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[tygeade]

Do you all think El Salvador President Nayib Bukele have taken this decision without prior analysing the risks of the market. Just eight months passed and it is the major crash bitcoin is experiencing during this time period. Give them it's time. Some have stated of providing proper education to the citizens, so to use it in an effective according to the market.

People see their president doesn't have proper experience, which is true. However the initiative taken by him is a bold one and surely gives best result. If the price have bounced high, now even without any form of education people could've started learning it. So, even now the people can educate themselves and support the combined progress of the nation through the adoption.

I agree, he knew the risks he was taking when he used everyone's money to invest into bitcoin. What you need to understand is that this isn't his money to do whatever he wishes, I know that most presidents all around the world (including mine) end up spending treasury like it's their personal wealth, but the reality is that El Salvador will benefit from this and not him, he is not doing it for personal benefit only.

When the time comes for the next elections, if this method haven't provided any benefit at all, it will not be good for him and he will lose elections, so the only scary thing would be someone else winning and selling all the bitcoins before he should.

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[JayJuanGee]

To some degree it is a bit strange to have this thread that proclaims that El Salvador's bitcoin adoption failed.. which seems to rely upon some mainstream bullshit talking points bashing bitcoin and then another fuller El Salvador thread that pre-existed this thread.. so why two threads?

Sure there have been some decent naysaying points brought up in this thread, yet the responsive posts that provided various reasons why such "failure" conclusion would be immature come off as way more convincing.

I just provided a post of Peter McCormick's second interview with Bukele in the other El Salvador bitcoin thread (here), which I would suggest any of the bitcoin and/or El Salvador naysayers should listen to that interview.

[Abiky]

To some degree it is a bit strange to have this thread that proclaims that El Salvador's bitcoin adoption failed.. which seems to rely upon some mainstream bullshit talking points bashing bitcoin and then another fuller El Salvador thread that pre-existed this thread.. so why two threads?

Sure there have been some decent naysaying points brought up in this thread, yet the responsive posts that provided various reasons why such "failure" conclusion would be immature come off as way more convincing.

I just provided a post of Peter McCormick's second interview with Bukele in the other El Salvador bitcoin thread (here), which I would suggest any of the bitcoin and/or El Salvador naysayers should listen to that interview.

It's still too early to determine whenever Bitcoin's adoption in El Salvador has been a widespread success or a total failure. We should give it some time to see how adoption will progress as Bitcoin reaches new All-time-highs. The crypto market is still in bearish mode, so it's going to take at least 2-3 years from now before we see Bitcoin flourishing within the region. It seems to me that developing countries are closely watching El Salvador in order to make a decision regarding Bitcoin's status as legal tender.

With the Central African Republic also in the game, it should only be a matter of time before other countries follow suit. This is still Bitcoin's very beginnings, so I'd advise anyone to "hodl on tight" since the best is yet to come. Just my thoughts

[ilovealtcoins]

To some degree it is a bit strange to have this thread that proclaims that El Salvador's bitcoin adoption failed.. which seems to rely upon some mainstream bullshit talking points bashing bitcoin and then another fuller El Salvador thread that pre-existed this thread.. so why two threads?

Sure there have been some decent naysaying points brought up in this thread, yet the responsive posts that provided various reasons why such "failure" conclusion would be immature come off as way more convincing.

I just provided a post of Peter McCormick's second interview with Bukele in the other El Salvador bitcoin thread (here), which I would suggest any of the bitcoin and/or El Salvador naysayers should listen to that interview.

It's still too early to determine whenever Bitcoin's adoption in El Salvador has been a widespread success or a total failure. We should give it some time to see how adoption will progress as Bitcoin reaches new All-time-highs. The crypto market is still in bearish mode, so it's going to take at least 2-3 years from now before we see Bitcoin flourishing within the region. It seems to me that developing countries are closely watching El Salvador in order to make a decision regarding Bitcoin's status as legal tender.

With the Central African Republic also in the game, it should only be a matter of time before other countries follow suit. This is still Bitcoin's very beginnings, so I'd advise anyone to "hodl on tight" since the best is yet to come. Just my thoughts

8 months is a relatively short period of time to define bitcoin adoption in El Salvador as a failure, as a retail investor, holding bitcoin also takes 2 to 3 years to be profitable, for a country to accept and widely adopt bitcoin is many times more difficult. So we shouldn't draw any conclusions about El Salvador right now, with the market entering bearish everyone is affected, not just El Salvador.

[bitcub]

We cannot blame El Salvador for the failure of BTC to bull run at this moment. Because the whole Bitcoin transaction of in El Salvador may be not enough to start bull run. Bitcoin is so huge and decentralized. And another thing there are news that old bitcoin wallets with thousands of BTC balance are now cashing out for the upcoming BTC crash. 

[_act_]

8 months is a relatively short period of time to define bitcoin adoption in El Salvador as a failure, as a retail investor, holding bitcoin also takes 2 to 3 years to be profitable, for a country to accept and widely adopt bitcoin is many times more difficult. So we shouldn't draw any conclusions about El Salvador right now, with the market entering bearish everyone is affected, not just El Salvador.

Some people thought that a day can be used to build a house is what is synonymous to what they called 'bitcoin adoption is a failure'. They do not talk about the socioeconomic impact of bitcoin, they would also still be the one that will change their mind when the price of bitcoin start to increase again and reach all-time-high.

See what El Salvador's Deputy Dania Gonzalez talked about bitcoin adoption in her country. I think I have to post this here too to know how the title of this thread is passing the wrong information.

Falling Bitcoin price doesn't affect El Salvador: 'Now it's time to buy more,' reveals Deputy Dania Gonzalez

Part of what she said:

"What Nayib Bukele did was buy Bitcoins and make a profit at a certain strategic moment,” she said. “In cryptocurrencies, there are times when you can make a profit and there are times when you have to invest more. Now cryptocurrency is down, this happens, it's normal, but at this point instead of being sad, instead of thinking that you lost all your investment, it's time to buy more Bitcoins because now the price is cheap, that's the strategy.”

Bukele built a veterinary hospital to benefit the population where services, any service for your pet, costs US$0.25. Even an operation costs this amount and that is accessible to the entire population. Bitcoin has been converted into a benefit for the people. Now with the reserve we have in Bitcoin, we must build 20 more schools. Before Bitcoin, to do this we had to approve projects, include it in the nation's general budget and use people's money to construction. Now these works are done thanks to all the profits made with Bitcoin.”

Gonzalez indicated that Bukele’s strategy has already proven to be successful in terms of socioeconomic impact according to Cointelegraph.

I do not know what people called failure, 1BTC is 1BTC, nothing like liquidation and the price of bitcoin will still increase. They said bitcoin adoption in El Salvador is a failure, yet Salvadorans can still make use of bitcoin anytime they want and the country is bitcoin friendly. How is it a failure? Not a failure at all.

[DoublerHunter]

Given the fact majority of citizens oppose Bitcoin as legal tender, and that more than half of El Salvador's population may lack internet connection in the first place, it appears that El Salvador's attempt to legalise Bitcoin may fail in such instances. If it succeeds, the country will not only become the world's largest Bitcoin market, but it will also provide the cryptocurrency with a flood of new alternatives.

^ The possible problem is the internet connection, we know that BTC transactions need an internet connection and if you are lack on this it will become a failure. But that is not the main factor here, they implement their own wallet and force people to use it, another factor is the recent crash, if their government invested BTC for sure they have lost profit on it. Probably it needs for them to analyze these circumstances that they did not expect or I hope they already understand this before announcing BTC becomes a legal tender.

[Ziskinberg]

I support the growth of bitcoin adoption in any country because it is the best hope to make it more famous and used in various places. I'm not suggesting that El Salvador will ultimately fail with bitcoin adoption, but I do agree that they may not have the right approach.

They weren't completely wrong about his approach because we really knew that it was a bold first step from his administration. We hope there is something better about bitcoin adoption in El Salvador and also maybe they will be an important country to achieve successful bitcoin adoption in other countries as there are many lessons to be learned from making comparisons from El Salvador.

A thing like this, adopting crypto without a proper approach and concrete plan will certainly fail but I think this would not be the case that El Salvador will quit, they have to reroute and make another plan that addresses the said approach and to make it right. It eventually needs also the support from the community and most of the big establishments, it is sure that they are also willing to help and improve adoption as this will encourage people to use Bitcoin instead of fiat money.

[goldkingcoiner]

To some degree it is a bit strange to have this thread that proclaims that El Salvador's bitcoin adoption failed.. which seems to rely upon some mainstream bullshit talking points bashing bitcoin and then another fuller El Salvador thread that pre-existed this thread.. so why two threads?

Sure there have been some decent naysaying points brought up in this thread, yet the responsive posts that provided various reasons why such "failure" conclusion would be immature come off as way more convincing.

I just provided a post of Peter McCormick's second interview with Bukele in the other El Salvador bitcoin thread (here), which I would suggest any of the bitcoin and/or El Salvador naysayers should listen to that interview.

Basically this.


You guys need to stop spreading fud. Its how big Bitcoin investors buy your coins at a cheaper price. Surely that must somehow be clear to everyone with at least Bitcoin Veteran status? I guess the newbies get to learn the hard way, by losing their coins by shaving them away, flip flopping from buy to sell and sell to buy.

Its how I learned so I guess I can't really judge anyone at this point.

Just hodl your coins, our path to 100k has already started.  


Why are you getting spooked by people who have no idea how Bitcoin works or what its advantages are? I see old generations who barely understand how to use the internet. El Salvador has been doing a crappy job of marketing Bitcoin to its people. Thats all it is. Adoption will be slow but we will see them warm up to Bitcoin. Especially the younger generations.

[mr_enoc]

Bitcoin adoption in different countries may be varies from what their government's conclusion about bitcoin and other Altcoins.

Bitcoin price is not stable and that is not the usual currency that we are having.

Bitcoin is also ve needing internet connection before doing any transactions not the usuall money that we have

[Anguwa]

To some degree it is a bit strange to have this thread that proclaims that El Salvador's bitcoin adoption failed.. which seems to rely upon some mainstream bullshit talking points bashing bitcoin and then another fuller El Salvador thread that pre-existed this thread.. so why two threads?

Sure there have been some decent naysaying points brought up in this thread, yet the responsive posts that provided various reasons why such "failure" conclusion would be immature come off as way more convincing.

I just provided a post of Peter McCormick's second interview with Bukele in the other El Salvador bitcoin thread (here), which I would suggest any of the bitcoin and/or El Salvador naysayers should listen to that interview.

El Salavador Bitcoin adoption is trying to fail due lack of full trust as Bitcoin price is becoming diper everyday.
Bukele's aim is to invest more in Bitcoin to add to the 2,301 Bitcoin that was bought from public fund, but as it stand like this, the Financial Minister and others fill like the dip is making them lose many fund as potential buyers are scared of the market dip.

I am curious about this situation, El salavador was one the countries that adopt Bitcoin, why are they losing interest now, is it because of the dip? Or there is something again?

[SirLancelot]

We cannot blame El Salvador for the failure of BTC to bull run at this moment. Because the whole Bitcoin transaction of in El Salvador may be not enough to start bull run. Bitcoin is so huge and decentralized. And another thing there are news that old bitcoin wallets with thousands of BTC balance are now cashing out for the upcoming BTC crash. 

Even the question is a setup, thats how they work. I mean "why bitcoin adoption failed?" is a question that presumes that bitcoin adoption failed, who said that bitcoin failed? There is no situation where bitcoin lost everything and the adoption is a failed deal. It is obvious that bitcoin is a success because it is a long term investment and we should be focusing a bit more towards what it could do for the future of the nation.

You and I could die, we could be doing worse, we could be not rich, or get rich and stop trying and all of that. But at the end of the day, a nation will stand, most nations are older than us and most of them will stand after we die. So they could just grab as much as possible for decades and be super rich in the end.

[Doan9269]

El Salavador Bitcoin adoption is trying to fail due lack of full trust as Bitcoin price is becoming diper everyday.

if this is you've got to claim about El-Savador's adoption then you're getting it wrong, take a good look at the definition of bitcoin and what volatile means in bitcoin price, then try to relate it with how business people make profits through the market demand and supply, i hope you really understand the difference between bitcoin and altcoins because the trust you made mentioned makes me to ask that, by now you wouldn't have been talking about trust in bitcoin but rather finding means for an investment opportunity in it.

El salavador was one the countries that adopt Bitcoin, why are they losing interest now

El-Savador is not loosing interest in bitcoin neither does it express any dissatisfaction on it adoption, i believe what some are saying is far from the truth going on in El-Savador.

[add1ct3dd]

El Salavador Bitcoin adoption is trying to fail due lack of full trust as Bitcoin price is becoming diper everyday.
Bukele's aim is to invest more in Bitcoin to add to the 2,301 Bitcoin that was bought from public fund, but as it stand like this, the Financial Minister and others fill like the dip is making them lose many fund as potential buyers are scared of the market dip.

I am curious about this situation, El salavador was one the countries that adopt Bitcoin, why are they losing interest now, is it because of the dip? Or there is something again?

What you are talking about is pure speculation and FUD nothing else. Price could go down, that doesn't mean it has failed, this is not like some situation with a deadline. If people are happy with what they have, then they are happy with what they have, if they are not happy with it, then they are not happy with it, but there is no failure here.

Bitcoin is still in their treasury and they could still go on and do something great in the end if the price goes up. This is the reason why people are calling this thread a FUD and a lie, it is deception and speculation, the only aim here is to make it look like it failed, when in fact it has not failed at all, it is just starting.

[Doan9269]

Bitcoin is still in their treasury and they could still go on and do something great in the end if the price goes up. This is the reason why people are calling this thread a FUD and a lie, it is deception and speculation, the only aim here is to make it look like it failed, when in fact it has not failed at all, it is just starting.

for the fact that people lack the full knowledge on the operational mode of bitcoin and how they can't just access the internet to read up about what bitcoin is and how it price volatile conditions work is really a thing of pity on them, yet this same set of people will come out claiming some unrealistic talks about bitcoin, how could one say something he or she doesn't know much about, the most annoying is seeing some of this trash coming out from some of the community members here on the forum, yet they will assume they know about bitcoin that they can't even defend nor understand, i hope they can come out now to claim bitcoin on another view since it has signal a bill run and hit $31k as at today.

[Wiwo]

I don't think this is the right time to make a conclusion on the El Salvador Bitcoin adoption, how can a lifelong project such as this be given a short-term result. It is nearly 8 months since El Salvador make Bitcoin a legal tender particularly on 21 October 2021 I don't think the ground on which this statement is based is slide at all and given the fact that the bitcoin city project and some of the other bitcoin related infrastructural development projects in El Salvador have not been completed and operational yet, any survey result about El Salvador Bitcoin adoption will be seen as a pre matured judgment/result. And the government through the presidency will make an official survey document in due time to show the impact of Bitcoin adoption and the areas to improve on.

[JayJuanGee]

Bitcoin is still in their treasury and they could still go on and do something great in the end if the price goes up. This is the reason why people are calling this thread a FUD and a lie, it is deception and speculation, the only aim here is to make it look like it failed, when in fact it has not failed at all, it is just starting.

for the fact that people lack the full knowledge on the operational mode of bitcoin and how they can't just access the internet to read up about what bitcoin is and how it price volatile conditions work is really a thing of pity on them, yet this same set of people will come out claiming some unrealistic talks about bitcoin, how could one say something he or she doesn't know much about, the most annoying is seeing some of this trash coming out from some of the community members here on the forum, yet they will assume they know about bitcoin that they can't even defend nor understand, i hope they can come out now to claim bitcoin on another view since it has signal a bill run and hit $31k as at today.

One angle that remains quite interesting is the fact that any dumb twat can look at the BTC price and see that it is nearly 55% lower than its $69k peak, so then there is a presumption that if BTC prices are 55% down, therefore, the whole BTC project in El Salvador must be a failure.

Yeah, they can see the BTC price, but there is some kind of possibly intentional disconnect regarding how investment and development tends to work out within any kinds of governmental monetary system that might even involve looking at various revenue sources that have been changing as a result of changes within the government with more tourism coming into the country, various attention of international investors who had not even considered El Salvador prior to their involvement in bitcoin and now they are "looking into El Salvador" for sure various kinds of savings on remittances that are likely not even taking full advantage of the amount of savings that people within El Salvador have the potential to experience int the future, and some actual people are already using some of the new low cost remittance systems, and several citizens are likely invigorated by the fact that they have been exposed to ways of being banked, even if historically they had not been able to be banked.  

So many presumptions that El Salvador must have failed in regards Bitcoin because the BTC price is lower seem to fail and refuse to actually attempt to account for other changes that are taking place in the country that are either generating new revenue and/or new business and/or new economic activities that likely make up for any amount of lower BTC price that might get attributed to El Salvador BTC purchases (that are presumed as part of its treasury).  

Maybe the IMF or the US Govt has sent out these seemingly lame ill-fleshed out talking points for the negative Nancies showing their various levels of dumbness in their spouting out agreement with the various unsubstantiated and premature points of this thread's OP?

Ratimov where are you?  Defend the various points of your nonsense thread (if you can, that is)!!!!!!


Do you work for the IMF (or some other bank?)  or not?  Or do you work for the US dollar?  You are an agent of the dollar, right?A yes or no will do.


hahahahahaha

I'm razzing you a bit, but you started this seemingly exaggerated set of points contained in OP that was sucking off the teets of some then nonsense article from a month ago, no?  Have you become more convinced of your various lame and possibly regurgitated (from the article) points contained in OP or are you willing to revisit any (or all) of them?  #justasking (for a friend)

[Mr.sprin]

Well I surmise the following is happening right now:

1. There are powerful people behind who doesn't want Bitcoin in El Salvador
2. People doesn't want Bitcoin per se because it is a new technology and mostly the population is uneducated, hence they are afraid that they might not have the tools
3. Maybe the population thinks that Bitcoin will just harm their economy for long term.

I'm sure there are only a handful of people who think like you said maybe they rate bitcoin negatively about bitcoin and surely many people in the country of el salvador accept bitcoin openly,

[Lubcub62]

in fact, El Salvador's step in adopting bitcoin is something that really deserves appreciation. because it turns out that el salvador has not had its own currency. and they use US dollars. So I think their economy will be hampered if they continue to rely on other countries' currencies. and the move to adopt bitcoin could be one of the best solutions in the future.

Indeed, at the beginning of the announcement of the adoption of bitcoin, there was a demonstration of rejection from the citizens of El Salvador. but I think it's a natural thing. because everyone must be afraid when something new and foreign comes. and bitcoin for most residents of El Salvador at that time was still foreign. then the pros and cons will definitely happen and that's normal.

and calling it FAILED is too soon to conclude. because this is just the beginning for el salvador. now is the time of adaptation. Naturally at this time there were some problems. because to be successful also requires sacrifice and hard work.
so the adoption of bitcoin in el salvador is the same. sooner or later then I'm sure bitcoin will be increasingly accepted.

so it's still early to draw conclusions.
even seeing the president of el salvador continue to buy bitcoin it bodes good news too. and the fact is now many other countries are glancing and studying el salvador.and want to follow in his footsteps.

[Doan9269]

and calling it FAILED is too soon to conclude. because this is just the beginning for el salvador. now is the time of adaptation

El-Savador is believed to be envied by many because they couldn't achieve the milestone El-Savador has gotten into, governments and many people create the fear of uncertainties in the minds of others thinking it could make a change towards their approach on bitcoin adoption, infact IMF did the worst but despite the threat and warnings, when a leader like Nayib Bukele have a focus on the set target and aim towards achieving it, then ordinary confrontation, allegations and mere words couldn't stand a resistant, bitcoin adoption is El-Savador's ever best decision to secure freedom for it citizens from the world of central authority.