• El Salvador + Bitcoin

    From gcubebuddy@700:100/75 to All on Fri Sep 3 09:04:41 2021
    Something that happened this year, around about may / june, El Salvador
    became the first country to recognise Bitcoin as a legit government currency. the vested in while bitcoin was at $30,000. apparnetly their government
    bought up a few hundred mill of bitcoin. now bitcoin has risen to about
    $50,000 per coin. so their government just made mint on bitcoin. i wonder how that is effecting their economy right now. it will be interesting to see as
    the crypto market begins to recover again after the crash, to see how they
    do. all countries are watching El Salvador as a test case on adopting Bitcoin as a currency. I think though that this migration to bitcoin has been
    planned, due to the pandemic crushing the dollar. We are going to see a "Currency Reboot" once the pandemic ends. i have also noticed that in gas stations and grocery stores, here in Oklahoma City, there are now Bitcoin / Etherium ATM machines showing up everywhere. This tells me that this is a planned migration to restablize our economy after the pandemic.

    Thanks
    - Gamecube Buddy

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  • From Bob Roberts@700:100/58 to gcubebuddy on Fri Sep 3 09:19:02 2021
    Re: El Salvador + Bitcoin
    By: gcubebuddy to All on Fri Sep 03 2021 09:04 am

    Oklahoma City, there are now Bitcoin / Etherium ATM machines showing up everywhere. This tells me that this is a planned migration to restablize our economy after the pandemic.

    Eh. I dunno about that. I think it's more financial opportunists paying gas stations to stick their machines in back, and promising the gas station owner a percentage of the fees. Just like a regular ATM machine.

    Bob Roberts
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  • From paulie420@700:100/71 to gcubebuddy on Sun Sep 5 13:38:52 2021
    Something that happened this year, around about may / june, El Salvador became the first country to recognise Bitcoin as a legit government currency. the vested in while bitcoin was at $30,000. apparnetly their government bought up a few hundred mill of bitcoin. now bitcoin has
    risen to about $50,000 per coin. so their government just made mint on bitcoin. i wonder how that is effecting their economy right now. it will be interesting to see as the crypto market begins to recover again after the crash, to see how they do. all countries are watching El Salvador as
    a test case on adopting Bitcoin as a currency. I think though that this migration to bitcoin has been planned, due to the pandemic crushing the dollar. We are going to see a "Currency Reboot" once the pandemic ends.
    i have also noticed that in gas stations and grocery stores, here in Oklahoma City, there are now Bitcoin / Etherium ATM machines showing up everywhere. This tells me that this is a planned migration to restablize our economy after the pandemic.


    I've been watching the El Salvador Bitcoin news, and I believe on 9/7/21 they fully switch over to accepting Bitcoin as their national currently. All companies and vendors must accept Bitcoin, and you can pay all bills and - its their national currency.

    Sure, they may have got lucky in the beginning, but I think the real experiment is how their nation goes thru the fluctuation in the FUTURE. If BTC is going to remain their national currency, the real proof is in how do they manage fluctuation that they can't control.

    And it still doesn't solve their problems they had while using USD as their national currency. They can't mint new coin, they don't control rates. So, it will be really interesting to see how this works out for El Salvador. Very neat stuff... I don't know that I'd be a fan of the decision, but their population is going to be along for the ride.

    Crazy times.



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  • From gcubebuddy@700:100/75 to paulie420 on Thu Sep 9 12:57:50 2021
    I've been watching the El Salvador Bitcoin news, and I believe on 9/7/21 they fully switch over to accepting Bitcoin as their national currently. All companies and vendors must accept Bitcoin, and you can pay all bills and - its their national currency.
    Sure, they may have got lucky in the beginning, but I think the real experiment is how their nation goes thru the fluctuation in the FUTURE.
    If BTC is going to remain their national currency, the real proof is in how do they manage fluctuation that they can't control.
    And it still doesn't solve their problems they had while using USD as their national currency. They can't mint new coin, they don't control rates. So, it will be really interesting to see how this works out for
    El Salvador. Very neat stuff... I don't know that I'd be a fan of the decision, but their population is going to be along for the ride.

    right! ya i think i would have chosen something like shiba, and wait for it
    to get pinned to $1 as a stable coin like they are talking about doing. that way, it wont be as prone to fluctuations. my guess is Bitcoin / Etherum will basicly end up being digital gold / silver, and they migrate towards doge or shiba....

    Thanks
    - Gamecube Buddy

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  • From Mindsurfer@700:100/56 to gcubebuddy on Sun Sep 19 13:41:30 2021
    right! ya i think i would have chosen something like shiba, and
    wait for it to get pinned to $1 as a stable coin like they are

    Do you actually calculate what that would mean, Shiba Inu to $1?
    That would be a $400 Trillion market cap, or 20 times all US dollars in circulation. Ask yourself how likely that is,

    All Crypto together have currently round about 2 Trillion USD market
    cap.

    Regards,
    Mindsurfer / Stephan

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