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(Rolling Stone)   So, remember when El Salvador decided to switch to Bitcoin as the national currency? Let's see how well that is going one year later. Oh dear, this could get ugly. Bonus quote: "The IMF and World Bank, they're all like, 'This is too risky.'"   (rollingstone.com) divider line
    More: Scary, El Salvador, El Salvador's Bitcoin Law, Twitter, Federal government of the United States, President Nayib Bukele, Central America, Bitcoin Law, Central American country  
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1107 clicks; posted to Business » on 30 Aug 2022 at 1:05 AM (23 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



48 Comments     (+0 »)
View Voting Results: Smartest and Funniest
 
2022-08-29 9:12:09 PM  
He's going to be swinging from a rope. Can't say he wasn't warned.
 
2022-08-29 10:07:41 PM  

NewportBarGuy: He's going to be swinging from a rope. Can't say he wasn't warned.


If anyone has a morbid sense humor there'll be a breeze block attached to the rope with some chain
 
2022-08-29 10:12:46 PM  
Techbros. A plague on society everywhere society is found.
 
2022-08-29 11:38:22 PM  
Did subby forget to replenish their supply of OBVIOUS tags?
 
2022-08-30 12:33:19 AM  
holy shiat.  those poor people.
yeah he might be a millennial dictator, but I suspect his fate gonna be old-school.
and I doubt many will mourn, because he's asking for it.
 
2022-08-30 12:55:18 AM  

Gubbo: NewportBarGuy: He's going to be swinging from a rope. Can't say he wasn't warned.

If anyone has a morbid sense humor there'll be a breeze block attached to the rope with some chain


I'm all for gallows humor, but this is a stretch even for me.
 
2022-08-30 1:13:19 AM  
Sounds like Bukele is trying to become Maxwell Lord by selling everyone on the idea he can make bitcoin only increase in value or something.  I wish I could say it is Saturday morning cartoon supervillainy, it has gone beyond that since it is only likely making him and his associates rich at the expense of the people he was supposed to serve.  This is going to get ugly.
 
2022-08-30 1:25:17 AM  
The people who lost their life savings will take a pound of flesh, each. He will come up way short.
 
2022-08-30 1:29:56 AM  

harleyquinnical: Gubbo: NewportBarGuy: He's going to be swinging from a rope. Can't say he wasn't warned.

If anyone has a morbid sense humor there'll be a breeze block attached to the rope with some chain

I'm all for gallows humor, but this is a stretch even for me.


Chains don't stretch.
 
2022-08-30 2:39:04 AM  
Programmers with no knowledge, education, experience, or expertise in finance or economics should not be creating and controlling national currencies.
 
2022-08-30 2:56:59 AM  

NewportBarGuy: He's going to be swinging from a rope. Can't say he wasn't warned.


He'll probably escape any serious repercussions by fleeing the country.
 
2022-08-30 3:49:49 AM  
Any of you nerds know how to build more backlinks for SEO? Without buying 500 of them in India?
 
2022-08-30 3:51:03 AM  
Fark user imageView Full Size
 
2022-08-30 3:55:11 AM  
Call me crazy but I don't think bitcoin is why el salvador is a clusterfark. I think it might've been exacerbated by electing a self described dictator though
 
2022-08-30 4:02:30 AM  

replacementcool: Call me crazy but I don't think bitcoin is why el salvador is a clusterfark. I think it might've been exacerbated by electing a self described dictator though


It's not. It was close to a failed state for a long time due to years of war, corruption and mismanagement. Having a crypto-bro clown running the country is just the icing on the turd cake.
 
2022-08-30 4:18:02 AM  

inglixthemad: NewportBarGuy: He's going to be swinging from a rope. Can't say he wasn't warned.

He'll probably escape any serious repercussions by fleeing the country.


He will only flee after the country's entire cryto reserves are "hacked"/stolen which he will blame on malicious actors/enemies. Remember I called it here first.

It will be the easiest heist by a dictator that the world haa ever seen.
Regardless of whether he's the one responsible, he will need to run for his life

Despite all this, he will retain an approval rating in the lower 40s, people people are idiot's
 
2022-08-30 4:44:38 AM  

TappingTheVein: [Fark user image image 485x709]


i.imgflip.comView Full Size
 
2022-08-30 4:47:27 AM  
"They say they have seen their democracy dismantled, human rights suspended, and their economic futures threatened while their government bends over backwards to court wealthy crypto investors."

Sounds like a typical libertarian country.
 
2022-08-30 5:34:05 AM  

TappingTheVein: [Fark user image image 485x709]


'Tis a thing of beauty
 
2022-08-30 7:01:24 AM  
Bitcoin is the perfect currency for a dictator.  Crypto is so goddamn volatile that anyone who is remotely famous or connected can send the value plummeting or skyrocketing.  If enough dissenting journalists speak out against crypto, then the country is going to experience serious financial problems.
"I'm sorry.  To protect the financial stability of the country, we must arrest/silence/execute you.  Nothing personal".  Meanwhile, Mr. Dictator is lining his own pockets with actual American dollars. Not filling his CoinBase wallet with Bitcoin and Etherium.
 
2022-08-30 7:22:32 AM  

Bovine Diarrhea Virus: Bitcoin is the perfect currency for a dictator.  Crypto is so goddamn volatile that anyone who is remotely famous or connected can send the value plummeting or skyrocketing.  If enough dissenting journalists speak out against crypto, then the country is going to experience serious financial problems.
"I'm sorry.  To protect the financial stability of the country, we must arrest/silence/execute you.  Nothing personal".  Meanwhile, Mr. Dictator is lining his own pockets with actual American dollars. Not filling his CoinBase wallet with Bitcoin and Etherium.


it's most republicans i've seen cheerleading crypto (full disclosure i think crypto is stupid and has no rational utility (neither do pet rocks but they made money) but i mine because i can and it's free money until it's not anymore, but for now it is) and they're super quick to turn the weapons of the state on american citizens too. they're also, like velociraptors but dumber and slower, learning, like how to use stochastic terrorism. so that's all fun.
 
2022-08-30 7:34:03 AM  
This genius investor is in luck.
public.bnbstatic.comView Full Size

It turns out the REAL dip was much larger.  Now he can buy the dip again.  He's been buying dips for the last 8 months.
 
2022-08-30 7:47:51 AM  
Sure, Bitcoin and NFTs and all of that are a scam, but the blockchain technology is incredibly transformative.  It can be used for thousands of things.  There are so many projects going on right now to utilize this incredible technology at some point in the future.  It's only been 15 years since it was invented, so naturally nobody knows what to do with it yet, but at some point it's going to do all kinds of things.  Just keep investing.  You'll get rich from this thing somehow.
 
2022-08-30 7:53:52 AM  
Fark user imageView Full Size
 
2022-08-30 7:56:27 AM  

replacementcool: Call me crazy but I don't think bitcoin is why el salvador is a clusterfark. I think it might've been exacerbated by electing a self described dictator though


Well, considering that they DIDN'T adopt bitcoin and the article is almost entirely about the fact they are being led by a dictator, yeah.

They RECOGNIZE bitcoin as an official legal tender.  It's not their actual national currency, which is the US Dollar.

However, I'm assuming as part of adopting it as an official currency means that all businesses are required to accept it, and if it then plummets, businesses are screwed.  So it does hurt.  I assume they can mitigate that by quickly transfering any bitcoin they receive during the day for their national currency.  But someone else is thus accepting the bitcoin (the government?)... thus when it plummets, someone is gonna hurt.

The question is... how many people are actually using crypto?  In the US it's just a bunch of dweebs who want the chance at a get-rich-quick scheme.  If US started accepting it as legal tender, I doubt many people would actually use it.

Only way this would hurt is if the Salvadorian government decided to act like a millenial and get in on the get-rich-quick scheme only to have it massively backfire.  Which is what I assume they probably did.  They were already hurting financially before this, and they jumped on the bandwagon to try to turn the luck around.  It failed miserably.
 
2022-08-30 8:20:38 AM  
When Bukele announced plans for Bitcoin City, he was also evoking the legend of the fabled "Bitcoin Citadel." In 2013, reddit user Luka Magnotta published a post claiming that he was a time traveler from the future. In this future, there are no central banks, bitcoin maximalists and early adopters live like kings in walled cities. Everyone else toils on the margins of a collapsed society.
 
2022-08-30 8:35:27 AM  
also, everyone else keep reading Bukele as Bukake, or is it just me that's been on fark too long?
 
2022-08-30 8:36:44 AM  
Fark user imageView Full Size

Fark user imageView Full Size
 
2022-08-30 8:36:58 AM  

Lady J: also, everyone else keep reading Bukele as Bukake, or is it just me that's been on fark too long?


Just take his name at face value.
 
2022-08-30 8:48:48 AM  

Rapmaster2000: When Bukele announced plans for Bitcoin City, he was also evoking the legend of the fabled "Bitcoin Citadel." In 2013, reddit user Luka Magnotta published a post claiming that he was a time traveler from the future. In this future, there are no central banks, bitcoin maximalists and early adopters live like kings in walled cities. Everyone else toils on the margins of a collapsed society.


Maybe they can use bitcoin to hire better sci-fi writers.
 
2022-08-30 8:54:11 AM  

TappingTheVein: replacementcool: Call me crazy but I don't think bitcoin is why el salvador is a clusterfark. I think it might've been exacerbated by electing a self described dictator though

It's not. It was close to a failed state for a long time due to years of war, corruption and mismanagement. Having a crypto-bro clown running the country is just the icing on the turd cake.


Yeah that place has been a shiatshow for...ever. I don't know a time it was ever a good place to be, at least post-conquistador. But even pre-contact, plenty of the native groups were pretty violent, so meh. I'll just write off that whole area of Central America. Everyone else has. Other than drugs, violence, and a mostly uneducated population that adheres to a really superstitious version of catholicism, I don't know what else they have to offer that would make anyone want to invest in the region. I'm pretty sure most of the good beachfront is already owned and resort-ified and some shadowy shell corporations own all of the logging and mining rights.

But yeah a country basically run by the strongman version of our resident cryptobevets is not going to do well.
 
2022-08-30 9:02:04 AM  
I'm always impressed how rolling stone packs so much filler between "no" and "shiat Sherlock".
 
2022-08-30 9:03:21 AM  
Where is the very intelligent Farker who claimed this edgelord had "diamond balls" for buying even more crypto?
 
2022-08-30 9:57:54 AM  

Rapmaster2000: When Bukele announced plans for Bitcoin City, he was also evoking the legend of the fabled "Bitcoin Citadel." In 2013, reddit user Luka Magnotta published a post claiming that he was a time traveler from the future. In this future, there are no central banks, bitcoin maximalists and early adopters live like kings in walled cities. Everyone else toils on the margins of a collapsed society.


Imagine believing that word diarrhea. Wow.
 
2022-08-30 9:59:27 AM  

Lady J: also, everyone else keep reading Bukele as Bukake, or is it just me that's been on fark too long?


Or its been too long since the last fark....
I kid I kid
Please dont kill me
 
2022-08-30 10:34:20 AM  

NewportBarGuy: He's going to be swinging from a rope. Can't say he wasn't warned.


I think he will be hanging around longer than anyone thinks.
 
2022-08-30 12:44:17 PM  

frankb00th: Rapmaster2000: When Bukele announced plans for Bitcoin City, he was also evoking the legend of the fabled "Bitcoin Citadel." In 2013, reddit user Luka Magnotta published a post claiming that he was a time traveler from the future. In this future, there are no central banks, bitcoin maximalists and early adopters live like kings in walled cities. Everyone else toils on the margins of a collapsed society.

Imagine believing that word diarrhea. Wow.


It's like the ramblings of a 7 yr old. "One day I'm gonna be super rich and have all the money in the world and you're not gonna have anything you're gonna be poor and I'm gonna live in a castle that's like a billion times the size of my house and everyone's gonna wanna date me and they'll say I'm the smartest person alive."
 
2022-08-30 3:34:53 PM  

Phil McKraken: harleyquinnical: Gubbo: NewportBarGuy: He's going to be swinging from a rope. Can't say he wasn't warned.

If anyone has a morbid sense humor there'll be a breeze block attached to the rope with some chain

I'm all for gallows humor, but this is a stretch even for me.

Chains don't stretch.


no, but the body does if the block & chain are heavy enough.
 
2022-08-30 4:09:13 PM  

jake3988: Well, considering that they DIDN'T adopt bitcoin and the article is almost entirely about the fact they are being led by a dictator, yeah.

They RECOGNIZE bitcoin as an official legal tender. It's not their actual national currency, which is the US Dollar.


President Techbro tried to use crypto speculation to pay off his debt to Uncle Sam for borrowing huge amounts of Uncle Sam's money to fix his economy.

It hasn't worked out so well.
 
2022-08-30 7:32:30 PM  

frankb00th: Lady J: also, everyone else keep reading Bukele as Bukake, or is it just me that's been on fark too long?

Or its been too long since the last fark....
I kid I kid
Please dont kill me


today, magnanimously, I shall let you live

while making no response as to the veracity or otherwise of your suggestion.

imma post a gif, cos it's funny and fits the conversation.  ok everyone?  The views expressed therein should not be seen as representing those of the poster.

Fark user imageView Full Size
 
2022-08-30 9:08:24 PM  
 
2022-08-30 9:09:15 PM  

Ishkur: Programmers with no knowledge, education, experience, or expertise in finance or economics should not be creating and controlling national currencies.


Banksters and The Fed should be.   lolzz
 
2022-08-30 9:11:38 PM  

NuclearPenguins: Where is the very intelligent Farker who claimed this edgelord had "diamond balls" for buying even more crypto?


not all coins are created equal.  i stay away from memecoins and NFT's.   much riskier

but some coins will do very well over the next 10 to 20 years because they are native coins to solid blockchains like Ethereum and because they have the most developers working on them.

over time, most coins will fail.

https://www.techrepublic.com/article/web-blockchain-technology-market/
 
2022-08-30 9:16:17 PM  
hootie-hoo!  hootie-hoo!
 
2022-08-30 10:29:06 PM  

Lady J: frankb00th: Lady J: also, everyone else keep reading Bukele as Bukake, or is it just me that's been on fark too long?

Or its been too long since the last fark....
I kid I kid
Please dont kill me

today, magnanimously, I shall let you live

while making no response as to the veracity or otherwise of your suggestion.

imma post a gif, cos it's funny and fits the conversation.  ok everyone?  The views expressed therein should not be seen as representing those of the poster.

[Fark user image image 245x184]


Phew. Happy you understood it the way I meant it.

I like your offbeat sense of humor.
 
2022-08-30 10:50:52 PM  

frankb00th: Phew. Happy you understood it the way I meant it.

I like your offbeat sense of humor.


: )

I'm always posting in good faith, and with the intention of entertaining or amusing, never critically (caveat: unless someone is [being] a confirmed dbag).  And I assume all posts directed at me are in the same spirit (caveat: unless they're cleeeaarly not).
if your heart's in the right place you'd struggle to offend or upset me.

Fark user imageView Full Size

.
 
2022-08-31 4:09:47 AM  

Linux_Yes: Ishkur: Programmers with no knowledge, education, experience, or expertise in finance or economics should not be creating and controlling national currencies.

Banksters and The Fed should be.   lolzz


Should be what?

Finish the statement you dumb shiat.
 
2022-08-31 4:10:14 AM  

Linux_Yes: but some coins will do very well over the next 10 to 20 years because they are native coins to solid blockchains like Ethereum and because they have the most developers working on them.


No plan survives contact with the enemy.
 
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