Skip to content
Do you have adblock enabled?
 
If you can read this, either the style sheet didn't load or you have an older browser that doesn't support style sheets. Try clearing your browser cache and refreshing the page.

(Global News (Canada))   Bitcoin is now legal tender in El Salvador   (globalnews.ca) divider line
    More: Cool, Currency, El Salvador, United States dollar, promise President Nayib Bukele, Term, United States, Money, El Salvador's congress  
•       •       •

118 clicks; posted to Business » on 09 Jun 2021 at 9:21 AM (6 days ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



57 Comments     (+0 »)
View Voting Results: Smartest and Funniest


Oldest | « | 1 | 2 | » | Newest | Show all

 
6 days ago  
This means the following:
Merchants in ES will have to begin accepting bitcoin as payments within 90 days.
The government of ES will need to buy a reserve of bitcoin.
Other governments may do the same to transact with ES, although the US dollar is still legal there as well.


The plan is to use the Spark card, which is a bitcoin backed credit card using the lightning network for transactions.  The lightning network can handle visa level transactions with an extremely low fee and no wait time.

On the social side of things, Cryptocurrencies have a much larger penetration in Latin and South America than North America. This is due to corrupt banking and governments and a high rate of inflation in many countries.  Paraguay, Panama and a few other countries are looking at similar measures.
 
6 days ago  
And what currency will the prices be pegged to.

Poor bastards gonna be running around shops updating stickers all day
 
6 days ago  
How the f*ck do you buy a pack of smokes with it?
 
6 days ago  
Welcome to the future. Ignore bitcoin at your peril.
 
6 days ago  

Earl of Chives: Welcome to the future. Ignore bitcoin at your peril.


Much peril. Wait, exactly what peril am I facing here.
 
6 days ago  

Gubbo: And what currency will the prices be pegged to.

Poor bastards gonna be running around shops updating stickers all day


They only passed the new law this weekend, when their prezbro dropped it on them.

They're going to find out what's in it soon enough.

/pops popcorn
 
6 days ago  

Gubbo: Earl of Chives: Welcome to the future. Ignore bitcoin at your peril.

Much peril. Wait, exactly what peril am I facing here.


How many tulips do you have?  Not many, I bet.  I have a couple dozen, at most.  We're missing out.
 
6 days ago  

Marcus Aurelius: Gubbo: Earl of Chives: Welcome to the future. Ignore bitcoin at your peril.

Much peril. Wait, exactly what peril am I facing here.

How many tulips do you have?  Not many, I bet.  I have a couple dozen, at most.  We're missing out.


I have an very large supply of Gubbo-dust if you want to invest. I'll give you a good early investor price

/still workshopping the name
 
6 days ago  
I like that it helps people that aren't in the "traditional" economy to move money around securely but I don't see how you can reliably price small goods with a currency that frequently has huge swings in value.
 
6 days ago  

HotWingConspiracy: I like that it helps people that aren't in the "traditional" economy to move money around securely but I don't see how you can reliably price small goods with a currency that frequently has huge swings in value.


The USD is still an accepted currency there too. Everything is still priced in USD, but you can legally pay with bitcoin is you wish.
 
6 days ago  
I predict a huge increase in the sales of LED signs so shopkeepers can update prices in real time

10 Bananas- 0.000010 BTC!
<BLINK>
10 Bananas- 0.000020 BTC!
<BLINK>
10 Bananas- 0.^A BTC!
<BLINK>
10 Bananas- 3.5 BTC!

Make sure to buy all your groceries on the dip
 
6 days ago  
Bad idea. 

We still don't even know how proof-of-stake is going to turn out. 

I have a feeling that this is going to cause problems for blockchain.
 
6 days ago  

Lord Bear: HotWingConspiracy: I like that it helps people that aren't in the "traditional" economy to move money around securely but I don't see how you can reliably price small goods with a currency that frequently has huge swings in value.

The USD is still an accepted currency there too. Everything is still priced in USD, but you can legally pay with bitcoin is you wish.


So to break that down a little more. Everything will still be priced in USD and converted to Bitcoin.

As always.

Because nobody is stupid enough to price anything in Bitcoin without a reference currency.

/game changing lol
 
6 days ago  
¡A la Luna!
 
6 days ago  
As I said yesterday, even as a crypto critic, I'm still very interested and curious to see how this plays out.

But also as I said yesterday, there is a big difference between accepting Bitcoin as legal tender and replacing your national currency (even if that's the USD) with only Bitcoin.

#HODLGANG
 
6 days ago  
Gubbo:

Because nobody is stupid enough to price anything in Bitcoin without a reference currency.

At the moment, sure.  Bitcoin is unstable because it isn't well distributed.  If/when that changes, the price will stabilize and that issue will be gone too.  This will probably take decades. Rome wasn't built in a day and cryptos have only been around a decade, and less than that in the public consciousness.

People need to start thinking longer than the next quarter or year end balance.    Its one of the reasons China is kicking everyone's ass right now.  They play the long game.  Bitcoin is another long game.
 
6 days ago  

Earl of Chives: Welcome to the future. Ignore bitcoin at your peril.


media.giphy.comView Full Size

lol no.
 
6 days ago  

Gubbo: Lord Bear: HotWingConspiracy: I like that it helps people that aren't in the "traditional" economy to move money around securely but I don't see how you can reliably price small goods with a currency that frequently has huge swings in value.

The USD is still an accepted currency there too. Everything is still priced in USD, but you can legally pay with bitcoin is you wish.

So to break that down a little more. Everything will still be priced in USD and converted to Bitcoin.

As always.

Because nobody is stupid enough to price anything in Bitcoin without a reference currency.

/game changing lol


But you don't understand! He loves to claim he got "rich" from crypto. That means it is world changing and everyone should be just like him.
 
6 days ago  

Lord Bear: Gubbo:

Because nobody is stupid enough to price anything in Bitcoin without a reference currency.

At the moment, sure.  Bitcoin is unstable because it isn't well distributed.  If/when that changes, the price will stabilize and that issue will be gone too.  This will probably take decades. Rome wasn't built in a day and cryptos have only been around a decade, and less than that in the public consciousness.

People need to start thinking longer than the next quarter or year end balance.    Its one of the reasons China is kicking everyone's ass right now.  They play the long game.  Bitcoin is another long game.


How amusing. Yet another excuse for why Bitcoin isn't a currency. I'll add it to the list.

/as excuses go, I prefer the fact that transaction charges are through the roof
//they can take hours
///and the theoretical max is like 7 transactions a second
//but sure, it isn't "distributed" enough
/final slashy for balance
 
6 days ago  

Earl of Chives: Welcome to the future. Ignore bitcoin at your peril.


Fark user imageView Full Size
 
6 days ago  

Gubbo: Lord Bear: Gubbo:
How amusing. Yet another excuse for why Bitcoin isn't a currency. I'll add it to the list.

/as excuses go, I prefer the fact that transaction charges are through the roof
//they can take hours
///and the theoretical max is like 7 transactions a second
//but sure, it isn't "distributed" enough
/final slashy for balance


You obviously don't know jack about bitcoin.  As I mentioned above, El Salvador is using the Lightning Network side chain, which rivals every other modern payment system for speed and fees.

Bitcoin is technology.  Technology changes and grows over time.  You are thinking Bitcoin is a 1908 Model T.  It has evolved to a 1932 Ford Phaeton.  One day it may be a biatchin' candy apple red 1964 Mustang.

/Fords kinda suck, but the analogy mostly works.
 
6 days ago  

Lord Bear: Gubbo: Lord Bear: Gubbo:
How amusing. Yet another excuse for why Bitcoin isn't a currency. I'll add it to the list.

/as excuses go, I prefer the fact that transaction charges are through the roof
//they can take hours
///and the theoretical max is like 7 transactions a second
//but sure, it isn't "distributed" enough
/final slashy for balance

You obviously don't know jack about bitcoin.  As I mentioned above, El Salvador is using the Lightning Network side chain, which rivals every other modern payment system for speed and fees.

Bitcoin is technology.  Technology changes and grows over time.  You are thinking Bitcoin is a 1908 Model T.  It has evolved to a 1932 Ford Phaeton.  One day it may be a biatchin' candy apple red 1964 Mustang.

/Fords kinda suck, but the analogy mostly works.


Blockchain is technology.

/you confused your talking point there
 
6 days ago  
I have a feeling that this will only be an advantage for the Salvadorans who are already wealthy.  If this experiment doesn't crash and burn, it will only increase wealth disparity.

\ just my guess
 
6 days ago  
Gubbo:
Blockchain is technology.

/you confused your talking point there


Blockchain is technology, but there are different ways of implementing it.  Bitcoin is one, and so is every other cryptocurrency.  All of them work a little differently and some radically so.

In any event, your arguments get dated pretty fast as technology passes them by.
 
6 days ago  

Gruntbuggly: I have a feeling that this will only be an advantage for the Salvadorans who are already wealthy.  If this experiment doesn't crash and burn, it will only increase wealth disparity.



I wouldn't bet on that.  Crypto is mostly being used by 'unbanked' people to move money around in South America and Africa.  El Salvador is mostly just legalizing it because it is already used quite a bit in the country.

The rich will probably find a way to take advantage, but the poor have first mover advantage in this case.
 
6 days ago  
:( ham-fisting this into production is a bad farking idea, and the technology, and people involved will be worse off for it.
 
6 days ago  

GregInIndy: Earl of Chives: Welcome to the future. Ignore bitcoin at your peril.

[Fark user image 238x212]


i.kym-cdn.comView Full Size
 
6 days ago  

Lord Bear: The rich will probably find a way to take advantage, but the poor have first mover advantage in this case.


How does using Bitcoin make already poor people any less poor?

Serious question. I'm not trying to spring something on you.

I don't know what internet access is like in El Salvador, but I can imagine that vast swaths of poor people in El Salvador do not have ready access to computers and technology that will allow them to mine Bitcoin.

So for these people, what advantage do they gain?
 
6 days ago  
This is a game changer.  Once Bitcoin is accepted everywhere like a dollar, it will be as valuable as a dollar!  To the mooooooooooooon!🚀🚀🚀🚀💎🙌🚬🚬🥩
 
6 days ago  

Lord Bear: Gruntbuggly: I have a feeling that this will only be an advantage for the Salvadorans who are already wealthy.  If this experiment doesn't crash and burn, it will only increase wealth disparity.


I wouldn't bet on that.  Crypto is mostly being used by 'unbanked' people to move money around in South America and Africa.  El Salvador is mostly just legalizing it because it is already used quite a bit in the country.

The rich will probably find a way to take advantage, but the poor have first mover advantage in this case.


It's not ready for this. It's way too soon to be messing around with this level of integration, I'm sorry. 

I love the idea of blockchain, we've been through so many threads of this shiat, but this is just stupid. 

Everything's all well and good for the people of El Salvador, until Elon Musk wakes up on the wrong side of the bed, and says something negative on Twitter.
 
6 days ago  
**shrug**

Whatever helps my other crypto holdings...
 
6 days ago  

Lord Bear: Bitcoin is technology. Technology changes and grows over time. You are thinking Bitcoin is a 1908 Model T. It has evolved to a 1932 Ford Phaeton. One day it may be a biatchin' candy apple red 1964 Mustang.


You say this, but it's already demonstrably false. Cryptocurrencies have already evolved to the point where bitcoin is vastly inferior to others.... yet everybody still wants to use bitcoin.
 
6 days ago  
Rev.K:
I don't know what internet access is like in El Salvador, but I can imagine that vast swaths of poor people in El Salvador do not have ready access to computers and technology that will allow them to mine Bitcoin.

So for these people, what advantage do they gain?


Wireless and cell networks are well built up in parts of the third world, and that's all you really need for bitcoin.  You don't need to mine it to use it.

Many people in El Salvador and other countries are 'unbanked'.  Cryptos are being used to send money back home, from workers working abroad.  Now they can use that money directly without finding a way to convert it.
 
6 days ago  

Lord Bear: Rev.K:
I don't know what internet access is like in El Salvador, but I can imagine that vast swaths of poor people in El Salvador do not have ready access to computers and technology that will allow them to mine Bitcoin.

So for these people, what advantage do they gain?

Wireless and cell networks are well built up in parts of the third world, and that's all you really need for bitcoin.  You don't need to mine it to use it.

Many people in El Salvador and other countries are 'unbanked'.  Cryptos are being used to send money back home, from workers working abroad.  Now they can use that money directly without finding a way to convert it.


The whole idea behind this, is that it's supposed to be a decentralized currency. 

When one person can just tank the price by 'breaking up' with it on Twitter, how is it even fulfilling its main purpose? 

It's too early for this.
 
6 days ago  

jars.traptone: Lord Bear: Rev.K:
When one person can just tank the price by 'breaking up' with it on Twitter, how is it even fulfilling its main purpose? 

It's too early for this.


Probably, but having an entire country actively using it will start to stabilize things.  With a few others potentially doing the same you get even more stability.

And its not like the stock market or USD wasn't hurt by tweets from a certain twice impeached ex-president either.
 
6 days ago  

Lord Bear: jars.traptone: Lord Bear: Rev.K:
When one person can just tank the price by 'breaking up' with it on Twitter, how is it even fulfilling its main purpose? 

It's too early for this.

Probably, but having an entire country actively using it will start to stabilize things.  With a few others potentially doing the same you get even more stability.

And its not like the stock market or USD wasn't hurt by tweets from a certain twice impeached ex-president either.


This is very true. And it often moved the market by maybe as much as 1% sometimes.

In Bitcoin this 1% move is known as any random 60 seconds from any random day.
 
6 days ago  

Lord Bear: jars.traptone: Lord Bear: Rev.K:
When one person can just tank the price by 'breaking up' with it on Twitter, how is it even fulfilling its main purpose? 

It's too early for this.

Probably, but having an entire country actively using it will start to stabilize things.  With a few others potentially doing the same you get even more stability.


That's fair, it just seems dangerous making it legal tender, when it's still got big changes coming down the line. 

If this bombs, nobody's ever going to think about doing this again. 

Strikes me as a huge, unnecessary risk.
 
6 days ago  
Before I got a new GPU I used to provide daily reminders to punch cryptocurrency miners in the dick and liberate the GPUs.

Now I do so with higher framerates gaming and I'm leaning towards adding cryptocurrency apologists to the list.
 
6 days ago  
i mean it is way cool when someone else is willing to lite themselves on fire, so the rest of us can see what happens before we start dousing in gasoline.
 
6 days ago  
jars.traptone:
That's fair, it just seems dangerous making it legal tender, when it's still got big changes coming down the line. 

If this bombs, nobody's ever going to think about doing this again. 

Strikes me as a huge, unnecessary risk.


I don't really see too much risk.  Bitcoin/Strike is already being used regularly in El Salvador, the government is just legitimizing it and calling it Legal Tender.

If the price of bitcoin continues to rise over time, the citizens and government of ES will become wealthier.  If the network or currency is too unstable, then people have the the USD to fall back on as it is their other currency, and won't use bitcoin as much.

South and Central Americans have dealt with hyper inflationary currencies for a long time.  It will be interesting to see how one operates with a deflationary one.
 
6 days ago  

Lord Bear: jars.traptone:
That's fair, it just seems dangerous making it legal tender, when it's still got big changes coming down the line. 

If this bombs, nobody's ever going to think about doing this again. 

Strikes me as a huge, unnecessary risk.

I don't really see too much risk.  Bitcoin/Strike is already being used regularly in El Salvador, the government is just legitimizing it and calling it Legal Tender.

If the price of bitcoin continues to rise over time, the citizens and government of ES will become wealthier.  If the network or currency is too unstable, then people have the the USD to fall back on as it is their other currency, and won't use bitcoin as much.

South and Central Americans have dealt with hyper inflationary currencies for a long time.  It will be interesting to see how one operates with a deflationary one.


My only concern right now os the onboarding process. Mallers is a brilliant guy. But how do you onboard a continent now that most S.A. have gone laser eyes. 1 country at a time seems fine, a dozen or so at once could lead to issues. But at least we have our first adopter.
 
6 days ago  

Gubbo: Earl of Chives: Welcome to the future. Ignore bitcoin at your peril.

Much peril. Wait, exactly what peril am I facing here.


You're going to be left behind by History.

The bwoke are going to step into the 23rd Century with Bitcoin, etherium and CueCat. The bwoke will live the high life with currency. Free or cheap currency, available now to those who open their eyes. They will become the Lords and Masters of a Bwoke New World.
 
6 days ago  
So this will be the currency of MS-13.
 
6 days ago  

Gubbo: Marcus Aurelius: Gubbo: Earl of Chives: Welcome to the future. Ignore bitcoin at your peril.

Much peril. Wait, exactly what peril am I facing here.

How many tulips do you have?  Not many, I bet.  I have a couple dozen, at most.  We're missing out.

I have an very large supply of Gubbo-dust if you want to invest. I'll give you a good early investor price

/still workshopping the name


Do Bitcoin has been around 12 years now.

How many years will people keep bringing up references to tulips?

10 years?
20 years?
 
6 days ago  

TedCruz'sCrazyDad: Gubbo: Marcus Aurelius: Gubbo: Earl of Chives: Welcome to the future. Ignore bitcoin at your peril.

Much peril. Wait, exactly what peril am I facing here.

How many tulips do you have?  Not many, I bet.  I have a couple dozen, at most.  We're missing out.

I have an very large supply of Gubbo-dust if you want to invest. I'll give you a good early investor price

/still workshopping the name

Do Bitcoin has been around 12 years now.

How many years will people keep bringing up references to tulips?

10 years?
20 years?


I know. It's just a stupid comparison.

Tulips at least had some theoretical value basis in that there might at some point be a pretty flower.

Magical pixie dust is a much more apt comparison.
 
6 days ago  

Gubbo: TedCruz'sCrazyDad: Gubbo: Marcus Aurelius: Gubbo: Earl of Chives: Welcome to the future. Ignore bitcoin at your peril.

Much peril. Wait, exactly what peril am I facing here.

How many tulips do you have?  Not many, I bet.  I have a couple dozen, at most.  We're missing out.

I have an very large supply of Gubbo-dust if you want to invest. I'll give you a good early investor price

/still workshopping the name

Do Bitcoin has been around 12 years now.

How many years will people keep bringing up references to tulips?

10 years?
20 years?

I know. It's just a stupid comparison.

Tulips at least had some theoretical value basis in that there might at some point be a pretty flower.

Magical pixie dust is a much more apt comparison.


Just wait until you find out what the US dollar is made of...
 
6 days ago  
Am I too late to point out the president that pushed for this has ties to criminal gangs and uses the police to get elected. That this act does not further show that bitcoin is the new currency because it does nothing to change the view that the only people that like it are criminals, internet weirdos, fools, people that really not be left holding the bag, and people with shiat loads hopping to corner.
 
6 days ago  
At least we can fire back at the dipshiats that say "bitcoin isn't a real currency"...

It is now, and there ain't nothing you can do about it. Muahaha!
 
6 days ago  

Intrepid00: Am I too late to point out the president that pushed for this has ties to criminal gangs and uses the police to get elected. That this act does not further show that bitcoin is the new currency because it does nothing to change the view that the only people that like it are criminals, internet weirdos, fools, people that really not be left holding the bag, and people with shiat loads hopping to corner.


El Salvador is in a bit of a weird place right now.  The new-ish president (Nayib Bukele) is right wing and somewhat autocratic, has links to crime and is corrupt.  His corruption is more along the lines of giving sweet contracts to friends, and not the direct embezzlement of past presidents, so I guess that is progress.

However. he maintains a very high approval rating.  He has cracked down hard on crime, built big new modern hospital and has the best covid record of any central American country by a large margin.  He is trying to pivot the economy to cater to tourists and the surfing industry.

So you have a burgeoning dictator, with a probable profit motive.  But he has done good things for the country.

/source: a few wikipedia and reddit articles, I don't pretend to be an expert in El Salvadoran politics.
 
6 days ago  

TedCruz'sCrazyDad: Gubbo: TedCruz'sCrazyDad: Gubbo: Marcus Aurelius: Gubbo: Earl of Chives: Welcome to the future. Ignore bitcoin at your peril.

Much peril. Wait, exactly what peril am I facing here.

How many tulips do you have?  Not many, I bet.  I have a couple dozen, at most.  We're missing out.

I have an very large supply of Gubbo-dust if you want to invest. I'll give you a good early investor price

/still workshopping the name

Do Bitcoin has been around 12 years now.

How many years will people keep bringing up references to tulips?

10 years?
20 years?

I know. It's just a stupid comparison.

Tulips at least had some theoretical value basis in that there might at some point be a pretty flower.

Magical pixie dust is a much more apt comparison.

Just wait until you find out what the US dollar is made of...


The full faith and credit of the US government and the only currency you can use to pay taxes to said government?
 
Displayed 50 of 57 comments


Oldest | « | 1 | 2 | » | Newest | Show all


View Voting Results: Smartest and Funniest

This thread is closed to new comments.

Continue Farking




On Twitter


  1. Links are submitted by members of the Fark community.

  2. When community members submit a link, they also write a custom headline for the story.

  3. Other Farkers comment on the links. This is the number of comments. Click here to read them.

  4. Click here to submit a link.