Topic: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻 - page 2. (Read 38852 times)

@fruktik  Do you know what bitcoin is? How come you chose not to use the word bitcoin in your post?  I wonder if you know what it is, or maybe you are engaging in some kind of an effort to convolute the ideas of crypto and blockchain, whatever the fuck that is? Do you think that the concepts of crypto and/or blockchain have much meaning apart from couching the ideas with bitcoin parameters?  El Salvador did not make crypto or blockchain legal tender.  This here thread is about bitcoin. Sure there are a lot of projects that are related to bitcoin, and perhaps several of them that do not really engage in any efforts to create their own token or to mislead, confuse, or deceive people in regards to the role of bitcoin.

I wonder even if there might be a way that your post was attempting to be genuine, would there be a way for you to re-write such post to show that you actually understand bitcoin and that whatever point that you might have had been attempting to make is on topic in this thread?

It could be the case that your responding to @348Judah's post shows that you meant to be talking about bitcoin in your response, yet you still chose not to use the word bitcoin in your response, but instead some amorphous terms related to crypto and blockchain, which is really difficult to figure out what you are talking about and if you might happen to still be on topic, even though you might have made mistakes in your chosen words.  I have my doubts, but I would welcome to be shown otherwise, and that you post is actually meant to be talking about bitcoin.

Surely bitcoin prices are currently on their way up, and yes, we know that bitcoin prices are volatile, so they could crash from here and never reach $100k, yet it seems much more likely that within the coming days to months that bitcoin prices will at least reach $100k, and they could go quite a bit beyond that within the next 6-18 months, and yeah, personally I expect that at some point there is likely going to end up with over-exuberance and a blow off top, and surely I have my doubts that bitcoin prices are even close to reaching such over-exuberance at this time, yet anyone who invests into bitcoin (whether individuals, institutions or governments) should be attempting to prepare himself/itself for BTC price moves that could go in either direction.  At the same time, it seems that part of bitcoin's current price moves and even expected future price moves have to do with it being amongst the best, if not the best of assets/strongest of currencies currently available, whether any of us want to recognize that or not and whether any of us choose to take a position in it or not.

On a personal level, hopefully you @fruktik have figured out a way to get involved in bitcoin, yet when I look at your post history, I have difficulties figuring out when you might have had gotten involved in bitcoin, since you registered in mid 2017, yet you did not make any posts until late 2021.  Did you delete your earlier posts or what? 

At the same times you have other contact in your forum profile that you have activity in altcoinstalk.... yet those posts only go back to early 2023.   It could be that you are confused about what is bitcoin or being able to distinguish between bitcoin and shitcoins.

If you had gotten into bitcoin when you first registered on the forum in 2017, and started investing $100 per week into bitcoin for the past 7 years, by now you would have had invested about $36,600 and you would have accumulated about 2.75 BTC.  Surely not a bad place to be.

Yet if you had not started investing into bitcoin until 2021, so only investing $100 per week in the past 3 years, you would have invested nearly $16k and you would be close to 0.5BTC.. still not a bad place, but not as good of a place if you had been investing longer.

Building and focusing on bitcoin surely can be a good thing, yet if you convolute ideas of shitcoins, blockchain and crypto with bitcoin, then you may well end up showing that you are not really understanding bitcoin as a topic and that you don't really know what it is, especially if you are taking stakes or trading various shitcoins, you might never learn what is bitcoin and you end up referring to everything related to bitcoin as crypto and blockchain and try to act as if you know what you are talking about, when you have failed to figure out what is bitcoin and how bitcoin relates to the rest of the so called "crypto" space including the various shitcoins that are built around bitcoin and are largely pump and dump schemes and/or affinity scams, and even if some of those various shitcoins might have value and they might have some potential redeeming characteristics, on a personal level you are likely distracted if you are not able to recognize and appreciate that bitcoin is both the leader of the space but also the one that brings the financial, economic and technical innovations that are making differences in the world.  I suppose that it is possible that some guys might get involved in shitcoins, yet still be able to recognize the value and innovation of bitcoin, yet based on your blanket statement post, I have my doubts that you are one of those kinds of guys.

What would you say if the scenario was the opposite of what we are seeing now? The trend could have turned in the other direction. We have already seen this over a long period of time. At that time, many had already lost faith in the first crypto. Some wrote about the decline of blockchain technology and its derivatives, but everything worked out.

Why am I saying this? There is no need to give anyone investment advice. This market is very tricky. At the moment, we are experiencing euphoria, and then disappointment will replace it. After such takeoffs, there is always a deep correction. It is highly likely that this time it will be exactly the same.

Since 2021, El Salvador seems to have had been trying to be overt about their BTC projects and to even promote BTC amongst its population to learn about BTC.

Bhutan was not so open about their bitcoin activities and/or their BTC accumulation strategies, and it is a bit unclear whether Bhutan has made it easier to transact in bitcoin .

That means they want to make changes and bitcoin is the one they see could potentially give what they want.

Maybe they see the benefits what El Salvador gotten now especially that bitcoin price pump for more. For sure those institution discourage them do hold or make bitcoin as legal tender scratch their head because they know for their selves that they are wrong and see what El Salvador achieve now they are so successful and gaining to much profit for adapting bitcoin.

Bhutan provably aiming the same and if this country will claim success again next to El Salvador provably there are more countries to follow what they do.

Currently following those site which track El Salvador President portfolio since its interesting to know their latest actions.

I have already seen references in 2021 that El Salvador mines bitcoin using volcanic energy, so there are some similarities, both of these countries are trying to mine bitcoin using green energy. And although it is obvious that Bhutan is doing it much better, they also have more conditions for this, since the excess energy from hydroelectric power plants is much greater, which is why they were able to use it in the right direction.

The right solution for both countries is to hold bitcoin, and in the case of El Salvador, they are even more disciplined, because they only buy bitcoin, and Bhutan sometimes sells small parts, perhaps to cover the costs associated with the mining farm, or for its further development, we do not know this because Bhutan acts quite secretively, and if it were not for Arkham, it would be more difficult for us to keep track of all their actions and movements.

Here is a comparison of the Bitcoin holdings of El Salvador and Bhutan, but differences are observed between the two countries. Because El Salvador is regularly buying bitcoins while Bhutan is mining bitcoins. The President of El Salvador, Nayib Bukele has taken several important steps to expand Bitcoin in his country. One of his important steps is to teach Bitcoin to school students in their country. Moreover, when El Salvador adopted Bitcoin as legal tender, then IMF blocked them from investing in Bitcoin even though they thought it could destabilize the economy. Still Nayib Bukele country El Salvador has regularly purchased BTC and become a very well-known and peaceful country in the world for holding bitcoins.

I Told You So': Nayib Bukele Says On Twitter As El Salvador Bitcoin Stash Hits $100 Million Profit.

Yeah, I've heard that they also made lots of plants to mine BTC with the energy from the winds they've got, fascinating (in Bhutan, I mean).
Smaller countries giving examples to follow for the bigger ones  

El Salvador's Bitcoin Stash Rises Above $500M, but Bhutan Story Might Be Even Bigger
Monday’s bitcoin rally propelled El Salvador and Bhutan’s crypto stashes to $500 million and $1.1 billion respectively.

1. The value of El Salvador's bitcoin holdings have risen above $500 million and Bhutan's above $1 billion.

2. Bhutan's BTC holdings now account for more than one-third of its GDP versus El Salvador's stack at just 1.5% of its GDP.

3. The fiscal situation of El Salvador's government continues to improve.


Bitcoin’s face-ripping rally on Monday pushed the value of El Salvador's BTC above $500 million and the tiny Kingdom of Bhutan's holdings above $1 billion.
Data from El Salvador’s Bitcoin Office shows the country's bitcoin stack at just less than 5,932 tokens. With the price at $87,000 at press time, that's worth roughly $516 million.
Impressive as El Salvador President Nayib Bukele's Bitcoin bet might be, the Kingdom of Bhutan's story might be even better.
The tiny South Asian state, with a population of just 800,000 (vs. El Salvador at 6.4 million), is sitting on a bitcoin stash of 12,574 tokens, per Arkham Intelligence, worth $1.1 billion at the current price.
Source link: https://www.coindesk.com/markets/2024/11/12/el-salvadors-bitcoin-stash-rises-above-500m-but-bhutan-story-might-be-even-bigger/

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Here is a comparison of bitcoin holdings between El Salvador and Bhutan, but as an old and experienced investor I favor El Salvador. Because this country's bitcoin holdings are old and they have used their tactics to make a peace-loving country into a peace-loving one. And with this holding they're going to be vertical, and in many ways they're going to be successful just for holding Bitcoin.

This is something that has Escalated , El Salvador can give a very good welcome to the USA with the adoption of bitcoin and the good thing is that Bukele was the first president to congratulate Donald Trump when the votes were still being counted, which means to me that these two will talk and agree, not just El Salvador Now the United States will join this Bitcoin party?

Bukele is buying and buying Bitcoin, I have no idea if right now that it is rising they are taking advantage of buying, but the USA should do the same and more , without a doubt El Salvador with Bukele is an example of a Nation that has given itself over to the best economy in the World.

El Salvador now have a Half Billion dollars in Bitcoin and a 100% Return by tracker standards using DCA
138 Million Profit and have proven to the world Bitcoin has power

Picture source

The President of El Salvador, Nayib Bukele announced that his country would buy one bitcoin per day, That is, he made this decision in such a way that no matter how high or low the price of Bitcoin is in the market, his main goal was to buy one Bitcoin every day. As a result, he continues to buy bitcoins even after the current price of bitcoin has risen to an all-time high. By following this policy of buying one bitcoin per day, maybe Nayib Bukele continue to buy more bitcoins in the future. El Salvador already owns 5930.77 Bitcoins due to regular Bitcoin purchases. As you mentioned, El Salvador gained $111 million. At present, the price of Bitcoin has skyrocketed, resulting in a profit of $111 million from their invested Bitcoins.

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Not only El Salvador, but another company, MicroStrategy, has gained $10 billion from their investment portfolio due to the current rise in Bitcoin prices.

Michael Saylor's is now +$10 BILLION in profit on MicroStrategy's #Bitcoin holdings.

You think people don't know that Bitcoin is a profitable investment? They know, just that they are afraid to take the risk, because they know is different from fiat money which you need to have the knowledge of the investment before investing what you can afford to lose in Bitcoin investment. That is the risk El Salvador government took some years ago to become the first country that made Bitcoin legal tender to increase the population of Bitcoiners in their country and many countries has decided to embrace the risk too to be part of the beneficiary of Bitcoin investment. At yesterday, many investors have released their Bitcoin for sale while some are still holding their Bitcoin, because they know it will reach $100,000 before this year pass out which it will definitely happen soon.

I don't really understand where Bitcoin is going, but over the course of history I've known that Bitcoin has always had an upward value. So this commodity seems to be increasingly trusted. So far I'm quite happy with the space policy given to Bitcoin. Not becoming a currency, it is not a problem but it is a great hope that this commodity will continue to grow. El Salvador has accumulated very well so far and they continue to buy at the current ATH price. You can see it on https://bitcoin.gob.sv/. From the article I read, El Salvador has made a profit of $111 million to date.

Sumber:
1. https://dailycoin.com/el-salvadors-bitcoin-bet-hits-111m-profit-since-btc-adoption/
2. https://bitcoin.gob.sv/

I have frequently proclaimed that El Salvador is a pretty damned whimpy bitcoin accumulator given the size of their GDP, but still they have a pretty large bitcoin position relative to any other country  - yet surely El Salvador has been a public example of their own BTC accumulation strategy and other kinds of bitcoin-friendly policies and practices (since 2021).  So maybe my point is that there may well be some governments that are being a bit more aggressive in their BTC accumulation practices, and sure there could be cases in which covert accumulation of BTC could still be in the public's interest (in terms of if governments are actually representing their people).

Regarding BTC price getting to $100k in the near future.. It seems to inevitable since we are so damned close to $100k, and sometimes getting into new price discovery territory (where we have been in the past 4-ish days) can move very quickly in the UPwards direction, and other times new price discovery moves in slower than expected paces.. as seems to have been the case in a couple of our most recent entries into price discovery.

We might suggest that our BTC price discovery in late 2020 and into early 2021 went pretty well from $19.6k to $64.5k, yet our price discovery in late 2021 only got us from $64.5 to $69k and then our price discovery in early 2024 only got us from $69k to $73,974..... .. so now?  Will this time be different?  Will we experience a larger BTC price discovery arena?  or are we going to get stuck again?  Personally, it seems best to prepare for both scenarios, yet probably better to over index upon the scenarios that suggest that we are not going to get stuck in our current price ranges and we are more likely going into supra $100k territories rather than staying in 5 digits.. .. and yeah, guys (whether individuals, institutions or governments) can do whatever they want in regards to how to deal with the management of their BTC holdings. 

To me, it seems that El Salvador remains in their fairly early BTC accumulation stages.. at least another 4 years of accumulating BTC... but yeah, the thing about governments is that sometimes changes in leadership could end up changes in priorities, so El Salvador does run a bit of that kind of risk to the extent that their philosophy of accumulating BTC might not go beyond Bukele's leadership in that direction.

But as for now, many would have seen how bitcoin could be a profitable currency and asset of investment, when El-Salvador was at then making its investment decisions, some may be thinking that they are insane, but now, we all could see the difference in making an investment and not doing at all, more wins are still underway because bitcoin is heading to $100,000 or more sooner.

Currently holding 5929 Bitcoins in El Salvador, they will hold these holdings for a long time and occasionally buy dip. Since 2021 so far they have been able to save 5929 total step by step purchases, but not every sale so far has made a huge profit.  
But this long-term investment is only suitable for Bitcoin, as evidenced by the government of El Salvador, Nayib Bukele, and he will buy more Bitcoins and hold them for a long time because he has a decent profit from each Bitcoin so far.

Wallet Link: https://platform.spotonchain.ai/en/profile?address=32ixEdVJWo3kmvJGMTZq5jAQVZZeuwnqzo

Yes El Salvador accepts Bitcoin as legal tender, the person should know that they do not accept alt coins or any sheet coins as legal tender. So it is not relevant to discuss coins other than Bitcoin in this thread. If he did a Google search he might well find out that El Salvador was the first country in the world to accept Bitcoin as legal tender.

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El Salvador started buying bitcoins in 2021, so far the country has bought a total of 5748.8 bitcoins. Moreover, a landmark move by the President of the country of El Salvador is that they promised to buy one bitcoin per day and they implemented that decision from November 2022. The amount of bitcoins that El Salvador has purchased so far through regular bitcoin purchases has increased the value of purchased bitcoins to $24.54 million. (According to SpotChain data). As the price of Bitcoin has increased in recent times, the value of their investment has also increased.

El Salvador's Bitcoin Bet Is Paying Off—Here's How Much The Country Is Up

If you had not noticed, we are in a bitcoin thread, and El Salvador clearly and unambiguously passed a law that made bitcoin legal tender.

El Salvador did not make shitcoins (and/or altcoins) legal tender, so shitcoins and altcoins are off topic in this thread, so pumping them or trying to promote them or trying to argue about which shitcoins is less shitty than other shitcoins is also not relevant to this thread and ultimately plays out as a slippery slope topic that devolves us into off-topicness.

In other words, we are talking about bitcoin in this here thread, and not shitcoins, so there is no point to argue that any shitcoin (even if true) happens to be less shitty than some other shitcoin.  What is the point in going down that kind of a route?

I'll ignore the rest of your post because you seem to be very agitated here, and have resorted to spitting out almost nothing but personal attacks--and I'm sure nobody here wants a flame war to fill up their screens.

But I think you've made your stance clear, so we'll agree to disagree.

It's hard to know why they don't even implement the programs that have been stipulated in the country's laws. There is no detailed explanation. But I think the initial problem is not understanding how it works. Other predictions are scalability and volatility issues that make the cost expensive and the value unstable that they think it could be detrimental. So they prefer to use official money that is recognized by other countries and has a fixed value. It's a classic problem that is hard to overcome, but I take it as a given. I think if this program continues then slowly it will work better.