Yes it will be then in group 3 as per the categories you have.

I have been using SimpleSwap. Allows you to make a simple send tx instead of interacting with a smart contract.

Here is how it works: https://simpleswap.io/how-it-works

Then when on other chains, you can swap on the many dexs. Check out https://swap.defillama.com/ which aggregates multiple dexs.

You can also use Rabby wallet which has an aggregator within the wallet itself.

I haven't used a lot of Bitcoin native dexs to swap to Stables, so can't comment on that part.

That maybe true yet if you look deeper there are many of them who are in it from a philosophical and fundamental point of view. Not just the early developers but also farily new people who have come to understand the importance and implications of bitcoin on global financial system. Apart from bitcoin, the smart contract ecosystem is also quite interesting in several aspects, not that it should be applied to each and everything.

what or who are you looking for specifically?

The past two years really did mess it up.
The one is Arhnem is decent but quite small.
You should most definitely try and visit us in the Manchester one. I promise you won't regret it

I am and there are quite some bitcointalk members that visit. Not sure if they would reply here though or if they even see this thread anymore

Cool. The prices on OS are indeed super expensive but hey there will be more lands released overtime. There will be around 160,000 plots of player owned land in the game spanning over the four nations of Thanabus. All of these will be sold at retail price before they hit the secondary market.

Plus, unless you need access to play early, you dont really need land to play which is the best part for mass adoption

This is going to be EPIC!!

Can't wait to visit!!

They are quite active actually. Everything is now moved on to discord and currently they are selling some land for the game which is an NFT. I was just bumping this for the fun of it. I do think they should update the thread with new content as this one is outdated just to be consistent.

I am not sure if you can even access the XCP wallet and claim anything anymore. Luckily I did exchange those rustbits but the rest of my assets are all gone. I tried to look it up now that the old nft are picking up in price but welp..

if you do figure it out, let me know xD

Hey team BSS! A thread update would be awesome

true, seem that since El Salvador didn't have its own currency the adoption decision might have been somewhat easier. Agree on the point that none of the big countries would willingly undermine their own currency unless they are extremely forwards thinking individuals (which I highly doubt).

I believe China and India are already investigating into an 'official' virtual currency.

---

Good shout. Thanks for the ref.

I get your point. Plus I have no ground experience or authority to comment on the real situation of their economy. Mine is just a bird's eye view based on the information I have read so far.

You should check out this presentation: [El Salvador Becomes The First Country to Declare Bitcoin Legal Tender w/ Jack Mallers of Strike] https://www.youtube.com/watch?v=_59hrgTiRJU

On the usage front, the lightning network might really help with adoption. Hence I also mentioned that

Bitcoin isn't illegal in most countries but there is a difference in it being included in the law as a legal tender. The implications are different. For example, in the 'Bitcoin Law' by El Salvador, one of the articles states that bitcoin 'must' be accepted if offered by the customer. So if you go to a market and say I want to pay in Bitcoin, they have to accept it. Furthermore, to help the merchant the govt. is going to facilitate so that they can instantly swap BTC for USD at the point of sale.

USA wants USD to be the global reserve because they literally control the supply. I would assume, even in an ideal world, USA will be the last to adopt.

Bitcoin as a nation’s legal tender!


Event summary:
On the 9th of June 2021, El Salvador passed the ‘Bitcoin Law’ which states that bitcoin will be regulated as an unrestricted legal tender in the nation. The specifications of the law can be read here.
In a gist, bitcoin now will be one of the official currencies of El Salvador along with the USD.
- Private and businesses can transact in bitcoins freely.
- Taxes & debts can be paid in bitcoins directly.
- Merchants ‘must’ accept bitcoin when offered.
- The government will facilitate the population by means of providing education and infrastructure to convert, store and spend bitcoins.
- Furthermore, the president mentioned quite some interesting points over twitter spaces (potential and not on paper) :
-- Govt. will provide a custodial wallet but not mandatory and thus people are can freely choose to use a non-custodial wallet if they wish. Any Bitcoin/LN wallet.
-- A trust fund that will assume price risk and deposit USD against BTC payments. The fund will hold ~$150M worth BTC but not as a reserve.
-- Permanent residence for anyone who invests 3 BTC in the nation.


The great filter !?

It has been a long journey from being ‘nothing’ to being a nation’s legal tender. Although I am not an expert coder or a core contributor, I have witnessed and contributed in my own stead to the bitcoin ecosystem and thus I do feel like a part of it. This is must be true for many of you out there, and I feel each and everyone is significant as every bit counts in this decentralized systems era!

From my perspective, in the span of 12 years, bitcoin went through several filters to be what it is today. Passing major technical hurdles to achieve software stability, establishing nodes globally to achieve a decentralized network, surviving a million accusations, optimizing the hashing (ASICs) to reach astronomical levels, surviving the hard-forks, 2nd layer implementations, etc. This is but a start and bitcoin will have to survive harsher filters going ahead. 

The news of bitcoin becoming a legal tender made me feel that this is one of those filters that can make or break the whole ecosystem. The coming few years are going to be extremely crucial as bitcoin now needs to perform on a scale. Albeit El Salvador is relatively a smaller nation with ~6-7 million people, it is still a massive challenge. It is a whole new paradigm. Furthermore, this challenge is closely linked with the advancements in higher-layer applications such as the lightning network. The part of passing this filter is also dependent on the stability, performance, and UX of the lightning network. 

On a global level, El Salvador will be closely monitored by all other nations. The bigger economies will see this as an experiment in order to either adopt or shun bitcoin completely. It is both exciting and scary at the same time.


So here is what I think might happen and want to open a discussion with you all. Many of you are from various backgrounds with various studies and it would be interesting to hear your opinion.

I think the developed nations especially the USD printing one will instantly try to ‘FUD’ bitcoin on a global level. They will do everything in their power to make sure that this movement fails hard by locally ‘banning’, heavily regulating, getting to wealthy individuals and establishments to further support USD as a global reserve standard. Europe will follow, as usual. In the meantime, the nations that are mid-way/developing will observe closely w/o taking any drastic steps in or against the movement. IF it is witnessed that because of bitcoin, El Salvador’s economy is improving and becoming less dependent on USD, then the developing countries will slowly adapt and implement regulations in favor of bitcoin. It won’t be just internal but such a movement might encourage talent influx. Imagine all the talent that is leaving the country due to lack of opportunity and corruption starts returning back. This can shift the balance heavily in favor of the developing nations. And finally, nations that are really small might just jump on the hype train w/o much thought already. Hopefully with knowledgeable advisors and manpower to assist or it might harm more than do good.


Thoughts?

I find discord easier to navigate and organize as well.

@chrysophylax: Could you please share the discord server link?

Long time indeed!

Yeah telegram works for me as well. Sending you DM.

Why don't you make a discord server for this? Maybe get some of us there for discussion?

DeFi the FAIL community! Let's go!


We could also design some FAIL NFTs.

You make good points especially about the timing but I don't think they will do it right away. If they hire a half-decent consultant who knows about bitcoin txs, the things you say are the most obvious ones.

And like you say lighting layer is an option and I think it will soon be easy enough to onboard. The UX is improving.

As for using other coins... no thank you. I mean none of the other ones are as popular and if people are willing to use these other ones which are so centralized then why switch from fiat in the first place.

This is what mass adoption looks like. It's not that companies need to have Bitcoin on the balance sheet but more the utilization of it. Agreed that bitcoin on its base layer might not work due to scalability but that is totally fine.

In the case of UBER, I think a good move will be to have custodial wallets in their app and have lightning channels opened with both drivers and clients. They should also provide the driver with an option to receive bitcoins or fiat (instant swap).

As for the whole experience, I don't think it will be affected. Furthermore, the majority of people UBER for at least 10 mins which gives enough time for confirmation (not even needed for lightning).

I do not accept people saying that bitcoin is either store of value or a medium of exchange. Why can't it be both and thus a superior form of money? Every technology has multiple layers for scalability and it's just a matter of improving the UX.