Topic: ㅤ (Read 11879 times)

An interesting article about Bukele appeared: The Dictators' Bank: How Central America's Main Development Bank Enabled Corruption and Authoritarianism

It says that Bukele received a loan of 200 million to solve economic problems associated with Covid, and he spent it on a campaign to introduce Bitcoin to El Salvador. This is the adoption of Bitcoin in the country, on credit.

That's ridiculous Argoo.

You think that El Salvador acted to quickly because it did something rather than just sitting back and studying the situation?

Bukele announced his decision in early June 2021 via teleconference that within that upcoming week, he was going to propose pro-bitcoin legislation, including making Bitcoin legal tender in El Salvador, and within that same week, the law was passed in order that bitcoin would become legal tender (as an additional option - besides the dollar already being legal tender there)... so the law would become effective in 3 months, and so in the last two years El Salvador has been building and expanding bitcoin and one off the advantages of "acting" rather than just "thinking about it,"  the implications and applications become way more concrete regarding how much to do and how to do it.

You can hear from Bukele himself in a couple of interviews that he did with Peter McCormack regarding how Bukele was thinking about the reasons and the process of implementing the bitcoin law and some topics related to Bukele as a leader. 

1st interview June 2021 - about 1 hour long

https://www.youtube.com/watch?v=Ad16W-V3jwY

2nd interview May 2022 - about 1 hour long
https://cryptonews.com/videos/bitcoin-in-el-salvador-part-2-with-nayib-bukele.htm

On the issue of accepting bitcoin or other decentralized cryptocurrency from the state, one should not rush. Here is a completely different principle of their walking, especially in order to work with cryptocurrency, you need certain knowledge and practice. In El Salvador, this was done too quickly, without sufficient preparation and the creation of the necessary conditions. In addition, the people do not like to be forced to do something without choosing alternative actions. A failed attempt to introduce bitcoin will make other states unlikely to want to experiment in this way.
In my opinion, a decentralized cryptocurrency should only walk in society along with the national money of states. The people should always have the right to choose.

For sure there are really things which arent really that being able to cover up by Bitcoin in terms of those casual fiat transactions specially on micro ones and we know that not all citizens would really be that fully aware
on how to make out online transactions in between wallets but still a  good thing that they do make it as a legal tender. It might did really able to get lots of criticisms basing up on what Bukele had done but
he didnt really make himself that get distracted with those things but instead keeping on stashing up Bitcoin and even bought even into those cheaper prices believing that it would really be resulting more positive
in the future which it really did considering that we are already on this current price basing or comparing it up into its entry point. We cant really tell that it do failed out because it wont really be just that a short time
for us to see the effects and benefits on which on the decision that they had made. It is really just still that surprising that theres a certain place and government who did really make out such decisions
on making it as a legal tender on which i do actually just cant believe on such decision knowing that government does really hate up crypto in the first place.

There's still a lot of skepticism when it comes to using Bitcoin as an alternative to Fiat within El Salvador. It's going to take quite a long time before we see some progress. Everything will depend on President Bukele's efforts to speed up adoption for the cryptocurrency. Compared to other countries, I'd say El Salvador is already one step ahead of the game. Especially when the US Dollar is prone to collapse soon (not to mention that other Fiat currencies are faring worse).

The sky is the limit to how far Bitcoin adoption can go within El Salvador. Who knows if the "Bitcoin City" project will boost the country's economy faster than we've previously imagined? Just my opinion

Hi, red4slash
It is not necessary to give so much confirmation to the matter and not "dizzy" the subject, the title of this thread is a circumstantial opinion, which represents the opinion of an individual, that we can discuss and give our opinion, but the topic is not conclusive as to what which it intends to take for granted.

There are TXs in El Salvador, they are alive, it is still the official currency, that is what matters, the dollar that was implemented in that same country, went through a similar rejection process

I re-read your post several times, but did not understand what you wanted to say. Something about changing the situation is changing the situation, but in general you would like to hope for the best. However, it is not very clear how this relates to the topic under discussion.

It is clear that the headline about the failure of bitcoin in El Salvador is more in the nature of drawing attention to the topic. To discuss the existing difficulties in the development of the bitcoin economy in the country. It is clear that these difficulties exist, but we also see that the El Salvadorian government is trying to cope with them. Nevertheless, as I noted previously, sociology confuses me a little, it shows that so far the idea of bitcoin is not close to a fairly significant part of El Salvador's society, but the presidential elections are ahead, and whether in these elections or sometime in the future, but Bukele sooner or later will leave presidents post, and it is important that even after that bitcoin remained important for the Salvadorans. Of course, we'd like to hope for the best, but El Salvador apparently needs more good bitcoin news to get the majority on the side of bitcoin.

There are several conditions where success and failure will always occur especially for El Salvador which became the first country to adopt bitcoin and actually with some positive things that happened for them I think it is not completely a failure in fact it can be said that it is still quite successful as the first country to adopt it.
Some of the positive things that they have received after the adoption of bitcoin cannot be ruled out but there have been some that have failed and indeed that is also natural because they are the first country to do that.
But of course this will also not dampen if there are other countries that want to do the same thing and instead they will be more able to maximize it, especially since there is the El Salvador example so that they can further minimize the negative impact of bitcoin adoption in the end.
I think in this case it will still be the same even though it is certain that many parties who have large interests will talk about dangerous bitcoin adoption but still bitcoin adoption will still continue and will even be bigger.

Arguably inflammatory words are added for emphasis and by discretion.  People don't necessarily exercise their discretion in similar ways, and whether I could have made my point as well or not likely depends upon what point that I thought that I was striving to make, which might not be the same as what point you might have thought that I was trying to make.

When I read back through the above post, it seems to me that I found your comment in your first paragraph about El Salvador making their own coin (which I emphasized above) to be retarded and the way that shitcoiners think.. and the way the current fiat system works and bitcoin takes us away from printing your own money and trying to establish confidence based on bitcoin, as a system, already being separate from El Salvador, which would not be the same as if they were to make their own coin.. which is what many countries have done in the past and have frequently (if not always) failed at such money printing that is likely not based on shit, even though they say that it is.. and bitcoin fixes this... hopefully it fixes your retardedness, too?  Otherwise, if you want to explain how the fuck El Salvador would be able to print their own coin and either not appear to be engaging in the same bullshit money inflation, whether they were to do it in digital form or some other way?

Do You know you can make your point without insulting others?
I was only saying that it terms of making BTC as a means of payment, El Salvador may not have gotten it right. But as per adoption of BTC, they are on track and will definitely pay off for them.

It is always more difficult for pioneers, but perhaps for Bukele there is also some advantage in this. And yes, El Salvador is the first country to accept bitcoin as a means of payment, it will definitely not be the last country to do this, and it may be easier for other countries, but so far we don’t know. Perhaps in this case, the president is more far-sighted than the population and it will take more time for other countries to start accepting bitcoin, and perhaps their positive example will show the people of El Salvador the benefits of such an adoption, I mean that it will be possible if we see another example with a more loyal population to bitcoin.

You sound retarded .. or maybe you are just ill-informed (and sucking on some mainstream/anti-bitcoin/anti-Bukele talking points)?

Bitcoin happens to be a longer term play.. so if Bukele and El Salvador are investing into bitcoin and going down the bitcoin road, it likely could take a bit of time to see payoff in monetary terms - even though surely Bukele and El Salvador are building their wealth in terms of the various ways that they are putting resources and teachings into bitcoin... and especially the way that they are doing it seems to retain its bitcoin focus - and not getting distracted into shitcoins.. even though surely there is a bit of a tech investment angle that Bukele/El Salvador seems to be attempting, which could have some ways in which it might be read (or misinterpreted) as inviting shitcoins into their current and so far BTC prioritizing approach.


You sound a bit mixed up panganib999.  Sure, there may have been fuck ups with the Chivo wallet, yet it was never mandatory or imposed upon the people of El Salvador, even though there was a $30 incentive for them to learn about it. and there seems to have had been some problems with how that $30 incentive was deployed, including that it was seemingly abused by people who were largely engaging in fraud to get the $30 rewards of other El Salvadoreans.

If they continue to use it then maybe we cannot it fail. Maybe some call it as a fail since maybe they lose some money due to fluctuation. But for the fact that it successfully penetrate on financial system in that country well we can still call it as success and the only thing they can do is to enhance then also find more better ways to educate people so that they would know the risk and can do something when the bearish time came in. This is long process but for sure El Salvador could surpass any challenge brought up by market controversies.

We might still think that Bitcoin adoption had failed in El Salvador but we just have to wait for sometime for us to think the adoption of Bitcoin there is finally useless. El Salvador is the first country to accept Bitcoin followed other countries that are creating laws to guide Bitcoin and cryptocurrency in general. The country had shown a good interest in Bitcoin that had made other countries to take the same process but this might take sometimes for this to happen and call for more countries to follow the footsteps even though Bitcoin is going to be acceptable and regulated.

It's not necessarily the "secondary currency" part that made people so against bitcoin in the country, in my observation it has everything to do with how they portrayed bitcoin to the masses, and the nigh-militaristic approach they took just so people would use it which definitely would not sit well with the people, especially when the very thing you wanted them to use is something that screams freedom in its values lmao. A couple of changes have been made in the way they took bitcoin in the country however, no longer are they enforcing the use of a single wallet brand, they're officially stating that no one's gonna be persecuted for not using bitcoins, and it will only be an optional currency, which is honestly what they should've done in the first place instead of force-feeding bitcoin to the people.

There are positive moments, but they do not really concern the population of El Salvador, so far Bukele is aimed at attracting investment to the country and this is good, because this will enable the country's economy to grow. Little has really changed for the population, although if we talk about a decrease in the level of crime, then this is a significant change for El Salvador, perhaps the connection with bitcoin is indirect, but at least so.

Welp, It wasn't a hard conversion from the dollar, just set up alongside it. I don't think he was expecting fireworks it's going to take some time like 10 years. I wonder how the adoption of the process of sending money say from the us to relatives is going. I suspect it may be a challenge for those in the us to convert to BTC because of the banking system.

You nailed it already. BTC adoption did failed in El Salvador due to the approach of the government. They missed it in the way they approached the whole thing and it did cost them a lot.
Moreso, BTC is not a stable coin  and due to its volatility, I don't even recommend it as a means of payment. Maybe they could have developed their own coin.

After seeing a discussion in this thread about the level of support for bitcoin adoption in El Salvador, I decided to look for some stats data. Surprisingly, I found publications only about two surveys. One was carried out immediately, back in 2021, and the percentage of disapproval of such a decision was at the level of 67.9%. Last autumn, the same institute conducted another survey, the level of disapproval of accepting bitcoin as a legal tender was still very high, 65.5%. And this despite the fact that the level of approval of Bukele himself was 87% last year.

I thought the government's efforts to spread the word about bitcoin were doing more. It would be interesting to see how the opinion of the Salvadorans has changed this year, because after all, there is a lot of good news related to bitcoin from this country. I hope Salvadorans see the benefits of bitcoin before Bukele leaves office.

The longer the government promotes BTC within the country, the more people will embrace it. Like you've said, a change in power won't have any negative effect in mainstream adoption for Bitcoin if people are already used to it. I'm glad for the efforts President Bukele has done to help boost his economy within the country. With BTC at the forefront of the Salvadorian economy, nothing should stand in its way.

Would you imagine BTC reaching a new ATH in the not-so-distant future? It would be a huge win for El Salvador. If all goes as planned, the country could turn into a developed one in the long run. We'll see what happens. Who knows if this is the first step towards the "hyperbitcoinization" of the world? Just my opinion