283 karma · joined September 22, 2018
Yes, the USD is better for hyperinflation *right now* than BTC as it is more stable.
But I do think BTC has better properties that, in the long run, will prove superior to the USD and gold in environments of absurd inflation.
Well that’s where I disagree with you.
What happened with those apps in Africa? And why is Nigeria increasingly looking to BTC? Could also be corrupt central banks, which I admit is less an issue in El Salvador.
Bitcoin is also censorship resistant, Nigeria tried to ban BTC but P2P usage went up after the “ban”.
And to be clear: I don’t think BTC is necessarily THE BEST conceivable solution out there - a USD backed coin probably is better for ES in the next few years.
But I also do think BTC is better than status quo for ES
Notice you cherry picking only the negative quotes…
I’d be shocked, and annoyed, if those fees continue in the future as the infra scales up
70% if people in ES don’t have a bank acct.
50% have internet.
Take a look at the Bitcoin beach experiment
https://apnews.com/article/caribbean-el-salvador-bitcoin-lif...
https://apnews.com/article/caribbean-el-salvador-bitcoin-lif...
The smallness of the country doesn’t mean this isn’t significant. They have problems, and through an experiment found solutions to those problems and are scaling them up
Blockstream is working to make internet more accessible there. It’ll be interesting to see how much penetration they get and how much it’ll cost folks there.
Doesn’t need to be a brand new iPhone, but I do agree that phones are an initial cost and I’d be interested in seeing what are low-cost smart phone options there.
That said! The Bitcoin Beach experiment there was enough of a success https://apnews.com/article/caribbean-el-salvador-bitcoin-lif...
What if, like, you know, solving problems like 70% of the population not having a bank could actually reduce crime. Bitcoin is a pretty easy fix for that problem.
And “it’s a tiny country”…like do they not deserve a better life since they have such a small gdp. This is the most inhumane sentiment I keep seeing about this news “who cares, they are a tiny country with small gdp”
The US treats them like shit since they have the USD as currency. God forbid a country wants more independence
70% of the country has no bank, for Bitcoin all you need is the internet and a simple wallet app.
How can they say that with a straight face knowing what’s going on in El Salvador
Can’t make this up
Seems like a no-brainer win though? Even if it doesn’t revolutionize the country
Good things happen when people have more money in their pockets - people save more, invest more, build more.
You can say the same thing about the sun and solar
Nah. Bitcoin is actually a lot easier to trace than paper US Dollars.
Bitcoin will give that money back to the people with the way lower cost of transfers, esp through the Lightning Network that is planned to be widely used.
Elizabeth Stark boldly said 7 yrs ago and Bitcoin is like TCP and needs an http, and then built Lightning on top of Bitcoin and this is super exciting to see.
EDIT: removed “fees”, it’s just remittance based
Or over 1000% in Venezuela.
Paper USD is a lot easier to hide than a Bitcoin transaction on a public ledger
In Venezuela there is absolutely absurd inflation number there: like over 1,000%.
Argentina it’s over 30% each year for several years.
Bitcoin is a tool against oppressive governments
And Carl Icahn: https://www.google.com/amp/s/www.cryptoglobe.com/latest/2021...
In Venezuela is disgusting, over 1,000% inflation each year.
That’s predictability. Name one other asset on earth that is easily transferable and more predictable in that sense?