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Imagine your president being a 40yo cryptobro version of Trump. No wonder people are leaving
Bukele and his government is nothing like Trumps. He doesn't want El Salvador to use USD as the standard currency, that's it..
Which is understandable, but I don't understand his plan. If 1 BTC is unaffordable, then people will buy 0.1 BTC. If that's unaffordable, then people will buy 0.01 BTC. And so on. You have to go down to 0.00000001 BTC before the limit is reached (0.000633158 USD at current prices, which is smaller than a mill). Since every zero there is another order of magnitude, I don't see how a small nation state could make even the smallest BTC unit unaffordable. Maybe the G7 banding together could do it.
I have very mixed feelings about Bukele but nobody is leaving because of him. Salvadorian emigration has slowed greatly under him and many people are actually moving back.
Tbh we want a Bukele in my south American country. Crime is running rampant
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Sadly, that's also the exact description of who Canada is most likely to elect as their next leader too. "bitcoin millhouse" we call him.
El Salvador Will Keep Putting $71,000 into the President's Swiss Bank Account Daily
FTFY
It's tragic for the people of his country that they are being essentially forced into participating in a pyramid scheme
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Quadrupling down at this point, right? I feel like this will not end well for him.
He will be alright, the country not so much.
I have a hunch he is personally in charge of a large number of coins to guarantee his safety...or escape lol
Isn't current price of Bitcoin 71000usd?
Yes. It's absolutely insane, and this guy's history with it is doubly insane. Read up a bit and prepare to feel super duper sad for the people in that country.
Buy high, sell low
Whatever your thoughts on cryptocurrency might be, this is borderline gambling addiction.
Just put the whole economy on black.
No, red!
NO, BLACK!
...El Salvador has decided to transfer a large chunk of its bitcoin holdings to a cold wallet and store it in a physical vault
What are we up to now, like Ocean's 15 or something?
If this is legit and not corruption and bitcoin eventually takes off to ungodly levels, imagine the biggest bet in history paying off and their country turns around as an economic powerhouse. Risky and stupid but would make a good movie.
The only thing keeping them a powerhouse would be a number on a computer that can be stolen. Question is, would people try to steal from a nation rich enough to be a powerhouse and how sophisticated would those theft attempts be?
That number is protected the same way gold is. Reminds me you americans stole us 1000 tons of gold during ww2
That's my point. If a country really did build up enough Bitcoin it became a world power, those Bitcoin would probably be stolen. If it can happen to gold, it can happen to Bitcoin even easier.
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I really wish for them to hit the jackpot and break the cycle, but so far, everything valuable in the region was quickly turned into poverty and famine. It's like a bad magic trick.
Then why do they tell everyone about it?
Seems like a way to pump the price up just by press and not actually wanting to anything.
Politics got to be transparent you know
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And what happens if the government needs that money and Bitcoin price is down?
I don't see how putting national reserves on such an inestable "asset" would be a good idea.
Worse, what happens if cybercriminals are able to successfully steal a large number of the countries bitcoin, or if they somehow lose access to their bitcoin wallet(s)?
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And then some hacker will get into that wallet and empty it.
The presidency will act all shocked at the news pretending they did everything to secure it...
It's kinda hilarious that the soft dictatorship and prison state that makes even America look like a prison abolitionist paradise isn't what's going to sink this idiot, it'll be the fucking bitcoins
What does ‘unaffordable with fiat currencies’ even mean? This guy knows you can divide BTC right?
The headline said 1BTC, so I take it to mean "until the price of 1BTC is too high to buy with real money". They're not saying they'll buy $66000 worth of bitcoin per day indefinitely, just 1 whole bitcoin per day, regardless of how the price fluctuates, for as long as that's viable.
El Salvador doesn't have its own currency; they use USD and recently bitcoin. I don't know enough to say whether this makes sense.
Right but you're missing the point. It doesn't matter if 1 BTC costs $1,000,000 when you can just buy 0.0001 BTC for $100. They would need to drive the cost of 1 BTC into the quadrillions of dollars before it would become even remotely unfeasible to purchase.
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Yeah, I haven't been able to parse what that phrase means in a real sense.
El Salvador needs to offload bags of BTC, loud and clear
Publicity stunt amount.
Even if bitcoin wasn't just a pyramid scheme and all but right now there are 900 new bitcoins each day, after the next halfing around the corner it's still 450/day. So each day there will be more new bitcoin then he would buy in 1 year. Even the easiest numbers don't add up even if he is just a 40yr cryptobro Trump version.
It has zero purpose as currency support, but makes great sense for money laundering. Whose wallet do you think those bitcoins will end up in?
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cool, here's the plan:
- see el salvador announcement
- buy one bitcoin
- wait for el salvador to buy a few bitcoins
- bitcoin price skyrockets to a few million
- sell your one 50k worth bitcoin for 500k dollars
- profit1!1!1!1!
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Is that bill cipher in the flag?
Say he achieves his goal (which doesnt make any sense but lets ignore that), what then? The day they need to encash it and they start selling the price will crash
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Who's going to be buying and using Bitcoin if it's not affordable?
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this post was submitted on 18 Mar 2024
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