First Bitcoin City & Volcano Bond Failure

[Agbe]

President Bukele in El Salvador introduced the adoption of Bitcoin in the year 2021 but ironically the plan did not scale through. 91% of Citizens in Salvador protest against utilization of BITCOIN over the Fiat currency, PESO, or COLON (DOLLAR). I became nervous to know the reasons of the protest because citizens can not just protest against a good developmental project. Then I came to understand that, there is a power behind the mass protest against the adoption of bitcoin in EL-SALVADOR. https://en.m.wikipedia.org/wiki/Salvadoran_peso



Another reason I also thought is, why Salvadorians prefer dollar to even their own COLON (DOLLAR) currency? If they do not want to use bitcoin, at least their own currency would have been best option but irony is the case.
https://en.m.wikipedia.org/wiki/Salvadoran_col%C3%B3n



The ten (10) years Bitcoin Volcano Bond started falling apart when  president Bukele's plan to adopt bitcoin and create the first bitcoin city was opposed by his own citizens and he started struggling to repay the debt.


The fall city https://www.analyticsinsight.net/el-salvadors-bitcoin-moves-are-falling-apart-btc-era-ends-here/

[stompix]

President Bukele in El Salvador introduced the adoption of Bitcoin in the year 2021 but ironically the plan did not scale through. 91% of Citizens in Salvador protest against utilization of BITCOIN over the Fiat currency, PESO.

There was no PESO in recent Salvadorian history, their former currency which was abandoned in 2001 was the colon and this replaced the Salvadorian peso in 1919. So I don't know where you get this peso nor where you got the 91% percent as the linked article mentions 91% prefer the $ over BTC not protesting against BTC.

The ten (10) years Bitcoin Volcano Bond started falling apart when  president Bukele's plan to adopt bitcoin and create the first bitcoin city was opposed by his own citizens and he started struggling to repay the debt.

How did the plan fall apart with the protest over bitcoin when this the plan came after the adoption BTC as legal tender?

[Henrobakkara]

There was no PESO in recent Salvadorian history, their former currency which was abandoned in 2001 was the colon and this replaced the Salvadorian peso in 1919. So I don't know where you get this peso nor where you got the 91% percent as the linked article mentions 91% prefer the $ over BTC not protesting against BTC.

I believe that is what he was trying to get at but this just shows how Information can be misinterpreted by some people who do not know how to put the messages in their proper context and it losses the real message of what it was supposed to delever.

[NeuroticFish]

91% of Citizens in Salvador protest against utilization of BITCOIN over the Fiat currency, PESO

I've never seen anywhere in the world about such a vast majority of population protesting against anything, hence I expect, like most of informationdata in this.. thing.. to be utter bullshit.
And... where this Peso story came up from, really?!

There were, indeed, protests, and I expect most being orchestrated by the political opposition. People can convert to UST instantly when receiving BTC, so those protesting were misled and I expect their problems were with the use of technology (wallet) than anything else. And I can guess that they didn't complain about the free money they've received.


The volcano bond is another story. I could say, with same accuracy as yours (ie with sarcasm) that the bonds were doomed because of the problems Bitcoin had 20 years ago.
For example, the opposition came at (or maybe even before) the moment Bitcoin was legalized as legal tender, i.e. way before the bonds. So I find your causality logic is badly twisted.

However, the bonds were explained even on this forum that they're badly made (one would almost surely lose money with them), hence I'm not surprised they're not a success.
But linking this to whatever fantastic stories is...

PS. I tend to believe that this article is intentionally so incorrect, simply to create controversy.

[CryptocurencyKing]

91% of Citizens in Salvador protest against utilization of BITCOIN over the Fiat currency, PESO

91% of citizens to have protested against the bitcoin adoption! That's grossly impossible which lives me to wonder how these data was collated and arrived at!!!
Perhaps it's gotten out of some nucleated smapled research work and made in to an overview for all but I would say, that's inaccurate.

And I can guess that they didn't complain about the free money they've received.

Lol,,, that's a funny reality and they wonder where these funds came from. I'm sure a lot of them would have found a loophole to open more and more wallets to exploit the system and now, they come to complain.

I think most of these amounts from the bearish nature of the market, looking at the huge capital investment the El-Salvadororian government have sunk in the investment for bitcoin. Let's hope the story changes when the market booms once more.

[Oshosondy]

91% of Citizens in Salvador protest against utilization of BITCOIN over the Fiat currency

Wrong

Is it possible for some or few people to against the government about what they do not know? Some of the people can even still be from the opposition party in a way they will tell people that what the present government are planing is not good which can lead to protest. But about protesters to be up to 91% of people in El Salvador, that is absolutely wrong.

El Salvador do not legalize bitcoin over dollar, that means that bitcoin will be used while dollar will no more be used. El Salvador people can decide to accept payment in bitcoin or dollar.

The ten (10) years Bitcoin Volcano Bond started falling apart when  president Bukele's plan to adopt bitcoin and create the first bitcoin city was opposed by his own citizens and he started struggling to repay the debt.

How? You are wrong. The bond project was post postponeed to September 2022. Until 2023, we can not conclude if they failed about volcanic bond.

[avikz]

I thing I do not understand, El-Salvador didn't ban dollar or other currency usage. People can still use dollar if they want to. So what's with the protest? The government has given a choice to adopt bitcoin but didn't ban dollar usage.

So it ia quite possible that the protests are being funded by some influential banking lobby. Because if El-Salvador is able to do well with bitcoin adoption, then it will create a great example in front of the world. But if it fails, banking lobby will be greatly benefited and they will have evidence to speak against bitcoin.

[franky1]

actual events are that when the bitcoin legal tender first got announced. alot of people went to social media and said that el salvador was dropping the dollar and replacing it with bitcoin

el salv citizens were used to using the dollar and happy with it because their relatives in america could literally send money to them in the mail. (no conversion/middlemen needed)
and to them most never even heard about bitcoin never touched it or used it so suddenly being (wrongly) told by lots of crypto media that they will lose use of the dollar over night frightened them

HOWEVER
the president soon went on tv and calmed those fears by saying its not a replacement or a removal of the dollar but a secondary choice//option be side the dollar

the protests stopped quickly after that.

..
as for the bonds.
well that plan didnt go well for different reasons

shouting out you want to issue $1b of bonds backed by bitcoin but only have $85m of bitcoin in custody.. doesnt play well for investors.
even basic maths makes it suggest the bonds are to be issued at a 1:12 ratio of fractional reserve right from the start.
thus no investors were keen to throw money into bonds they seen as already fractionally reserved from day 1

[romero121]

I thing I do not understand, El-Salvador didn't ban dollar or other currency usage. People can still use dollar if they want to. So what's with the protest? The government has given a choice to adopt bitcoin but didn't ban dollar usage.

So it ia quite possible that the protests are being funded by some influential banking lobby. Because if El-Salvador is able to do well with bitcoin adoption, then it will create a great example in front of the world. But if it fails, banking lobby will be greatly benefited and they will have evidence to speak against bitcoin.

More discussion have come out stating the adoption of bitcoin is failure in El Salvador. This is quite early to make conclusion on the adoption of bitcoin. El Salvador made a strong decision when it comes to adoption, but the market isn't supportive for the plans put forth by President Nayib Bukele. Just because the Bitcoin City plan and Volcano bonds are getting delayed doesn't mean the adoption as failure.

As mentioned the country haven't restricted the usage of dollar within the country, so it is upto the people to use bitcoin/USD.

[fiulpro]

I do not think that we can call this a failure for sure. I do remember when most of the banks said how they would not approve of their loans as well if they try and go through with adoption of Bitcoins. Since the government is trying to adopt bitcoins everywhere I do think what it can do is *bring total transparency* which means every single transaction can he tracked and we do know how most of the governmental bodies are engaged in corruption, this would be the end for them. At the same time there are always money flowing from the rich family which basically controls all the political ties using their money, they might very easily be funding them.
Right now most businesses have started accepting bitcoins as a whole and they are essentially running on them, government have also set up helplines to help people with probelms, I think it would still take some time to integrate and flourish so we shouldn't judge so fast.

[KingsDen]

Misinformation orchestrated by the media is the major cause of the mega protest and purportedly failed bonds.
When the vision is not clearly communicated, failure is inevitable.
Franky1 rightly informed us about what happened in El Salvador. The people will surely revote when the plan is to remove the known and replace with the unknown. But that wasn't the plan but a misinformation. That misinformation might likely be sponsored by the opposition and agents of IMF.
Recently as CAR adopted bitcoin, they have released a public statement stating why other countries should not adopt bitcoin.

The situation in El Salvador, I don't want to consider it a failure. It is a process and the government shouldn't give up until it is achieved. It is a war between the country and enemies of bitcoin and the enemies want to instigate El Salvador government against her people, which is the worse thing that could happen to a government.

[boris singer]

Failure? after quite a long time of adoption and going beyond successful adoption out there? El Salvador is the only country that has successfully adopted Bitcoin and it shows the opposition that is always trying to damage the reputation of the alternative. bitcoin is not a barrier to using dollars. The options given by the president do not burden anyone. They have the right to choose which option the community uses. In fact, after Bitcoin in El Salvador was implemented, we saw significant growth.

Then why are there issues that you provide so not in accordance with reality? I'm afraid that you are also behind the rejection. Lol

[tabas]

I've known those protests just after the announcement of bitcoin as a legal tender. But did it really fail?
How long it should be for us to know if the adoption of bitcoin has already failed? We know that those people don't like the decision but it's still just several months after the proclamation. What if the market goes on a bull run again, will that decision still go to say that it has failed? I don't think so.

[TimeTeller]

Misinformation orchestrated by the media is the major cause of the mega protest and purportedly failed bonds.
When the vision is not clearly communicated, failure is inevitable.
Franky1 rightly informed us about what happened in El Salvador. The people will surely revote when the plan is to remove the known and replace with the unknown. But that wasn't the plan but a misinformation. That misinformation might likely be sponsored by the opposition and agents of IMF.
Recently as CAR adopted bitcoin, they have released a public statement stating why other countries should not adopt bitcoin.

The situation in El Salvador, I don't want to consider it a failure. It is a process and the government shouldn't give up until it is achieved. It is a war between the country and enemies of bitcoin and the enemies want to instigate El Salvador government against her people, which is the worse thing that could happen to a government.

And identifying this as a failure, I think, is too early. How are they categorizing it as a failure?
Are there metrics that they can prove that Bukele's decision is a flop? Or just spreading baseless conclusion?
We need numbers to support certain conclusion. And El Salvador is considerably new in their implementation.
Let us give them time to show that this decision towards crypto is not wasted and has positive impact on their economy.
If they totally failed their people, why some countries are following their footsteps towards crypto industry?

[KingsDen]

<snip>

And identifying this as a failure, I think, is too early. How are they categorizing it as a failure?
Are there metrics that they can prove that Bukele's decision is a flop? Or just spreading baseless conclusion?
We need numbers to support certain conclusion. And El Salvador is considerably new in their implementation.
Let us give them time to show that this decision towards crypto is not wasted and has positive impact on their economy.
If they totally failed their people, why some countries are following their footsteps towards crypto industry?

That is a concerned question I have been asking?
I saw statics or questionnaire by Ratimov about the bitcoin adoption in El Salvador. The people of El Salvador massively agreed that they are aware of bitcoin and also aware that bitcoin is a legal tender in the country. But not a great percentage uses bitcoin, many signed up to receive the $30 incentives and abandoned it. But it's normal, they are still at the tender age of adoption.

The reason it is said that the adoption project is a failure might be because;
1. The massive protest by the citizens due to misinformation that bitcoin will be the only acceptable means of transaction.
2. Because the expectation was very high. We expected El Salvador to be competing with US in education, military, economy and lots by this few months because they adopted bitcoin. Since they could not level up with US, the purpose of adopting bitcoin didn't work, hence they have failed.

[Oshosondy]

I thing I do not understand, El-Salvador didn't ban dollar or other currency usage. People can still use dollar if they want to. So what's with the protest? The government has given a choice to adopt bitcoin but didn't ban dollar usage.

So it ia quite possible that the protests are being funded by some influential banking lobby. Because if El-Salvador is able to do well with bitcoin adoption, then it will create a great example in front of the world. But if it fails, banking lobby will be greatly benefited and they will have evidence to speak against bitcoin.

In country like El Salvador, a legal tender is a mandatory payment, the citizens of El Salvador can thought it is made mandatory that they should accept bitcoin, but this is only for marchants and anyone including marchants can still decide the payment to be accepted in USD or bitcoin. This might be the complain but can later be fuelled by influential banking lobby or can be political. But no more of such protest again as El Salvador people are knowing about bitcoin with crypto education.

I've known those protests just after the announcement of bitcoin as a legal tender. But did it really fail?
How long it should be for us to know if the adoption of bitcoin has already failed? We know that those people don't like the decision but it's still just several months after the proclamation. What if the market goes on a bull run again, will that decision still go to say that it has failed? I don't think so.

People like to come up with what is not right, bitcoin as a legal tender in El Salvador is not a failure, millions of people in El Salvador are using Chivo wallet, some of them will still use other types of wallets. Tourism increased in El Salvador after bitcoin become legal tender in the country. Al failed projects are projects that people stop supporting, some El Salvador people are using Chivo wallet.

[stompix]

OP, I really don't know why you're doing this in this way.

You obviously read my post since you hastily edited the mistakes about the peso and the dollar (here is the original), but why didn't you edit the thing about the 91% protesting against?

Your own linked article is not claiming that:

According to some reports, it is quite unfortunate to realize that almost a majority of 91% of Salvadorans opted for dollars and not Bitcoin.

That misinformation might likely be sponsored by the opposition and agents of IMF.

one post later:

But not a great percentage uses bitcoin, many signed up to receive the $30 incentives and abandoned it. But it's normal, they are still at the tender age of adoption.

Isn't it ironic you accuse the IMF and the Illuminati and the Orwellian Sand Reptiles for sponsoring the opposition when in fact 90% of the usage and downloads of the Chivo wallet were because the government sponsored this so-called Bitcoin adoption with free money?
Double standards much

[hd49728]

The first is always the most most challenging one. We already have the first nation in which Bitcoin is legal tender. The second and more. Even if they fail, now or in future, they already initiated something for other nations to look at, learn from, and adjust or make improvement for their national plans for either Bitcoin legal tender or Bitcoin regulation.

I an aware of difficulty that is facing by El Salvador and I think they will have to break through many barriers in their nation and bigger, on global scale and international foundations or organizations. However, I respect El Salvador and their President for their brave initiatives.

More CBDCs in future and ther will be more countries make Bitcoin legal tender.

https://cbdctracker.org/