[2022-08-09] Iran makes first import order using cryptocurrency

[bbc.reporter]

then I personally see another legal tender coming, this time, not bitcoin alone, but for cryptocurrencies - top ones.

Highly unlikely specially about altcoins!
There is a key difference between El Salvador and Iran. The former is one of the poorest countries that didn't even have their own legal tender (they use another country's fiat!), Iran on the other hand has its own currency and is among the top 10 biggest economies.

I very much agree.

On El Salvador, I have asked this before, however, I have not gotten an answer. Would it not be more advantageous for El Salvador if they used Jack Mallers' original plan for Strike of using Tether USDT as the currency and bitcoin's network as the medium of transport? I reckon Bukele would have the advantages of the dollar without owning a Federal Reserve money printer hehehe.

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[NeuroticFish]

On El Salvador, I have asked this before, however, I have not gotten an answer. Would it not be more advantageous for El Salvador if they used Jack Mallers' original plan for Strike of using Tether USDT as the currency and bitcoin's network as the medium of transport? I reckon Bukele would have the advantages of the dollar without owning a Federal Reserve money printer hehehe.

Time will tell. Using Bitcoin was a great advertising for El Salvador. If Bitcoin price will go again over the roof, El Salvador can even sell and get some of their problems fixed, or at least boast their performance (it would mean a couple of % of their GDP).
It is a gamble and Bukele is a high roller. But the history shows that those who did bet on Bitcoin were winning and there's a very good chance Bukele will win too.

By the way, if this is true and by the end of September, we begin to see large trades in cryptocurrencies, then I personally see another legal tender coming, this time, not bitcoin alone, but for cryptocurrencies - top ones.

Nope. Ethereum with the move for PoS is downgraded to security, no longer safe. Most of the other coins are either centralized, either too small to matter for now.

Whenever a country moves in the direction of freedom it is a good thing, Bitcoin is financial freedom for everyone.

I can assure you that the government of Iran has no interest in giving its people any kind of freedom.

Exactly. These countries are going for Bitcoin because it's unstoppable and it helps them avoid sanctions, not because they are interested in freedom.
Even more, in Iran Bitcoin can be used only to import from abroad, not for the population.

[bbc.reporter]

On El Salvador, I have asked this before, however, I have not gotten an answer. Would it not be more advantageous for El Salvador if they used Jack Mallers' original plan for Strike of using Tether USDT as the currency and bitcoin's network as the medium of transport? I reckon Bukele would have the advantages of the dollar without owning a Federal Reserve money printer hehehe.

Time will tell. Using Bitcoin was a great advertising for El Salvador. If Bitcoin price will go again over the roof, El Salvador can even sell and get some of their problems fixed, or at least boast their performance (it would mean a couple of % of their GDP).
It is a gamble and Bukele is a high roller. But the history shows that those who did bet on Bitcoin were winning and there's a very good chance Bukele will win too.

Agreed that the bull market will return and anyone who invested in bitcoin will have a return on their investment, however, Bukele a highroller? I would not call him that. He is a government official who took the risk by using taxpayer's money to speculate on bitcoin hehe.

[NeuroticFish]

Agreed that the bull market will return and anyone who invested in bitcoin will have a return on their investment, however, Bukele a highroller? I would not call him that. He is a government official took the risk by using taxpayer's money to speculate on bitcoin hehe.

OK, maybe my wording is incorrect. Many gamblers try to do it with money that's not theirs. However, Bukele is not gambling only taxpayers' money, but also his future in politics (possibly his freedom too).
Still, as I said, it can be one of the smartest gambling/bet I've seen.

[bbc.reporter]

@NeuroticFish. Is that the excuse for using taxpayer's money to speculate and gamble on bitcoin? He is gambling his future in politics? That is a very head shaking argument because behind every politician's move there is always a hidden agenda. We as natives of the cryptospace and holders of bitcoin should know this by now. I am not quite certain why the community likes to defend him. Is it because he is acting very much similar to those annoying and embarassing bitcoinbros?

[NeuroticFish]

I am not quite certain why the community likes to defend him.

I don't know where you decided I defend the fact he gambled taxpayers' money. I only stated some facts.

But I'll come to your "dilemma" too: people are defending the fact he adopted Bitcoin; they are proud to see such a bitcoiner (i.e. a president, please don't think too far). I'd guess that having a backup of state-owned bitcoins is part of the process. Keep in mind that while we have focused on the price/speculative component of Bitcoin, Bitcoin is a powerful (crypto)currency and I am sure he (or his advisors) have considered that too in the equation.

So let's not over simplify those actions. They are good and bad too, depending the angle you're looking from.


I feel we are going a bit too far off-topic with this. If you think we will keep going on with this debate, how about making a topic specifically about that?

[bbc.reporter]

@NeuroticFish. However, we should be careful. Similar to Elon Musk, none of them should be trusted. Those types of people will support bitcoin as long as it is very convenient and beneficial for them. Also, the way they act, they might be thinking the community is full of stupid cryptobros. Have you seen Max Keiser act in conferences? Head shaking and everyone is cheering for him. They might have forgotten that he created a pump and dump called Maxcoin.

This news article should also be cause for skepticsm on Bukele.



Public officials and private individuals close to the president of El Salvador, Nayib Bukele, have been linked to a money-laundering scheme involving Venezuelan state oil company PDVSA, according to a recent report.

According to the report published by Washington DC-based thinktank IBI Consultants, Bukele and his inner circle received up to $2 million in loans, either in a personal capacity or through companies related to Alba Petróleos, a PDVSA subsidiary in El Salvador. Additionally, it states that this money was part of a massive money-laundering scheme carried out in Venezuela, El Salvador, the United States and Panama, among other countries.

Source https://insightcrime.org/news/analysis/el-salvadors-president-bukele-linked-to-venezuelan-money-laundering-scheme-report/