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(CNBC)   El Salvador to adopt Bitcoin as legal tender. Economists kermitsippingtea.jpg and Gritty are on board, whilst Professor Farnsworth offers up assorted lengths of wire   (cnbc.com) divider line
    More: Asinine, Money, Currency, El Salvador, El Salvador's partnership, President Nayib Bukele, biggest bitcoin event, legal tender, Legislature  
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1137 clicks; posted to Main » and Politics » on 05 Jun 2021 at 11:30 PM (9 days ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



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2021-06-05 7:33:09 PM  
" plans to introduce legislation that will make it the world's first sovereign nation to adopt bitcoin as legal tender."

What an idiot. Nothing says stability like having a volatile currency backed by nothing as your official currency.

Maybe he thinks they are going to be the clearing house for the world's black money.
El Salvador doesn't have the (legal) economic pull to manipulate the market to take advantage. Maybe they are going team up to ride Musk's coattails?
I got news for him, there are sand spits in the Caribbean barely 4 street wide lined with businesses with no name that move tens of millions of dollars a day.


CSB follows.

I was in the Amazon basin one day (laugh) about 25 years ago.
We needed some stuff and went to the "local store" (not local).
We had our choice of payment, gold, $s, stones or State currency.
They had a satellite dish and a shairty arse computer powered by a generator that could tell you the current
value on the spot market to the minute.

Now imagine that on a national level.
 
2021-06-05 8:26:38 PM  
Sounds like a libertarian billionaire paid off a politician.
 
2021-06-05 8:26:52 PM  
The dude is a hipster, I'd expect nothing less.
image.cnbcfm.comView Full Size
 
2021-06-05 8:35:37 PM  
And how will the poor get ahold of said currency? Oh silly me. Lol What am I thinking?
 
2021-06-05 9:32:38 PM  
They have assets?
 
2021-06-05 11:33:27 PM  
Good money drives out bad

This will be entertaining
 
2021-06-05 11:36:06 PM  
My dream of a beanie babies based world economy is one step closer to reality!
I have a warehouse full of Princess Di collector plates, if that doesn't work out.
 
2021-06-05 11:41:18 PM  

Nadie_AZ: And how will the poor get ahold of said currency? Oh silly me. Lol What am I thinking?


They have USD as well.
 
2021-06-05 11:43:07 PM  

blender61: Nothing says stability like having a volatile currency backed by nothing as your official currency


That is completely unusable for common transactions because the network doesn't scale.   That makes it trivial to lose access to your funds.   That is at the mercy of foreign 'mining' concerns.

This is the country giving up.
 
2021-06-05 11:44:52 PM  

Ketchuponsteak: Nadie_AZ: And how will the poor get ahold of said currency? Oh silly me. Lol What am I thinking?

They have USD as well.


They only have the US dollar.

I don't know what this means. At what value is BTC being tied to the USD for use in El Salvador? Or is this completely meaningless?

/I'm guessing meaningless
 
2021-06-05 11:47:29 PM  
I read a bit more.

Apparently this will mean that businesses will HAVE to take BTC if offered to satisfy debts. I'm sure their network infrastructure can handle it.
 
2021-06-05 11:56:55 PM  

Marcus Aurelius: The dude is a hipster, I'd expect nothing less.
[image.cnbcfm.com image 740x416]

Hipster

is a confusing word... any number of people who I'd consider a hipster wouldn't count him in their circles.

But, you are right.  If I wanted to know the current Ethereum to vape-cartridge exchange rate, he's the guy I'm looking for.
 
2021-06-05 11:58:26 PM  

madgonad: Ketchuponsteak: Nadie_AZ: And how will the poor get ahold of said currency? Oh silly me. Lol What am I thinking?

They have USD as well.

They only have the US dollar.

I don't know what this means. At what value is BTC being tied to the USD for use in El Salvador? Or is this completely meaningless?

/I'm guessing meaningless


Yeah, a dollar will buy you a bit more in el salvador that it will in the states
 
2021-06-05 11:59:00 PM  

madgonad: I read a bit more.

Apparently this will mean that businesses will HAVE to take BTC if offered to satisfy debts. I'm sure their network infrastructure can handle it.


Why would anyone pay anything with bitcoin unless they knew the value was going to drop?
 
2021-06-05 11:59:57 PM  
Probably finding a way they can take more of that sweet, sweet, Honduran narco-cash across the border undetected.
 
2021-06-06 12:04:12 AM  

Natalie Portmanteau: madgonad: I read a bit more.

Apparently this will mean that businesses will HAVE to take BTC if offered to satisfy debts. I'm sure their network infrastructure can handle it.

Why would anyone pay anything with bitcoin unless they knew the value was going to drop?


More importantly, the transaction costs for a small business that only takes a few payments in BTC each month will be a PITA.
 
2021-06-06 12:07:24 AM  
blender61:


CSB follows.

I was in the Amazon basin one day (laugh) about 25 years ago.
We needed some stuff and went to the "local store" (not local).
We had our choice of payment, gold, $s, stones or State currency.
They had a satellite dish and a shairty arse computer powered by a generator that could tell you the current
value on the spot market to the minute.

Now imagine that on a national level.


this is exactly why i only shop dollar store and a local thrift shop
 
2021-06-06 12:08:25 AM  
You shall not crucify mankind upon a cross of bits.

Fark user imageView Full Size
 
2021-06-06 12:14:44 AM  

Nadie_AZ: And how will the poor get ahold of said currency? Oh silly me. Lol What am I thinking?


"Have they no warlords?  No drug cartels?"  asked Scrooge
 
2021-06-06 12:16:23 AM  
Going to the moon. Diamond hands. It's happening.
 
2021-06-06 12:18:42 AM  

madgonad: Ketchuponsteak: Nadie_AZ: And how will the poor get ahold of said currency? Oh silly me. Lol What am I thinking?

They have USD as well.

They only have the US dollar.

I don't know what this means. At what value is BTC being tied to the USD for use in El Salvador? Or is this completely meaningless?

/I'm guessing meaningless


There are a handful of countries that peg their currency to USD. I'm not exactly in the loop these days though.
 
2021-06-06 12:19:53 AM  

Natalie Portmanteau: madgonad: I read a bit more.

Apparently this will mean that businesses will HAVE to take BTC if offered to satisfy debts. I'm sure their network infrastructure can handle it.

Why would anyone pay anything with bitcoin unless they knew the value was going to drop?


Yep. No point in spending digital gold that will be worth infinity.
 
2021-06-06 12:21:23 AM  

sinko swimo: blender61:


CSB follows.

I was in the Amazon basin one day (laugh) about 25 years ago.
We needed some stuff and went to the "local store" (not local).
We had our choice of payment, gold, $s, stones or State currency.
They had a satellite dish and a shairty arse computer powered by a generator that could tell you the current
value on the spot market to the minute.

Now imagine that on a national level.

this is exactly why i only shop dollar store and a local thrift shop


Yeah, I doubt the veracity of this anecdote. I would have just traded a few beads.
 
2021-06-06 12:26:51 AM  
You're all just jealous because I'm independently wealthy because of Crypto.  I am now drawing down 20% a year from my Crypto accounts as my retirement salary which I will do forever because Crypto goes up much faster than stocks.   Are you mad because you have to work and I will get richer every year until I die because of Crypto?  Crypto!
 
2021-06-06 12:29:53 AM  
Look. When all else fails. When society Crumbles. When the internet becomes a distant memory, second only to the flashes of EMP weapons in the atmosphere....


There will always be assorted lengths of wire.
 
2021-06-06 12:30:26 AM  
I've been lobbying Luxembourg to adopt Dogecoin but so far no luck.
 
2021-06-06 12:31:10 AM  

Nadie_AZ: And how will the poor get ahold of said currency? Oh silly me. Lol What am I thinking?


The poor in China have QR codes for AliPay and WeChatPay. Also, used cell phones are so cheap, they might as well be free.

Newsflash: the rest of the world figured out GSM and SIM cards and affordable cellular data YEARS before the US did.

Hell, most people just throw out their old cell phones.
 
2021-06-06 12:31:11 AM  

Rapmaster2000: You're all just jealous because I'm independently wealthy because of Crypto.  I am now drawing down 20% a year from my Crypto accounts as my retirement salary which I will do forever because Crypto goes up much faster than stocks.   Are you mad because you have to work and I will get richer every year until I die because of Crypto?  Crypto!


Check out my Kickstarter for covid coin. Every death contributes to the blockchain.
 
2021-06-06 12:32:44 AM  
Far too many dipshiats in the world. Far too many in power.

But I'll mention that China/Russia are pleading to get the U.S. dollar off its spot as the world's reserve currency. Bitcoin is farking idiotic for so many reasons, but I suspect this Salvadoran idiot is getting honeyed poison poured into his ear by certain sources.
 
2021-06-06 12:35:05 AM  
buttersafe.comView Full Size
 
2021-06-06 12:35:15 AM  

valenumr: Rapmaster2000: You're all just jealous because I'm independently wealthy because of Crypto.  I am now drawing down 20% a year from my Crypto accounts as my retirement salary which I will do forever because Crypto goes up much faster than stocks.   Are you mad because you have to work and I will get richer every year until I die because of Crypto?  Crypto!

Check out my Kickstarter for covid coin. Every death contributes to the blockchain.


Meanwhile, the geniuses at MIT are laughing at your Luddism.

MIT Bitcoin Experiment Nets 13,000% Windfall for Students Who Held On
 
2021-06-06 12:36:04 AM  

Marcus Aurelius: The dude is a hipster, I'd expect nothing less.
[image.cnbcfm.com image 740x416]


That guy is dangerous. I tried to get a few links about him here on FARK, but all of them went red.
 
2021-06-06 12:41:25 AM  

Wanderlusting: Meanwhile, the geniuses at MIT are laughing at your Luddism.

MIT Bitcoin Experiment Nets 13,000% Windfall for Students Who Held On


Now, see, when a currency does that it's called "hyperdeflation".

Surely this will have no ill effects for the people of The Salvador.
 
2021-06-06 12:41:54 AM  

valenumr: Check out my Kickstarter for covid coin. Every death contributes to the blockchain.


BRILLIANT!
 
2021-06-06 12:43:06 AM  

Olympic Trolling Judge: Wanderlusting: Meanwhile, the geniuses at MIT are laughing at your Luddism.

MIT Bitcoin Experiment Nets 13,000% Windfall for Students Who Held On

Now, see, when a currency does that it's called "hyperdeflation".

Surely this will have no ill effects for the people of The Salvador.


YOUR JUST JEALOUS!
 
2021-06-06 12:46:42 AM  
Everyone HODL like MIT!  In the future, no one will work because even the poor will be paid in currency that only goes up!
 
2021-06-06 12:47:20 AM  

madgonad: I read a bit more.

Apparently this will mean that businesses will HAVE to take BTC if offered to satisfy debts. I'm sure their network infrastructure can handle it.


Here is what is happening.  A whole bunch of foreign debt is going to be paid in bitcoin.
 
2021-06-06 12:49:58 AM  

Rapmaster2000: Everyone HODL like MIT!  In the future, no one will work because even the poor will be paid in currency that only goes up!


Better than being paid in Zimbabwean Dollars. I heard you needed a few hundred quadrillion of those to buy a loaf of bread.
 
2021-06-06 12:56:04 AM  

Wanderlusting: Rapmaster2000: Everyone HODL like MIT!  In the future, no one will work because even the poor will be paid in currency that only goes up!

Better than being paid in Zimbabwean Dollars. I heard you needed a few hundred quadrillion of those to buy a loaf of bread.


That's why when I need to send money instantaneously to a Zimbabwean roadside vendor, I use Crypto.  Before Crypto was invented by cool young people at home on a Saturday night, you had to mail envelopes of cash to people without bank accounts in Zimbabwe.  That's all over now thanks to the cool dudes of Crypto.
 
2021-06-06 12:59:39 AM  

Rapmaster2000: Wanderlusting: Rapmaster2000: Everyone HODL like MIT!  In the future, no one will work because even the poor will be paid in currency that only goes up!

Better than being paid in Zimbabwean Dollars. I heard you needed a few hundred quadrillion of those to buy a loaf of bread.

That's why when I need to send money instantaneously to a Zimbabwean roadside vendor, I use Crypto.  Before Crypto was invented by cool young people at home on a Saturday night, you had to mail envelopes of cash to people without bank accounts in Zimbabwe.  That's all over now thanks to the cool dudes of Crypto.


¯\_(ツ)_/¯

Hey. You can believe it's a lark. I'm sure people looked at Karl Benz the same way.
 
2021-06-06 1:06:06 AM  

Wanderlusting: Rapmaster2000: Wanderlusting: Rapmaster2000: Everyone HODL like MIT!  In the future, no one will work because even the poor will be paid in currency that only goes up!

Better than being paid in Zimbabwean Dollars. I heard you needed a few hundred quadrillion of those to buy a loaf of bread.

That's why when I need to send money instantaneously to a Zimbabwean roadside vendor, I use Crypto.  Before Crypto was invented by cool young people at home on a Saturday night, you had to mail envelopes of cash to people without bank accounts in Zimbabwe.  That's all over now thanks to the cool dudes of Crypto.

¯\_(ツ)_/¯

Hey. You can believe it's a lark. I'm sure people looked at Karl Benz the same way.


Why are you insulting Crypto like that?  Crypto is a far more useful invention than the car.  People can't imagine what life was like before Crypto.

In history, it goes Wright Brothers < Gutenberg < Archimedes < The Inventor of Doge.
 
2021-06-06 1:08:52 AM  

valenumr: Rapmaster2000: You're all just jealous because I'm independently wealthy because of Crypto.  I am now drawing down 20% a year from my Crypto accounts as my retirement salary which I will do forever because Crypto goes up much faster than stocks.   Are you mad because you have to work and I will get richer every year until I die because of Crypto?  Crypto!

Check out my Kickstarter for covid coin. Every death contributes to the blockchain.


I'm breathing in deep gains of covid coin.
 
2021-06-06 1:15:43 AM  
At some point, quantum computing may make the whole cryptocurrency thing worthless. Even a suggestion of this being realistic in the short term is going to make these systems almost worthless.
 
2021-06-06 1:19:19 AM  

Rapmaster2000: valenumr: Rapmaster2000: You're all just jealous because I'm independently wealthy because of Crypto.  I am now drawing down 20% a year from my Crypto accounts as my retirement salary which I will do forever because Crypto goes up much faster than stocks.   Are you mad because you have to work and I will get richer every year until I die because of Crypto?  Crypto!

Check out my Kickstarter for covid coin. Every death contributes to the blockchain.

I'm breathing in deep gains of covid coin.


I like to shed my Bitcoin all over every plebe I encounter.
 
2021-06-06 1:22:19 AM  

Pointy Tail of Satan: At some point, quantum computing may make the whole cryptocurrency thing worthless. Even a suggestion of this being realistic in the short term is going to make these systems almost worthless.


It's been theorized by computer science PhDs - who are much smarter than I - that SHA-256 is already quantum proof.

At the very least, quantum cryptography may disrupt the idea, but it would be quickly patched as the entirety of today's computational security would likely be upended at that point.

Cryptocurrency has less benefit in its use in a crypto proof of work as an international monetary standard in a future where capital needs to flow quickly and effortlessly worldwide.

You'd think more people would be supporting the idea of removing commercial banks from financial models as they continue to soak the poor through usurious interest, unfathomable fees, and cutting off millions of people from access through banking deserts.

Try getting a bank account after bouncing a check or two. Many poor people have no access to the modern banking system through no fault other than failing to have money.
 
2021-06-06 1:45:51 AM  
There are other forms of cryptocurrency that process transactions far more quickly and cheaper than BTC. Some con artist is looking to bait some suckers, IMHO.
 
2021-06-06 2:09:27 AM  

madgonad: Ketchuponsteak: Nadie_AZ: And how will the poor get ahold of said currency? Oh silly me. Lol What am I thinking?

They have USD as well.

They only have the US dollar.

I don't know what this means. At what value is BTC being tied to the USD for use in El Salvador? Or is this completely meaningless?

/I'm guessing meaningless


They also have a president with a male pornstar name.
 
2021-06-06 2:15:25 AM  
Here in America it's "The Salvador". Speak English.
 
2021-06-06 2:17:57 AM  

birdbro69: Here in America it's "The Salvador". Speak English.


i.pinimg.comView Full Size
 
2021-06-06 2:41:03 AM  
1 bitcoin = $35,792

Median income in El Salvador: $4,000


What could possibly go wrong?
 
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