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El Salvador makes Bitcoin legal tender


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WWW.BBC.COM

It is the first country in the world to make the move, following a proposal by its president.
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The new law means every business must accept Bitcoin as legal tender for goods or services, unless it is unable to provide the technology needed to do the transaction.

 

 

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Just now, LazyPiranha said:

How does this even work?  If you do business are you REQUIRED to accept Bitcoin, or is this just a fun little ribbon to put on their favorite crypto that means fuck all?

 

Yes, unless you don’t have the technology to accept it.

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7 minutes ago, LazyPiranha said:

Yeah because water vapor isn’t a contributing factor to climate change.  Dipshit.

If they're taking readily available seawater or freshwater (stupidly) this is not nearly as impactful (if impactful at all) as burning carbon sources which produce CO2 and water. 

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47 minutes ago, b_m_b_m_b_m said:

If they're taking readily available seawater or freshwater (stupidly) this is not nearly as impactful (if impactful at all) as burning carbon sources which produce CO2 and water. 


I’m not saying it’s bad in comparison, but when you consider all of it is being used for fucking bitcoin then it’s a completely useless addition.  This isn’t curbing the others in favor of something better, it’s leaving the others and pouring more on top.

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1 hour ago, LazyPiranha said:


I’m not saying it’s bad in comparison, but when you consider all of it is being used for fucking bitcoin then it’s a completely useless addition.  This isn’t curbing the others in favor of something better, it’s leaving the others and pouring more on top.

 

If Bitcoin becomes more valuable, doesn't that negate the financial impact of mining the coins in the first place?  If every $1 spent on mining results in $2 in bitcoins they can then sell for $USD, sounds like a good deal for El Salvador.

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53 minutes ago, mclumber1 said:

 

If Bitcoin becomes more valuable, doesn't that negate the financial impact of mining the coins in the first place?  If every $1 spent on mining results in $2 in bitcoins they can then sell for $USD, sounds like a good deal for El Salvador.

 

 

I think the argument is massive energy consumption just to play the speculation game is a net loss for humanity, regardless of whether it's comparatively clean to other energy generation schemes and regardless of whether a few powerful actors benefit.

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Not to mention the silicon used to make those mining chips could be put to other uses for humanity since there is a shortage right now (and for the near future).  Mining the coins itself might make El Salvador some capital, but they are essentially taking that capital away from other markets and consumers around the world.

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3 hours ago, Ricofoley said:

I just watched this entire thing, and I still don't really understand what Tether actually is, except that it seems like an enormous house of cards.

 

I don't have time to watch that but I thought the point was just to have something that won't wildly fluctuate on you as you chain together transactions. For example if you have some of coin A and want to buy coin B, the exchange you're on may not let you exchange A to B directly, so Tether lets you convert A->Tether and then Tether->B. Depending on the coin(s) and the exchange it may take minutes or even hours for a transaction to finish confirming, hence having something whose value shouldn't change in that gap between A->Tether confirming so that you can turn around and use the Tether to buy B. AFAIK there isn't really a reason to be holding any significant amount of Tether for longer than that unless you wanted to sell a bunch of your A while the price was high and then wait for a good price at which to buy B without risking potentially missing your window of opportunity on the good price on B while A->Tether confirms.

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  • 2 weeks later...
  • 6 months later...

Let's check-in to see how this experiment is going...

 

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FORTUNE.COM

"El Salvador now has the most distressed sovereign debt in the world, and it's because of the Bitcoin folly," says Steve Hanke, professor of applied economics at Johns Hopkins University.

 

Yup - that's pretty much how we all expected it would go!

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