paradigms. So it would make sense that anyone who doesn't want those paradigms to shift will react swiftly to this development. Maybe don't treat it as a foregone conclusion just yet. There is still time to exert pressure on those in the El Salvador Congress. Nation states have proven time and again that they aren't above meddling in the affairs of other nations.
//EDIT: Seems I was being overly pessimistic. Multiple news agencies are now reporting the bill has passed (9th June 2021).
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