Current Events > El Salvador adopted BITCOIN as an official national currency.

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Kombucha 09/07/21 11:06:17 PM #1:	Should more countries do the same? Yes No Should more countries do the same? - Results (29 votes) Yes 37.93% (11 votes) 11 No 62.07% (18 votes) 18 Promising $30 of bitcoin for each user, Bukele has pushed for its adoption, saying it will help Salvadorans save $400 million a year on commissions for remittances, while giving access to financial services to people with no bank account. "We must break the paradigms of the past," Bukele tweeted. "El Salvador has the right to advance towards the first world." https://www.reuters.com/business/finance/el-salvador-leads-world-into-cryptocurrency-bitcoin-legal-tender-2021-09-07/ --- http://www.last.fm/user/walkingishonest <cite>Kombucha posted [p:957835870] in El Salvado... [t:79650915]...</cite> <quote> Should more countries do the same? Yes No Vote View Results Should more countries do the same? - Results (29 votes) Yes 37.93% (11 votes) 11 No 62.07% (18 votes) 18 Show Voting Form <quote>Promising $30 of bitcoin for each user, Bukele has pushed for its adoption, saying it will help Salvadorans save $400 million a year on commissions for remittances, while giving access to financial services to people with no bank account.</quote> <quote>"We must break the paradigms of the past," Bukele tweeted. "El Salvador has the right to advance towards the first world."</quote> https://www.reuters.com/business/finance/el-salvador-leads-world-into-cryptocurrency-bitcoin-legal-tender-2021-09-07/ </quote> ... Copied to Clipboard!
Irony 09/07/21 11:06:35 PM #2:	Lmao --- I am Mogar, God of Irony and The Devourer of Topics. <cite>Irony posted [p:957835880] in El Salvado... [t:79650915]...</cite> <quote>Lmao </quote> ... Copied to Clipboard!
UnholyMudcrab 09/07/21 11:07:06 PM #3:	Moronic. Cryptocurrencies don't even remotely function as actual currencies. --- https://imgur.com/VeNBg https://imgur.com/gd5jC8q https://imgur.com/PKIy7 https://imgur.com/3p29JqP <cite>UnholyMudcrab posted [p:957835889] in El Salvado... [t:79650915]...</cite> <quote>Moronic. Cryptocurrencies don't even remotely function as actual currencies. </quote> ... Copied to Clipboard!
Axiom 09/07/21 11:07:31 PM #4:	So this is how El Salvador fell <cite>Axiom posted [p:957835900] in El Salvado... [t:79650915]...</cite> <quote>So this is how El Salvador fell </quote> ... Copied to Clipboard!
LordFarquad1312 09/07/21 11:08:21 PM #5:	Axiom posted... So this is how El Salvador fell I don't think this is the cause, more like the consequence. --- El sexo sucio y el planeta limpio. "If you are tired of fear from links... Let Kirby's Nightmare protect you." <cite>LordFarquad1312 posted [p:957835922] in El Salvado... [t:79650915]...</cite> <quote>Axiom posted... </cite> <quote>So this is how El Salvador fell</quote>I don't think this is the cause, more like the consequence. </quote> ... Copied to Clipboard!
Cheater87 09/07/21 11:10:11 PM #6:	Will America invade them now? --- Doom, the game with unlimited ways to play. <cite>Cheater87 posted [p:957835951] in El Salvado... [t:79650915]...</cite> <quote>Will America invade them now? </quote> ... Copied to Clipboard!
legendarylemur 09/07/21 11:14:27 PM #7:	More like Lel Salvador lmao --- "Iwata was awesome" - Mr. Nintendo https://imgur.com/krtFHol <cite>legendarylemur posted [p:957836032] in El Salvado... [t:79650915]...</cite> <quote>More like Lel Salvador lmao </quote> ... Copied to Clipboard!
Flauros 09/07/21 11:16:42 PM #8:	Was their money already worth less than nothing before this? --- https://imgur.com/EX6Md7k https://imgur.com/X4cT0Sp Yim/Yum https://imgur.com/A3kur0P https://imgur.com/Hj9RrC6 <cite>Flauros posted [p:957836071] in El Salvado... [t:79650915]...</cite> <quote>Was their money already worth less than nothing before this? </quote> ... Copied to Clipboard!
Squall28 09/07/21 11:18:01 PM #9:	Would be interesting to see how this plays out --- You can't go back and change the beginning, but you can start where you are and change the ending. -Misattributed to CS Lewis <cite>Squall28 posted [p:957836099] in El Salvado... [t:79650915]...</cite> <quote>Would be interesting to see how this plays out </quote> ... Copied to Clipboard!
Pitlord_Special 09/07/21 11:20:08 PM #10:	This is good for bitcoin --- Posted from my iPhone 8 <cite>Pitlord_Special posted [p:957836141] in El Salvado... [t:79650915]...</cite> <quote>This is good for bitcoin </quote> ... Copied to Clipboard!
TrollTrace 09/07/21 11:23:01 PM #11:	Flauros posted... Was their money already worth less than nothing before this? Their president was able to purchase about 25 million dollars worth of bitcoin. I guess that was how much capital they had. (That was only enough for around 550 bitcoins) I think it is a good idea honestly. Poorly executed for sure but very good move for them. They will become much wealthier from this. <cite>TrollTrace posted [p:957836211] in El Salvado... [t:79650915]...</cite> <quote>Flauros posted... </cite> <quote>Was their money already worth less than nothing before this?</quote> Their president was able to purchase about 25 million dollars worth of bitcoin. I guess that was how much capital they had. (That was only enough for around 550 bitcoins) I think it is a good idea honestly. Poorly executed for sure but very good move for them. They will become much wealthier from this. </quote> ... Copied to Clipboard!
Kloe_Rinz 09/07/21 11:23:23 PM #12:	Bitcoin uses so much energy I thought, we need something more efficient. Also Im not keen on the idea of a decentralised currency because then you have nobody to turn to when shit hits the fan <cite>Kloe_Rinz posted [p:957836221] in El Salvado... [t:79650915]...</cite> <quote>Bitcoin uses so much energy I thought, we need something more efficient. Also Im not keen on the idea of a decentralised currency because then you have nobody to turn to when shit hits the fan </quote> ... Copied to Clipboard!
SomeGuyUO 09/07/21 11:23:37 PM #13:	Flauros posted... Was their money already worth less than nothing before this? US Dollar <cite>SomeGuyUO posted [p:957836227] in El Salvado... [t:79650915]...</cite> <quote>Flauros posted... </cite> <quote>Was their money already worth less than nothing before this?</quote>US Dollar </quote> ... Copied to Clipboard!
Squall28 09/07/21 11:24:37 PM #14:	TrollTrace posted... They will become much wealthier from this. Bitcoin dipped as soon as this news was announced. Lost like 10% off the bat. --- You can't go back and change the beginning, but you can start where you are and change the ending. -Misattributed to CS Lewis <cite>Squall28 posted [p:957836254] in El Salvado... [t:79650915]...</cite> <quote>TrollTrace posted... </cite> <quote>They will become much wealthier from this.</quote> Bitcoin dipped as soon as this news was announced. Lost like 10% off the bat. </quote> ... Copied to Clipboard!
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TrollTrace 09/07/21 11:26:42 PM #16:	Squall28 posted... Bitcoin dipped as soon as this news was announced. Lost like 10% off the bat. Wrong. They actually bought the dip. <cite>TrollTrace posted [p:957836298] in El Salvado... [t:79650915]...</cite> <quote>Squall28 posted... </cite> <quote>Bitcoin dipped as soon as this news was announced. Lost like 10% off the bat.</quote> Wrong. They actually bought the dip. </quote> ... Copied to Clipboard!
Squall28 09/07/21 11:30:45 PM #17:	TrollTrace posted... Wrong. They actually bought the dip. Source? https://www.cnbc.com/2021/09/07/bitcoin-retreats-from-the-highest-level-since-may-as-el-salvador-adopts-it-as-legal-tender.html --- You can't go back and change the beginning, but you can start where you are and change the ending. -Misattributed to CS Lewis <cite>Squall28 posted [p:957836385] in El Salvado... [t:79650915]...</cite> <quote>TrollTrace posted... </cite> <quote>Wrong. They actually bought the dip.</quote> Source? https://www.cnbc.com/2021/09/07/bitcoin-retreats-from-the-highest-level-since-may-as-el-salvador-adopts-it-as-legal-tender.html </quote> ... Copied to Clipboard!
ssjevot 09/07/21 11:36:49 PM #18:	This doesn't make sense because despite its original intention, Bitcoin doesn't function as a currency at all and even its supporters no longer try to claim it does, they call it a "store of value". There are multiple feeless, instantaneous transfer stable coins that would work far better as a currency. --- Favorite Games: BlazBlue: Central Fiction, Street Fighter III: Third Strike, Bayonetta, Bloodborne thats a username you habe - chuckyhacksss <cite>ssjevot posted [p:957836508] in El Salvado... [t:79650915]...</cite> <quote>This doesn't make sense because despite its original intention, Bitcoin doesn't function as a currency at all and even its supporters no longer try to claim it does, they call it a "store of value". There are multiple feeless, instantaneous transfer stable coins that would work far better as a currency. </quote> ... Copied to Clipboard!
ssjevot 09/07/21 11:40:09 PM #19:	Kloe_Rinz posted... Bitcoin uses so much energy I thought, we need something more efficient. Also Im not keen on the idea of a decentralised currency because then you have nobody to turn to when shit hits the fan They already have coins that use no energy and have no mining or fees. Ethereum is transferring into being one of them, they're generally proof-of-stake coins. Bitcoin is an objectively awful crypto, one of the absolute worst in terms of functionality, but it was the first one, has the name recognition and people are buying it to try to get rich, not because they think it's actually useful. Let me add I made a lot of money off Bitcoin because I got into it when they were worth almost nothing. This isn't sour grapes, I made a ton of money, this is just objectively it isn't a good crypto. --- Favorite Games: BlazBlue: Central Fiction, Street Fighter III: Third Strike, Bayonetta, Bloodborne thats a username you habe - chuckyhacksss <cite>ssjevot posted [p:957836573] in El Salvado... [t:79650915]...</cite> <quote>Kloe_Rinz posted... </cite> <quote>Bitcoin uses so much energy I thought, we need something more efficient. Also Im not keen on the idea of a decentralised currency because then you have nobody to turn to when shit hits the fan</quote> They already have coins that use no energy and have no mining or fees. Ethereum is transferring into being one of them, they're generally proof-of-stake coins. Bitcoin is an objectively awful crypto, one of the absolute worst in terms of functionality, but it was the first one, has the name recognition and people are buying it to try to get rich, not because they think it's actually useful. Let me add I made a lot of money off Bitcoin because I got into it when they were worth almost nothing. This isn't sour grapes, I made a ton of money, this is just objectively it isn't a good crypto. </quote> ... Copied to Clipboard!
Sad_Face 09/07/21 11:41:05 PM #20:	This is the future we're moving towards, or rather, what the world is aiming to do; topple the US dollar and create a reserve currency that is fair for all. What I expect to see in the future is banks issuing their own cryptocurrency, but their currency is pegged to the BTC or ETH as the BTC and ETH currently are too slow to handle transaction speeds for everyday life. It takes minutes for a transaction to go through when you want seconds when you're at the grocery store. Kloe_Rinz posted... Bitcoin uses so much energy I thought, we need something more efficient. Also Im not keen on the idea of a decentralised currency because then you have nobody to turn to when shit hits the fan With every blockchain there's the trilemma that you have to contend to; decentralization, scalability, security. One is sacrificed when you chase after the other two. The BTC network is super secure (Proof of Work is what leads it to be incredibly resource intensive) and decentralized. Because of this, it's not at all efficient. There are tons of proof of stake blockchains out there that boasts 1000x the speed of Ethereum and Bitcoin but guess what they're trading, decentralization and security. To give an example, Fantom, a darling altcoin skyrocketing in price in the past couple weeks, had an issue a few months back where 3 nodes went down and crashed the entire network. Those 3 nodes had over 30% of the staking power of the network; i.e. the network wasn't decentralized enough. We don't want to get a worse case scenario where we have one blockchain that's equivalent to the banking system we have currently, where the Federal Reserve prints money as they please with no oversight from an unbiased authority. --- https://imgur.com/WmIB016 https://imgur.com/53FGj6K <cite>Sad_Face posted [p:957836593] in El Salvado... [t:79650915]...</cite> <quote>This is the future we're moving towards, or rather, what the world is aiming to do; topple the US dollar and create a reserve currency that is fair for all. What I expect to see in the future is banks issuing their own cryptocurrency, but their currency is pegged to the BTC or ETH as the BTC and ETH currently are too slow to handle transaction speeds for everyday life. It takes minutes for a transaction to go through when you want seconds when you're at the grocery store. Kloe_Rinz posted... </cite> <quote>Bitcoin uses so much energy I thought, we need something more efficient. Also Im not keen on the idea of a decentralised currency because then you have nobody to turn to when shit hits the fan</quote> With every blockchain there's the trilemma that you have to contend to; decentralization, scalability, security. One is sacrificed when you chase after the other two. The BTC network is super secure (Proof of Work is what leads it to be incredibly resource intensive) and decentralized. Because of this, it's not at all efficient. There are tons of proof of stake blockchains out there that boasts 1000x the speed of Ethereum and Bitcoin but guess what they're trading, decentralization and security. To give an example, Fantom, a darling altcoin skyrocketing in price in the past couple weeks, had an issue a few months back where 3 nodes went down and crashed the entire network. Those 3 nodes had over 30% of the staking power of the network; i.e. the network wasn't decentralized enough. We don't want to get a worse case scenario where we have one blockchain that's equivalent to the banking system we have currently, where the Federal Reserve prints money as they please with no oversight from an unbiased authority. </quote> ... Copied to Clipboard!
TrollTrace 09/07/21 11:48:15 PM #21:	Squall28 posted... Source? https://www.cnbc.com/2021/09/07/bitcoin-retreats-from-the-highest-level-since-may-as-el-salvador-adopts-it-as-legal-tender.html Do you not have access to google to verify what i said? I believe the president tweeted that the country bought the dip...it takes like 5 seconds to search up whether el salvador bought the dip. <cite>TrollTrace posted [p:957836760] in El Salvado... [t:79650915]...</cite> <quote>Squall28 posted... </cite> <quote>Source? https://www.cnbc.com/2021/09/07/bitcoin-retreats-from-the-highest-level-since-may-as-el-salvador-adopts-it-as-legal-tender.html</quote> Do you not have access to google to verify what i said? I believe the president tweeted that the country bought the dip...it takes like 5 seconds to search up whether el salvador bought the dip. </quote> ... Copied to Clipboard!
Squall28 09/08/21 12:07:19 AM #22:	TrollTrace posted... Do you not have access to google to verify what i said? I believe the president tweeted that the country bought the dip...it takes like 5 seconds to search up whether el salvador bought the dip. Burden of proof is on you bud. And I looked it up anyways, and you are wrong as expected. They bought some after today's dip to offset their losses, but the majority of their coin was bought pre-dip. The president also seems like an imbecile like Trump. https://bitcoinmagazine.com/business/president-bukele-bought-bitcoin-dip-el-salvador --- You can't go back and change the beginning, but you can start where you are and change the ending. -Misattributed to CS Lewis <cite>Squall28 posted [p:957837184] in El Salvado... [t:79650915]...</cite> <quote>TrollTrace posted... </cite> <quote>Do you not have access to google to verify what i said? I believe the president tweeted that the country bought the dip...it takes like 5 seconds to search up whether el salvador bought the dip.</quote> Burden of proof is on you bud. And I looked it up anyways, and you are wrong as expected. They bought some after today's dip to offset their losses, but the majority of their coin was bought pre-dip. The president also seems like an imbecile like Trump. https://bitcoinmagazine.com/business/president-bukele-bought-bitcoin-dip-el-salvador </quote> ... Copied to Clipboard!
EndOfDiscOne 09/08/21 10:13:02 AM #23:	Kloe_Rinz posted... Bitcoin uses so much energy I thought, we need something more efficient. Also Im not keen on the idea of a decentralised currency because then you have nobody to turn to when shit hits the fan El Salvador plans to use energy from their volcanos to mine Bitcoin. There's lots of untapped renewable energy out there that goes to waste. Since crypto mining can be done anywhere, it's well suited to take advantage of this cheap renewable energy. --- I am the Cheese! I am the best character on the show! I am better than both the salami and the bologna *COMBINED!* <cite>EndOfDiscOne posted [p:957845157] in El Salvado... [t:79650915]...</cite> <quote>Kloe_Rinz posted... </cite> <quote>Bitcoin uses so much energy I thought, we need something more efficient. Also Im not keen on the idea of a decentralised currency because then you have nobody to turn to when shit hits the fan</quote>El Salvador plans to use energy from their volcanos to mine Bitcoin. There's lots of untapped renewable energy out there that goes to waste. Since crypto mining can be done anywhere, it's well suited to take advantage of this cheap renewable energy. </quote> ... Copied to Clipboard!
Kombucha 09/08/21 8:38:29 PM #24:	Final Bump --- http://www.last.fm/user/walkingishonest <cite>Kombucha posted [p:957863165] in El Salvado... [t:79650915]...</cite> <quote>Final Bump </quote> ... Copied to Clipboard!
ShineboxPhil 09/08/21 8:41:02 PM #25:	Cheater87 posted... Will America invade them now? imagine them doing this and when they pull out of the country, the ms-13 assume leadership a la the taliban. --- https://imgur.com/gallery/SGyTfGm https://imgur.com/gallery/9mJroQV <cite>ShineboxPhil posted [p:957863234] in El Salvado... [t:79650915]...</cite> <quote>Cheater87 posted... </cite> <quote>Will America invade them now?</quote>imagine them doing this and when they pull out of the country, the ms-13 assume leadership a la the taliban. </quote> ... Copied to Clipboard!
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Current Events > El Salvador adopted BITCOIN as an official national currency. (+) Yeah! (+)

Current Events > El Salvador adopted BITCOIN as an official national currency.