Good for you. Sometimes we see humor in strange places.
El Salvador hopes to becomes the world’s first country to adopt bitcoin as legal tender
- Thread starter johnarb
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That had everything to do with your post. They have crime levels out the roof and the poverty plays a major role in it. No different than if you were to go to a city like Detroit which is run down. A flourishing city with a good economy has less of a crime problem. And how you don't already know this beyond me.
Venezula has already adopted crypto and now their economy has progressed significantly.
It's good to see all these poor countries adopting crypto, with more money in people's pockets, it's less of a reason to turn to crime for support...
This could spread in Latin American countries...
https://www.cnbc.com/2021/06/05/el-...ountry-to-adopt-bitcoin-as-legal-tender-.html
El Salvador hopes to becomes the world’s first country to adopt bitcoin as legal tender
PUBLISHED SAT, JUN 5 20214:56 PM EDTUPDATED 3 MIN AGO
MacKenzie Sigalos@KENZIESIGALOS
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Nayib Bukele, El Salvador’s president, delivers a speech to Congress at the Legislative Assembly building in San Salvador, El Salvador, on Tuesday, June 1, 2021. Photographer: Camilo Freedman/Bloomberg via Getty Images
Bloomberg | Bloomberg | Getty Images
MIAMI -- El Salvador announced legislation Saturday that will make it the world’s first sovereign nation to adopt bitcoin as legal tender, alongside the U.S. dollar.
In a video broadcast to Bitcoin 2021, a multiday conference in Miami being billed as the biggest bitcoin event in history, President Nayib Bukele announced El Salvador’s partnership with digital wallet company, Strike, to build the country’s modern financial infrastructure using bitcoin technology.
Strike founder and CEO Jack Mallers said this will go down as the “shot heard ’round the world for bitcoin.”
“What’s transformative here is that bitcoin is both the greatest reserve asset ever created and a superior monetary network. Holding bitcoin provides a way to protect developing economies from potential shocks of fiat currency inflation,” continued Mallers.
Speaking from the mainstage, Mallers said the move will help unleash the power and potential of bitcoin for everyday use cases on an open network that benefits individuals, businesses, and public sector services.
El Salvador is a largely cash economy, where roughly 70% of people do not have bank accounts or credit cards. Remittances, or the money sent home by migrants, account for more than 20% of El Salvador’s gross domestic product. Incumbent services can charge 10% or more in fees for those international transfers, which can sometimes take days to arrive and that sometimes require a physical pick-up.
While details are still forthcoming about how the rollout will work, CNBC is told that El Salvador has assembled a team of bitcoin leaders to help build a new financial ecosystem with bitcoin as the base layer.
“It was an inevitability, but here already: the first country on track to make bitcoin legal tender,” said Adam Back, CEO of Blockstream.
Back said he plans to contribute technologies like Liquid and satellite infrastructure to make El Salvador a model for the world.
“We’re pleased to help El Salvador on its journey towards adoption of the Bitcoin Standard,” he said.
This isn’t El Salvador’s first move into bitcoin. In March, Strike launched its mobile payments app there, and it quickly became the number one downloaded app in the country.
A good thread on some of the nuance of this development.
How can you even post Pink Floyd videos and then even come up with this shit?
If you switched "El Salvador" with "USA", and "innocent Americans" with "innocent Muslims", you'd probably be under watch for terrorism...
But as long as it's the USA (or an american) who shoots anybody at will, nukes, napalm, drone or satellite guide bombs innocents, children and women around the world, that's fine, innit?
It's a pathetic and mentally disturbed way of thinking, I hope you were ironic... or drunk.
I think poor gangbanged Latin American countries are an excellent petri dish for trying out incredibly volatile cryptos. I mean, what could go wrong?
E l Salvador specially, leading in murder rates, the President illegally dismissing their supreme court, etc.
It is good for Bitcoin, it is good for El Salvador and El Dictatore...
E l Salvador specially, leading in murder rates, the President illegally dismissing their supreme court, etc.
It is good for Bitcoin, it is good for El Salvador and El Dictatore...
So a month ago you could buy a car for .35 bitcoin. Today it will cost you .55 bitcoin to buy the same car. That's an annualized inflation rate of 685%! How is that "protecting developing economies from potential shocks of fiat currency inflation" again, especially the economy in question which uses the dollar which suffered from literally orders of magnitude less inflation in the last month?
Are the bitcoin fanboys just morons or do they cynically realize that they're spouting gibberish but think they can flim flam a public who doesn't fully understand it?