https://finance.yahoo.com/news/el-sa...120440725.html
Is this a good thing?
Last edited by James_Madison_Lives; 06-09-2021 at 04:57 PM.
Good thing for who?
El Salvador?
Hell ya..
The banks?
Not so much..
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"Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."
Sounds like a good thing to me.
"Perhaps one of the most important accomplishments of my administration is minding my own business."
Calvin Coolidge
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I get the feeling that the current leadership of El Salvador are terrible, evil people, and the media will begin to tell us all about it sometime soon.
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Well..... It appears they are actually. 70% of the people in the country aren't even sophisticated enough to have bank accounts. Bitcoin fluctuates wildly. It isn't a currency. It is a penny stock. Money has to to have price stability to be useful.Originally Posted by Brian4Liberty
__________________________________________________ ________________
"A politician will do almost anything to keep their job, even become a patriot" - Hearst
Originally Posted by Matt Collins
"Foreign aid is taking money from the poor people of a rich country, and giving it to the rich people of a poor country." - Ron Paul
"Beware the Military-Industrial-Financial-Pharma-Corporate-Internet-Media-Government Complex." - B4L update of General Dwight D. Eisenhower
"Debt is the drug, Wall St. Banksters are the dealers, and politicians are the addicts." - B4L
"Totally free immigration? I've never taken that position. I believe in national sovereignty." - Ron Paul
Proponent of real science.
The views and opinions expressed here are solely my own, and do not represent this forum or any other entities or persons.
Yeah...I was wondering that. El Salvador could go the way Iraq did after Saddam tried to get off the petro-dollar was well as Libya after Ghaddafi tried to do the same. The silver lining for El Salvador is, considering they are net importers, they don't seem to have anything the U.S. wants. If Venezuela were to do this on the other hand...
LOL. Bitcoin has a lot more price stability than some Latin American currencies. And what does the "lack of sophistication" of the El Salvadoran people have to do with the current leadership? The current president was elected in 2019. You can hardly expect him to make that much of a different in the education level of an entire country in 2 years. However there has been a dramatic drop in crime in El Salvador to the point where they can boast about having better crime rates than some U.S. cities.
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They use the dollar now. Absolutely no reason to use something else. The dollar index had a major fluctuations this week relative to normal. It moved 2%. Bitcoin went up fivefold since the end of last year and then dropped 50%.
A volatile currency makes planning for the future impossible for entrepreneurs. I am not anti-Bitcoin or crypto. They are speculative assets like Tesla stocks. Currencies- they are not.
The odds that the average person living in a hut will transact in Bitcoin are zero point zero percent. This is all theater.And what does the "lack of sophistication" of the El Salvadoran people have to do with the current leadership?
Originally Posted by Krugminator2
"He's talkin' to his gut like it's a person!!" -me
"dumpster diving isn't professional." - angelatc
"You don't need a medical degree to spot obvious bullshit, that's actually a separate skill." -Scott Adams
"When you are divided, and angry, and controlled, you target those 'different' from you, not those responsible [controllers]" -Q
"Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul
"Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."
You didn't pay attention. With being net importers their dependence on the dollar is killing them.
We are edging towards hyperinflation. Even average Americans are seeing this.The dollar index had a major fluctuations this week relative to normal. It moved 2%. Bitcoin went up fivefold since the end of last year and then dropped 50%.
As long as you can buy or sell with it, it's a currency.A volatile currency makes planning for the future impossible for entrepreneurs. I am not anti-Bitcoin or crypto. They are speculative assets like Tesla stocks. Currencies- they are not.
The odds that the average person living in a hut will transact in Bitcoin are zero point zero percent. This is all theater.Most El Salvadorans don't live in huts. And most of the world has cell phones now.
9/11 Thermate experiments
Winston Churchhill on why the U.S. should have stayed OUT of World War I
"I am so %^&*^ sick of this cult of Ron Paul. The Paulites. What is with these %^&*^ people? Why are there so many of them?" YouTube rant by "TheAmazingAtheist"
"We as a country have lost faith and confidence in freedom." -- Ron Paul
"It can be a challenge to follow the pronouncements of President Trump, as he often seems to change his position on any number of items from week to week, or from day to day, or even from minute to minute." -- Ron Paul
For those who were worried, El Salvador is not REQUIRING businesses to accept bitcoin. A lot of the protest in El Salvador were based on false reporting that they would be required to accept it.
"He's talkin' to his gut like it's a person!!" -me
"dumpster diving isn't professional." - angelatc
"You don't need a medical degree to spot obvious bullshit, that's actually a separate skill." -Scott Adams
"When you are divided, and angry, and controlled, you target those 'different' from you, not those responsible [controllers]" -Q
"Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul
"Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."
"People might start using it."
"And how's that a problem?"
"It's a problem because people might start using it."
Hopefully this will cause a chain reaction of many other countries using bitcoin as legal tender.
"Perhaps one of the most important accomplishments of my administration is minding my own business."
Calvin Coolidge
For those who thought turning primitives in the third world into crypto speculators, feel free to take your L.
https://www.cnbc.com/2022/06/25/el-s...-finances.htmlThe government’s crypto coffers have been cut in half, bitcoin adoption nationwide isn’t really taking off, and crucially, the country needs a lot of cash, fast, to meet its debt payments of more than $1 billion in the next year. This comes as the price of bitcoin has fallen more than 70% from its November 2021 peak, and more than 55% from the time Bukele announced his plan.
Meanwhile, El Salvador’s economic growth has plummeted,its deficit remains high, and the country’s debt-to-GDP ratio — a key metric used to compare what a country owes to what it generates — is set to hit nearly 87% this year, stoking fears that El Salvador isn’t equipped to settle its loan obligations.
Pair these economic woes with a renewed war on gang violence, and you have all the fixings of a country on the brink.
“On the surface, the whole bitcoin thing hasn’t really paid off,” said Boaz Sobrado, a London-based fintech data analyst.
It isn’t bitcoin’s fault that the government is edging toward financial ruin.
The government has an unrealized paper loss on bitcoin of around $50 million, which the finance minister notes is less than 0.5% of the national budget. In aggregate, the entire experiment (and all its associated costs) have only run the government around $374 million, according to estimates. That’s not nothing — especially considering the fact that El Salvador has $7.7 billion of bonds outstanding — but to an economy of $29 billion, it is comparatively small.
The optics aren’t good, though.
Negotiations have stalled with international lenders in part because they are unwilling to throw money at a country that is spending millions in tax dollars on a cryptocurrency whose price is prone to extreme volatility. Rating agencies, including Fitch, have knocked down El Salvador’s credit score citing the uncertainty of the country’s financial future, given the adoption of bitcoin as legal tender. That means that it’s now even more expensive for President Bukele to borrow much-needed cash.
“In terms of their financial situation, El Salvador is in a very difficult place. They have a lot of bonds that are trading severely discounted,” continued Sobrado.
Did you even read the article, bitcoin zippy?
Even the fake news isn't blaming bitcoin.. the financial stability of the government is not dependent on bitcoin, and the lack of adoption by the populace is clearly not a factor in anything.
The only way bitcoin would have benefited them in the shorter term would be if they bought at the bottom and there was widespread adoption before a big increase in the value of bitcoin.
It isn't going to happen overnight, but if we see a larger adoption of bitcoin and a dollar crash, they will benefit immensely. In the longer term, I don't see how they can lose.
Last edited by dannno; 06-26-2022 at 06:22 PM.
"He's talkin' to his gut like it's a person!!" -me
"dumpster diving isn't professional." - angelatc
"You don't need a medical degree to spot obvious bullshit, that's actually a separate skill." -Scott Adams
"When you are divided, and angry, and controlled, you target those 'different' from you, not those responsible [controllers]" -Q
"Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul
"Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."
"He's talkin' to his gut like it's a person!!" -me
"dumpster diving isn't professional." - angelatc
"You don't need a medical degree to spot obvious bullshit, that's actually a separate skill." -Scott Adams
"When you are divided, and angry, and controlled, you target those 'different' from you, not those responsible [controllers]" -Q
"Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul
"Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."
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