El Salvador celebrate 21st of December 21 with 21 Bitcoin

Jating

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Quote from: RILWAN on January 06, 2022, 02:08:07 PM

Currently El Salvador government is analyzing their perspective and what the future holds for their investment and infrastructure development, when you talk about the Bitcoin city and how it intends to affect the budget of the nation for some time.

I think they have done it before they've investment on bitcoin since late last year.

And now I would say that it's hard to see wherein they are right or wrong with their investment before the price seems to be going down hard again that they might be losing money in their investment just saying.

Anyhow, I would say that El Salvador might be a good use case on how good bitcoin could really be a hedge specially long term (we can't judge them for holding just for a short amount of time, maybe we will see a clearer picture in the next halving, and bull run).

RILWAN

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Currently El Salvador government is analyzing their perspective and what the future holds for their investment and infrastructure development, when you talk about the Bitcoin city and how it intends to affect the budget of the nation for some time.

zasad@

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El Salvador to Move Forward With Issuing Bitcoin Bonds: Finance Minister
https://decrypt.co/89771/el-salvador-move-forward-bitcoin-bonds-finance-minister
"The government will send around 20 bills to Congress to get started with the issuance of Bitcoin bonds.
In brief
El Salvador last month announced it would issue Bitcoin-backed bonds.
The country’s finance minister today said it was moving ahead with the legislation to do so."

BIN-BIN

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Quote from: bekti3 on December 27, 2021, 12:14:23 PM

Quote from: Tellek Garing on December 27, 2021, 01:55:07 AM

El Salvador retirees stage a protest in the early days of Bitcoin adoption as a legal tender in that country, but I don't think it regenerated in riots.
The fact is this move to invest heavily in Bitcoin may not sound well to most of the citizens but again it's a good step to setting the country falling economy on the right part and in the next few years to come, they will gain heavily from this investment.

Because at that time a lot of people there were worried and that's very natural, I think, but it's been under control and what they really need is clarity so it won't create anxiety for the retirees.
on the other hand now they are on a different level in terms of adoption and this I think is very good and I'm not sure if protests like what happened in the beginning will happen again

Some of the senior citizens of El Salvador staged a protest against bitcoin adoption in the country at the early stage of the President's willingness to make Bitcoin a legal tender in El Salvador but I believe that was settled with the right information and advantages of Bitcoin to their economy.

bekti3

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Quote from: Tellek Garing on December 27, 2021, 01:55:07 AM

El Salvador retirees stage a protest in the early days of Bitcoin adoption as a legal tender in that country, but I don't think it regenerated in riots.
The fact is this move to invest heavily in Bitcoin may not sound well to most of the citizens but again it's a good step to setting the country falling economy on the right part and in the next few years to come, they will gain heavily from this investment.

Because at that time a lot of people there were worried and that's very natural, I think, but it's been under control and what they really need is clarity so it won't create anxiety for the retirees.
on the other hand now they are on a different level in terms of adoption and this I think is very good and I'm not sure if protests like what happened in the beginning will happen again

Tellek Garing

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El Salvador retirees stage a protest in the early days of Bitcoin adoption as a legal tender in that country, but I don't think it regenerated in riots.
The fact is this move to invest heavily in Bitcoin may not sound well to most of the citizens but again it's a good step to setting the country falling economy on the right part and in the next few years to come, they will gain heavily from this investment.

eaLiTy

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Quote from: zasad@ on December 26, 2021, 09:56:42 AM

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"In the latest in a long line of problems plaguing El Salvador’s Bitcoin embrace, locals are reporting that their Bitcoin is vanishing from their accounts."

The legalization of cryptocurrency is very good, but when the well-known rule: "Not your keys - not your money" stops working, many absurd situations always begin to arise.

I am not sure how this will end as they are completely embracing BTCitcoin and investing heavily and i am expecting a riot if we see a major correction, it is a fine line when you start investing a nations wealth to a highly volatile asset and then ask people to follow the same pattern. It should be individual choices rather than enforcing someone.

I am not sure how coins keep vanishing from the wallet, they could easily identify the movement of coins as it is not a third party wallet they are using, but a wallet created by the government from what i understand.

suzanne5223

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Quote from: yohananaomi on December 24, 2021, 07:46:30 PM

Quote from: titular on December 22, 2021, 01:23:40 PM

As long as they can spend their earnings on important things the people care about (not $4,000,000 animal hospitals) I think they will do just fine.

As long as they really want the goal for good, it's clearly very positive, but there is always a need for strict supervision because deviations can occur if not strictly monitored. but obviously I totally agree that what they are doing is really aimed at improving the country and they will still be fine and need not worry too much.

El Salvador government spending their earning on the needed things especially the social amenties in the needed area because I read somewhere in this forum that some of the citizen of the country dont benefit from the country democracy which the reason why they vandalized some BTC atm implemented by the government.
In the meantime, i hope they are prepare for the market correction though.

Luzin

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Quote from: zasad@ on December 26, 2021, 09:56:42 AM

Bukele 'Has Not Responded' to Claims of Bitcoin Vanishing From Citizens' Wallets: Report
https://decrypt.co/89275/bukele-has-not-responded-claims-bitcoin-vanishing-citizens-wallets-report
"In the latest in a long line of problems plaguing El Salvador’s Bitcoin embrace, locals are reporting that their Bitcoin is vanishing from their accounts."

It's interesting, but I think it's part of the process. El Salvador should also have understood the issue. They deserve to have knowledge about security. I don't understand this loss yet. Whether there is a purely weakness of the Chivo wallet or an error occurs in the user.
Fifty examples of bitcoin loss may still be few when compared to the number of their citizens El Salvador.
But, if this really happened, Nayib Bukele must immediately confirm the truth. Is it the user's fault or is there a problem with the Chivo wallet. In addition, he also has to make improvements to the Chivo wallet application

RILWAN

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Quote from: Woodie on December 26, 2021, 10:20:30 AM

El Salvador are now trying to hard to show the world that they are bitcoin ready but what bothers me is... Is El Salvador a tech savvy country that all its people can usethese digital currencies without a problem?? If not all these crypto activities might be benefiting a few individuals in this country, otherwise great to see they have bitcoin activities on their calendar.

Well, El Salvador doesn't have to be a tech Savior country to invest in Bitcoin but to develop the skills toward that they are currently building a bitcoin city that will serve as a tech hub for research and development.

Woodie

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El Salvador are now trying to hard to show the world that they are bitcoin ready but what bothers me is... Is El Salvador a tech savvy country that all its people can usethese digital currencies without a problem?? If not all these crypto activities might be benefiting a few individuals in this country, otherwise great to see they have bitcoin activities on their calendar.

krishnaverma

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Quote from: Wiwo on December 22, 2021, 01:17:23 PM

As buying Bitcoin have become a wayy the El Salvador government celebrate different days, the latest was the buying of 21 Bitcoin at the price of $49,000 which dollars equivalent is $1,036,000 just to celebrate the last 21st day of the year 21.
This have brought the country total Bitcoin holding to 21,041 Bitcoins this moves have set El Salvador an hedge over other counterparts.

Very good step taken by El Salvador government. I hope it inspires other countries to take the same step. It is sad to see that some countries are trying to do the opposite. They are trying to ban crypto or add more taxes for people investing in crypto.

zasad@

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Bukele 'Has Not Responded' to Claims of Bitcoin Vanishing From Citizens' Wallets: Report
https://decrypt.co/89275/bukele-has-not-responded-claims-bitcoin-vanishing-citizens-wallets-report
"In the latest in a long line of problems plaguing El Salvador’s Bitcoin embrace, locals are reporting that their Bitcoin is vanishing from their accounts."

The legalization of cryptocurrency is very good, but when the well-known rule: "Not your keys - not your money" stops working, many absurd situations always begin to arise.

romero121

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Quote from: Wiwo on December 26, 2021, 05:27:06 AM

El Salvador has the eyes on the future and is well aware of the total supply and how scarce commodities and miners will be Bitcoin will have a limited supply that increases its value.

El Salvador is much focused of its future development. If I'm not wrong, long back itself there is more and more discussion about the fintech centre. Now this has been confirmed with the revolutionary decision from the El Salvador government. Transparency in regular transaction also sets the government to function corruption free. For sure El Salvador will be followed by more small countries.

Wiwo

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El Salvador has the eyes on the future and is well aware of the total supply and how scarce commodities and miners will be Bitcoin will have a limited supply that increases its value.

Hypnosis00

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Quote from: Wiwo on December 22, 2021, 01:17:23 PM

As buying Bitcoin have become a wayy the El Salvador government celebrate different days, the latest was the buying of 21 Bitcoin at the price of $49,000 which dollars equivalent is $1,036,000 just to celebrate the last 21st day of the year 21.
This have brought the country total Bitcoin holding to 21,041 Bitcoins this moves have set El Salvador an hedge over other counterparts.

It probably, by the coming months or years, they are buying more and make a celebration again. Actually, the government is looking forward to seeing that they will make history on Bitcoin and becoming the top and leading country that owns Bitcoin and widely used it everywhere in their teritory.

The transparency of the government helps to gain more trust from the community and that is exactly what they do know. They can purchase more as long as they can and as long as the community is supporting it. I'm not sure if they are killing fiat in this regard, but I guess not.

bekti3

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Quote from: yohananaomi on December 24, 2021, 07:46:30 PM

Quote from: bekti3 on December 23, 2021, 10:15:17 AM

they are still at the forefront of this kind of adoption but on the other hand I really question their profitability as there is not even any word on how they are selling but there is already a profit there.
On the other hand, things like this are actually pretty good and I'm quite supportive of things like this because they're always at the forefront of this I think.
with this also apart from bitcoin they will be known by most circles and that's good enough for them

maybe it's just the communication that has not gone well so that there is no visible transparency, but because their intention is for improvement purposes, they can be sure that they are on the right path.

it's just a matter of how they have to run everything with the rules that are made strictly so that there is no misguided target that will occur later. but in principle what is done is for improvement and should be supported accordingly. hopefully bitcoin will change their economy for the better.

I hope that's the case but what I'm underlining now is how they manage well because someone's nature will definitely be in a greedy stage and this is what worries me, how about some time ago when the price was high and indeed at that time Tesla sold almost all their bitcoins and do fud but now they accept back when the price is cheap is certainly a troubling thing.
hopefully things like this don't happen again here and they remain consistent as a country that is indeed friendly to bitcoin

RILWAN

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El Salvador is one country that has shown great support for bitcoin adoption and accumulation which is a pointer to how the country is willing to redirect its economy in such a way that in the future the economy will generate intense interest.

Ararbermas

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Quote from: Tellek Garing on December 22, 2021, 03:40:21 PM

Am not against the move to buy Bitcoin at the moment but why didn't El Salvador purchase the Bitcoin sometime around last week when the price of the coin was down, I believe the purpose of buying is to make profits, why wait till when the price rise to almost 50k before buying.

correct, no one will gonna let the opportunity when it comes buying at the dip, because it's the only way to have good return afterwards. so it's not surprising those big investors will keep buying at the current level of bitcoin because obviously that's the right time for them while there's no progress.

bitterguy28

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Quote from: Wiwo on December 22, 2021, 01:17:23 PM

As buying Bitcoin have become a wayy the El Salvador government celebrate different days, the latest was the buying of 21 Bitcoin at the price of $49,000 which dollars equivalent is $1,036,000 just to celebrate the last 21st day of the year 21.
This have brought the country total Bitcoin holding to 21,041 Bitcoins this moves have set El Salvador an hedge over other counterparts.

I don't think we can call it a "Way the El Salvador government is by Buying Bitcoin" because i believe that it is obligatory as they have adopted Bitcoin to be a legal tender so it is their obligation to Buy , Hold and Circulate Bitcoin at the same time so they will show their People about the advantage and the possible help in every individual.
if there are someone that needs to make this in reality then it is their government .

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