Remarkableriots Posted June 9, 2021 Posted June 9, 2021 Bitcoin: El Salvador makes cryptocurrency legal tender WWW.BBC.COM It is the first country in the world to make the move, following a proposal by its president. Quote 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. Quote
mclumber1 Posted June 9, 2021 Posted June 9, 2021 D1Pers are going to lose their minds over this! Quote
Joe Posted June 9, 2021 Posted June 9, 2021 Bukele is a cool despot. He’s not like the other despots. Quote
Kal-El814 Posted June 9, 2021 Posted June 9, 2021 Maybe we can send all crypto holders and miners to El Salvador. Quote
Commissar SFLUFAN Posted June 9, 2021 Posted June 9, 2021 2 hours ago, Joe said: Bukele is a cool despot. He’s not like the other despots. I expect nothing less from a guy who dresses like this for press conferences: 1 Quote
LazyPiranha Posted June 9, 2021 Posted June 9, 2021 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? Quote
Kal-El814 Posted June 9, 2021 Posted June 9, 2021 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. Quote
LazyPiranha Posted June 9, 2021 Posted June 9, 2021 Love to have the value of my goods swing wildly everyday because Elon Musk tweeted a fortnight meme or some shit. 1 Quote
Commissar SFLUFAN Posted June 9, 2021 Posted June 9, 2021 Just as a note, the official currency of El Salvador is the US dollar. Quote
b_m_b_m_b_m Posted June 10, 2021 Posted June 10, 2021 can't use this power for productive uses it will be used to mine Bitcoin. What a fucking waste Quote
LazyPiranha Posted June 10, 2021 Posted June 10, 2021 Yeah because water vapor isn’t a contributing factor to climate change. Dipshit. Quote
Kal-El814 Posted June 10, 2021 Posted June 10, 2021 10 minutes ago, LazyPiranha said: Yeah because water vapor isn’t a contributing factor to climate change. Dipshit. It’s just vapor bro, check out these dragon clouds. 2 Quote
b_m_b_m_b_m Posted June 10, 2021 Posted June 10, 2021 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. Quote
LazyPiranha Posted June 10, 2021 Posted June 10, 2021 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. Quote
legend Posted June 10, 2021 Posted June 10, 2021 "Thank you for your purchase. Please wait in the store for up to an hour so that we can verify your bitcoin transaction has been validated." Quote
thewhyteboar Posted June 10, 2021 Posted June 10, 2021 26 minutes ago, legend said: "Thank you for your purchase. Please wait in the store for up to an hour so that we can verify your bitcoin transaction has been validated." Then the store calls you up to tell you that since the price changed you actually still owe money. 1 Quote
mclumber1 Posted June 10, 2021 Posted June 10, 2021 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. Quote
legend Posted June 10, 2021 Posted June 10, 2021 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. Quote
cusideabelincoln Posted June 11, 2021 Posted June 11, 2021 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. Quote
CayceG Posted June 13, 2021 Posted June 13, 2021 A buddy of mine lives in El Salvador. He's been doing a lot of research into this... And it looks a little shaky! El Salvador passes its Bitcoin Law — and it’s a Tether scam – Attack of the 50 Foot Blockchain DAVIDGERARD.CO.UK The El Salvador Bitcoin scheme is a barely-planned smash-and-grab. Quote
Ricofoley Posted June 17, 2021 Posted June 17, 2021 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. Quote
Jason Posted June 17, 2021 Posted June 17, 2021 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. Quote
Ricofoley Posted June 17, 2021 Posted June 17, 2021 I mostly understand that much. I get a little lost when he explains how the scam that it seems like they were highly likely to be running works by colluding with a crypto exchange. Quote
Signifyin(g)Monkey Posted June 17, 2021 Posted June 17, 2021 “Yes, I’d like a mocha latte; here’s one millionth of a bitcoin.” Quote
Commissar SFLUFAN Posted January 22, 2022 Posted January 22, 2022 Let's check-in to see how this experiment is going... El Salvador’s plan to create the first Bitcoin-powered nation is tanking the economy—and is a mess by every measure 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! 1 1 Quote
Kal-El814 Posted September 16, 2022 Posted September 16, 2022 9 hours ago, Jason said: You miss all the shots you don't take. Quote
b_m_b_m_b_m Posted September 16, 2022 Posted September 16, 2022 10 minutes ago, Kal-El814 said: You miss all the shots you don't take. -lee Harvey Oswald Quote
unogueen Posted September 16, 2022 Posted September 16, 2022 the best revenge is dragging time from to other shit that get the parting list going and you just yelled at an exit. Quote
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