El Salvador hopes to becomes the world’s first country to adopt bitcoin as legal tender

[johnarb]

I worked for a wage for 20 years. I stored my some of my savings in bonds, which always provided a return greater than inflation. I stored the rest in stocks and real estate, which provided a return significantly greater than inflation. Then I took that savings and used it to start a company, which has provided a return far in excess of inflation. I could easily retire before 50 and want for nothing for the rest of my life, which in my family averages another 40 years. No Bitcoin required.

Bitcoin in no panacea for storing value to avoid inflation and there are dozens of time proven ways that already exist to do exactly that. As I've said before, Bitcoin to protect against inflation is a solution in search of a problem. As I've also said before blockchain has value in some areas, its just that its fanboys seem unaware that in specific areas like moving currency and protecting against inflation there are plenty of other solutions that work equally well or better with none of the downsides.

Jeff Booth is a great sales guy, hence his success as an entrepreneur. He's clearly never taken a macro class and knows nothing of macro economics, but again he's great at selling a book about why deflation is a good thing with absolutely no rigor whatsoever behind it. He does a great job implementing a sales technique that is probably as old as history. It basically goes like this. Imagine you walk into a Chevy dealer wanting to buy a 5 year old Impala to be a reliable commuter for your 20 mile daily drive to work. You end up walking out with a Corvette. How did that happen?

First, list a bunch of things that no one likes. Do you like it when your car won't start in the morning? No! How about when it needs expensive repairs? No! What about when it smells bad after you leave fast food in it overnight? Hell no.

Then he switches to his product and describes how it doesn't have most of those things. This brand new Corvette will start up every time the first time (forget to mention so will the Impala). It can be repaired at any Chevy dealer (as can the Impala). And it looks really cool and the chicks will dig it and it does 0-60 in 3 seconds and.... lists a bunch of things irrelevant to what you wanted which was a reliable car at a decent price to commute with. And forgets to mention the handful of things that the Corvette actually doesn't fix, like smelling bad after the fast food. Or the fact that it costs 10 times more and solves a bunch of "problems" you either never had or could have easily been solved by your initial choice.

And you walk away thinking how much everything sucked then Mr. Corvette man made it better and what a champ you are for buying the Corvette. And woe to the guy who points out you were kind of suckered into it, because no-one likes to think of themselves as a sucker.

Any time you find yourself thinking "yeah, that does suck" when someone is trying to convince you of something, stop for a minute and realize the technique they're pulling on you. Then apply that doubly when a sales guy tries to convince you of something that runs contrary to basic economics, by telling you its basically all a conspiracy of the world's economists, bankers, and governments.

So no, I wasn't convinced. The guy left me thinking how sad it was he decided he needed to troll gullible folks with faux theories that don't hold up to even the most basic examination instead of sticking to starting and running companies, which provides a lot more value in the world. And sad that there's an hour of my life I'm never getting back.

Great.

Michael Saylor video explains that you have an opportunity that other people from outside of where you live do not

Are you going to ignore that someone from El Salvador, or Africa, or Turkey do not have the same choices that you do in investing/saving their income outside of their highly inflationary system? Apple stock or Amazon Stock is not available to them, nor the US index ETF's

Are you going to ignore Simon Dixon explaining to you that debt-based monetary system is designed to enslave everyone by inflating away their blood and sweat?

Are you going to ignore the arguments made by Jeff Booth that given the technological innovation we've had, we could have been working much less hours today, possibly as little as 15 hours a week?

or perhaps we do not have to take massive risks as starting a business in order to make it out of the rat race early in life, maybe retiring at age 50 would be normal?

Bitcoin offers property ownership that is global and decentralized and if it's not for you, fine, but El Salvador has chosen it as a solution for them

For your sake and your family, you should consider tail risks of what ifs that could ruin you or your family's quality of life no matter how tiny that probability is, but I digress

Politicians from Paraguay and Brazil are changing their profile pictures to laser eyes and posting support of Bitcoin

The genie is out of the bottle

 

[johnarb]

El Salvador, then Paraguay, then Brazil, now Argentina, hmm

The virus is spreading...

https://twitter.com/x/status/1402021197525700619

https://twitter.com/x/status/1402016018030022661

https://twitter.com/x/status/1402052919525060617

 

[Sig]

Great.

Michael Saylor video explains that you have an opportunity that other people from outside of where you live do not

Are you going to ignore that someone from El Salvador, or Africa, or Turkey do not have the same choices that you do in investing/saving their income outside of their highly inflationary system? Apple stock or Amazon Stock is not available to them, nor the US index ETF's

Are you going to ignore Simon Dixon explaining to you that debt-based monetary system is designed to enslave everyone by inflating away their blood and sweat?

Are you going to ignore the arguments made by Jeff Booth that given the technological innovation we've had, we could have been working much less hours today, possibly as little as 15 hours a week?

or perhaps we do not have to take massive risks as starting a business in order to make it out of the rat race early in life, maybe retiring at age 50 would be normal?

Bitcoin offers property ownership that is global and decentralized and if it's not for you, fine, but El Salvador has chosen it as a solution for them

For your sake and your family, you should consider tail risks of what ifs that could ruin you or your family's quality of life no matter how tiny that probability is, but I digress

Politicians from Paraguay and Brazil are changing their profile pictures to laser eyes and posting support of Bitcoin

The genie is out of the bottle

Sorry, I thought you were talking about how you were the wage slave. Now you've gone all altruist on us and it's all about the poor El Salvadorans. Of course 99% of them spend every unit of currency they have, regardless of type, on day to day living. So again, the fact that they could store their non-existent savings in Bitcoin and not suffer from a couple percent inflation in their normally dollar denominated life is completely irrelevant to them. And get 50%+ swings in a month instead! Certainly Bitcoin changes absolutely nothing in the day to day life of 99% of El Salvadorans, again a solution looking for a problem they don't have, and they've got lots of problems! Talk about not grasping what it's like to live outside your own bubble.

I'm sorry that you decided not to read anything I wrote about Jeff Booth. The 15 hour work week thing is exactly the kind of irrelevant but "yeah, we can all agree on that" kind of thing that actually has nothing to do with Bitcoin that's the hallmark of the sales technique that Jeff Booth just gave a masters class in on that video I suffered through watching. As I mentioned, woe to the guy who points out you were suckered into it, because no-one likes to think of themselves as a sucker. You're doing a better job demonstrating my points than I could!

I appreciate your concern for my financial well being, but when the balloon goes up you're not going to be able to eat your bitcoin. On the other hand I not only have a pretty diversified asset base across asset classes and geographies, much of it actual physical assets creating value regardless of monetary system, but I know I can start and run companies having done it successfully twice before (involving pretty much no risk, BTW) and can always fall back on the electrical engineering degree and ATP license as plan B and C. What you call tail risk I call opportunity, and you can too when you realize that blind evangelism for any cause is itself one of the biggest risks you can subject yourself to.

 

[johnarb]

Sorry, I thought you were talking about how you were the wage slave. Now you've gone all altruist on us and it's all about the poor El Salvadorans. Of course 99% of them spend every unit of currency they have, regardless of type, on day to day living. So again, the fact that they could store their non-existent savings in Bitcoin and not suffer from a couple percent inflation in their normally dollar denominated life is completely irrelevant to them. And get 50%+ swings in a month instead! Certainly Bitcoin changes absolutely nothing in the day to day life of 99% of El Salvadorans, again a solution looking for a problem they don't have, and they've got lots of problems! Talk about not grasping what it's like to live outside your own bubble.

I'm sorry that you decided not to read anything I wrote about Jeff Booth. The 15 hour work week thing is exactly the kind of irrelevant but "yeah, we can all agree on that" kind of thing that actually has nothing to do with Bitcoin that's the hallmark of the sales technique that Jeff Booth just gave a masters class in on that video I suffered through watching. As I mentioned, woe to the guy who points out you were suckered into it, because no-one likes to think of themselves as a sucker. You're doing a better job demonstrating my points than I could!

I appreciate your concern for my financial well being, but when the balloon goes up you're not going to be able to eat your bitcoin. On the other hand I not only have a pretty diversified asset base across asset classes and geographies, much of it actual physical assets creating value regardless of monetary system, but I know I can start and run companies having done it successfully twice before (involving pretty much no risk, BTW) and can always fall back on the electrical engineering degree and ATP license as plan B and C. What you call tail risk I call opportunity, and you can too when you realize that blind evangelism for any cause is itself one of the biggest risks you can subject yourself to.

I really don't know why I'm responding to you. You're a fucking bone-headed idiot that can only see your life and not the millions regular US people who are unable to escape this inflationary fiat system

I was a wage slave, but thanks to bitcoin and cryptos, I quit my job recently

Stop gaslighting people who have the conviction and belief in bitcoin and cryptos

Fuck you for spreading fear, uncertainty and doubt on here and pretending you're not by hiding your intentions

You're a coward and going around and making suggestions of this and that, just come out and say you hate bitcoin and cryptos

You're the one that came here commenting on the decision by El Salvador. You don't like it, go over there and tell the president

#HaveFunStayingPoor Sig

 

[Sprout]

I worked for a wage for 20 years. I stored my some of my savings in bonds, which always provided a return greater than inflation. I stored the rest in stocks and real estate, which provided a return significantly greater than inflation. Then I took that savings and used it to start a company, which has provided a return far in excess of inflation. I could easily retire before 50 and want for nothing for the rest of my life, which in my family averages another 40 years. No Bitcoin required.

Bitcoin in no panacea for storing value to avoid inflation and there are dozens of time proven ways that already exist to do exactly that. As I've said before, Bitcoin to protect against inflation is a solution in search of a problem. As I've also said before blockchain has value in some areas, its just that its fanboys seem unaware that in specific areas like moving currency and protecting against inflation there are plenty of other solutions that work equally well or better with none of the downsides.

Jeff Booth is a great sales guy, hence his success as an entrepreneur. He's clearly never taken a macro class and knows nothing of macro economics, but again he's great at selling a book about why deflation is a good thing with absolutely no rigor whatsoever behind it. He does a great job implementing a sales technique that is probably as old as history. It basically goes like this. Imagine you walk into a Chevy dealer wanting to buy a 5 year old Impala to be a reliable commuter for your 20 mile daily drive to work. You end up walking out with a Corvette. How did that happen?

First, list a bunch of things that no one likes. Do you like it when your car won't start in the morning? No! How about when it needs expensive repairs? No! What about when it smells bad after you leave fast food in it overnight? Hell no.

Then he switches to his product and describes how it doesn't have most of those things. This brand new Corvette will start up every time the first time (forget to mention so will the Impala). It can be repaired at any Chevy dealer (as can the Impala). And it looks really cool and the chicks will dig it and it does 0-60 in 3 seconds and.... lists a bunch of things irrelevant to what you wanted which was a reliable car at a decent price to commute with. And forgets to mention the handful of things that the Corvette actually doesn't fix, like smelling bad after the fast food. Or the fact that it costs 10 times more and solves a bunch of "problems" you either never had or could have easily been solved by your initial choice.

And you walk away thinking how much everything sucked then Mr. Corvette man made it better and what a champ you are for buying the Corvette. And woe to the guy who points out you were kind of suckered into it, because no-one likes to think of themselves as a sucker.

Any time you find yourself thinking "yeah, that does suck" when someone is trying to convince you of something, stop for a minute and realize the technique they're pulling on you. Then apply that doubly when a sales guy tries to convince you of something that runs contrary to basic economics, by telling you its basically all a conspiracy of the world's economists, bankers, and governments.

So no, I wasn't convinced. The guy left me thinking how sad it was he decided he needed to troll gullible folks with faux theories that don't hold up to even the most basic examination instead of sticking to starting and running companies, which provides a lot more value in the world. And sad that there's an hour of my life I'm never getting back.

Fair points.

The whole interview is great but if you’re press for time start around 1:30

He drills down from a macro view much from your perspective.

 

[Sig]

I really don't know why I'm responding to you. You're a fucking bone-headed idiot that can only see your life and not the millions regular US people who are unable to escape this inflationary fiat system

I was a wage slave, but thanks to bitcoin and cryptos, I quit my job recently

Stop gaslighting people who have the conviction and belief in bitcoin and cryptos

Fuck you for spreading fear, uncertainty and doubt on here and pretending you're not by hiding your intentions

You're a coward and going around and making suggestions of this and that, just come out and say you hate bitcoin and cryptos

You're the one that came here commenting on the decision by El Salvador. You don't like it, go over there and tell the president

#HaveFunStayingPoor Sig

So you're left with nothing but the personal attacks, noted by all.

 

[Sig]

Fair points.

The whole interview is great but if you’re press for time start around 1:30

He drills down from a macro view much from your perspective.

Not another hour of my life! I'll try to listen in at 1:30 tomorrow.

 

[johnarb]

So you're left with nothing but the personal attacks, noted by all.

I have been courteous and respectful to you even when you keep using fanboys and other condescending tone

But when you're playing victim and psyops, "woe to the guy who points out you were suckered into it"

Seriously, you're a victim, oh, no, I cry for you

Fuck you asshole, you're a manipulator and it doesn't work on me

Like I said, you've been posting here for years and putting fud, just hate the possibility that you were able to affect someone's decision and it caused them a lot of profits

 

[Cuddles]

just choose a stable coin, why mess w/BTC's volatility?

 

[johnarb]

just choose a stable coin, why mess w/BTC's volatility?

The government wants to encourage regular citizens to have a savings account, since most of them are unbanked

It is not a true savings account due to btc 'svolatility, so more like an investment account, where people hodl btc and participate in the upside as well as the downside

Saw a video that many businesses were already asking to be paid in bitcoin instead of USD even before the President's announcement so the adoption had been going on for over a year, I think, from Jack Maller's presentation