El Salvador run or survive? - page 3.

wxa7115

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Quote from: STT on October 04, 2021, 12:13:12 AM

Does El Salvador have naturally wasted energy, inaccessible in some way would be well purposed to mine. Thats the ideal, I hope they can gain on multiple fronts perhaps having an open atmosphere for development and infrastructure would be enough. Good timing when China chooses to go with another idea of digital centralized currency, a concept entirely not new seems like but benefitting the rest of the world by displacing any natural talent they had accumulated.

Right now the price has been going sideways but hinted it can retreat from 48k as a ceiling for now.

In fact they do, El Salvador has 20 volcanoes and they could use geothermal sources of energy to mine bitcoin, and in fact they are already doing it, Bukele announced this and while most likely the program is small now this could be the beginning of the mining industry at El Salvador.

Imagine the development this could bring to their country as mining companies move there not only for the energy but the friendly regulations, I do not know if this is enough as we know that miners need to be incredibly efficient to remain competitive, but this is a start, and even if they cannot attract private miners the government of El Salvador could have its own mining company which is great news.

https://cryptonews.net/en/news/mining/2045291/

Devifajarina

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Quote from: Dhaniii on September 21, 2021, 08:41:48 PM

El Salvador is already one of the people that big investors talk about, because he has strong principles against the large number of bitcoin adopters after he legalized bitcoin as a legal medium of exchange in his country. while the market conditions are fluctuating, will he be influenced to sell or will he continue to survive? current issue!
What do you think about El Salvador amid price fluctuations?

If bitcoin has been legalized in that country, then the opportunity for bitcoin in that country will continue to grow, even for investors in this country starting to think of ways to make purchases in large quantities to be mined, this condition will be exploited when it is over, investors will take advantage of them, such conditions will make them survive and will not sell existing bitcoins, this is the condition that investors from these countries have been waiting for.

Kong Hey Pakboy

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They will survive, it's not like they've done an all in with bitcoin that if it doesn't go where they want it to be, they're whole country will collapse and to be honest, I think that it's in our best interest that they're going to survive because if they become a success, more countries will follow and the prominence of bitcoin will rise much higher.

asrinur

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Quote from: Dhaniii on September 21, 2021, 08:41:48 PM

El Salvador is already one of the people that big investors talk about, because he has strong principles against the large number of bitcoin adopters after he legalized bitcoin as a legal medium of exchange in his country. while the market conditions are fluctuating, will he be influenced to sell or will he continue to survive? current issue!
What do you think about El Salvador amid price fluctuations?

In the midst of fluctuating market conditions, El Salvador has returned to buying bitcoins. El Salvador bought bitcoin during the recent downturn where the price fell below $45,000. El Salvador thinks and believes that this new initiative will change the lives of its citizens, especially those who rely heavily on remittances to send and receive money from abroad.

michellee

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I think El Salvador can continue to survive as they announce that they are mine bitcoin by themselves. Maybe in these amid price fluctuations, El Salvador will buy more bitcoin to be added to their wallet so they will have more bitcoin while getting more bitcoin from mining bitcoin. Or they will only mine bitcoin and collect the reward and sell once the price increases are so high. If they use the second scenario, they will make a big profit when they sell some bitcoin and they can use that money for their economy, which I think can grow in the future.

ultrloa

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Quote from: Kittygalore on October 04, 2021, 03:58:45 AM

Quote from: ILuckyGuyI on September 29, 2021, 06:22:47 AM

El Salvador's action to make Bitcoin legal tender can survive as long as the government keeps the country safe from the high volatility of Bitcoin. They should already be aware of the thing that people would be in a great loss when the times that Bitcoin price dumps a lot. Bitcoin is one of their main currencies from now on in the end and they should be extra careful from now on. There are already many people who are opposing Bitcoin in the country.

They won't be able to protect bitcoin from that, they're not the biggest whales out there so it's not really in their reach on what's going to happen next, the best thing that they do is that they don't use the public funds to invest in bitcoin or at the least make the investment as small as possible.

How can they fully implement the adoption if they don't use the public funds to use for circulating bitcoin on their financial system? Maybe the right word is not to put all the funds since if they do that for sure there economy will be at risk and might they will fall on bear mark season. But I'm sure their government knows the risk about this since for sure they have experts guide them on what they need to do on this new adoption they take.

Kittygalore

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Quote from: ILuckyGuyI on September 29, 2021, 06:22:47 AM

El Salvador's action to make Bitcoin legal tender can survive as long as the government keeps the country safe from the high volatility of Bitcoin. They should already be aware of the thing that people would be in a great loss when the times that Bitcoin price dumps a lot. Bitcoin is one of their main currencies from now on in the end and they should be extra careful from now on. There are already many people who are opposing Bitcoin in the country.

They won't be able to protect bitcoin from that, they're not the biggest whales out there so it's not really in their reach on what's going to happen next, the best thing that they do is that they don't use the public funds to invest in bitcoin or at the least make the investment as small as possible.

Kasabus

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Quote from: cryptomaniac_xxx on September 29, 2021, 06:17:54 AM

And as per the President's tweet they've started to mine bitcoin as well.

So it seems that they are really in for the long haul, not just buying bitcoin, but engaging themselves to mine, so it's a win win situation. Not sure how abundance their geothermal energy source though, but it if could last for many years, then it's a good initiative for them. And who knows, they could be a very powerful countries as far as bitcoin goes.

It's a good thing that El Salvador knows exactly on how to make bitcoin more useful to the people, not just as a currency alone, but also in investing and mining bitcoin. Maybe there is an abundant supply of geothermal energy in their country so they will surely make use of it on its advantage. I can sense that Bukele is really true to serve his people despite of the issues against him. He might have a lot of bitcoin in his own wallet but i know he won't make use the people of EL Salvador for his own personal desires. So with this current price fluctuations, i know El Salvador will definitely survive amidst the crisis.

STT

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Does El Salvador have naturally wasted energy, inaccessible in some way would be well purposed to mine. Thats the ideal, I hope they can gain on multiple fronts perhaps having an open atmosphere for development and infrastructure would be enough. Good timing when China chooses to go with another idea of digital centralized currency, a concept entirely not new seems like but benefitting the rest of the world by displacing any natural talent they had accumulated.

Right now the price has been going sideways but hinted it can retreat from 48k as a ceiling for now.

ethereumhunter

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Quote from: cryptomaniac_xxx on September 29, 2021, 06:17:54 AM

And as per the President's tweet they've started to mine bitcoin as well.

So it seems that they are really in for the long haul, not just buying bitcoin, but engaging themselves to mine, so it's a win win situation. Not sure how abundance their geothermal energy source though, but it if could last for many years, then it's a good initiative for them. And who knows, they could be a very powerful countries as far as bitcoin goes.

If they can convert their geothermal energy source becomes electricity, they will have free electricity to mine bitcoin. They can collect the mining reward in their own wallet and besides buying bitcoin, they have a source to mining bitcoin. If that can change their country for the better, I am sure El Salvador will survive and grow bigger like the other country. The difference is they are involved in bitcoin while the other country does not decide like them.

Jating

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Quote from: ILuckyGuyI on September 29, 2021, 06:22:47 AM

El Salvador's action to make Bitcoin legal tender can survive as long as the government keeps the country safe from the high volatility of Bitcoin. They should already be aware of the thing that people would be in a great loss when the times that Bitcoin price dumps a lot. Bitcoin is one of their main currencies from now on in the end and they should be extra careful from now on. There are already many people who are opposing Bitcoin in the country.

How can the government keeps the country from high volatility of bitcoin? No one can control the price movement, not even El Salvador. They can only protect it if they have other investments or reserves such as gold and oil and not totally dependent on bitcoin alone.

At least they have plan B in case we see the market going into a long bearish trend just like what we witnessed last time. The bear market took 3 years before we can finally see a good recovery and eventually bull run.

ILuckyGuyI

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El Salvador's action to make Bitcoin legal tender can survive as long as the government keeps the country safe from the high volatility of Bitcoin. They should already be aware of the thing that people would be in a great loss when the times that Bitcoin price dumps a lot. Bitcoin is one of their main currencies from now on in the end and they should be extra careful from now on. There are already many people who are opposing Bitcoin in the country.

cryptomaniac_xxx

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And as per the President's tweet they've started to mine bitcoin as well.

So it seems that they are really in for the long haul, not just buying bitcoin, but engaging themselves to mine, so it's a win win situation. Not sure how abundance their geothermal energy source though, but it if could last for many years, then it's a good initiative for them. And who knows, they could be a very powerful countries as far as bitcoin goes.

Oceat

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Nayib Bukele certainly realizes that the price of bitcoin is very volatile, so the government of the country of El Salvador has considered and made a decision about it before the legalization of bitcoin as a legal tender in his country, so I think for now El Salvador will continue to hold bitcoin even though the price of bitcoin is experienced a decline they remain optimistic that bitcoin can change the country's economy.

I also believe that Nayib Bukele studied Bitcoin before finally deciding that El Salvador legalized Bitcoin as a legal tender. He and some of his
confidants already quite understand how Bitcoin works, so the market is falling as it is now, I don't think the Salvadoran government will panic.
I believe they have their own backup plan, to deal with the worst-case scenario that will happen in the crypto world. So El Salvador will show to
other countries they can survive in the current bad situation.

I can't completely say that they would be safe especially when the time of bearish season comes. But if they are so confident of using Bitcoin in the first place then they probably have been thinking all about this for so long. So I'm longing to look forward what they would do during the bearish season because they could be someone that could set an example on how to manage Bitcoin price fluctuations.

But for now, it's just a normal movement of the market but we still have to be wary because it always act unexpectedly. I hope weak-hands won't be fooled by these fudster.

stomachgrowls

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Quote from: wxa7115 on September 27, 2021, 03:42:03 PM

Quote from: Fundamentals Of on September 21, 2021, 09:58:49 PM

The country is now involved in a risky business with its buying the dip. It would have been perfectly all right had they stopped after making Bitcoin the second legal tender of the country. It was already enough that they are attracting Bitcoin lovers from all over the world. They were also giving incentives to people who plan to invest in the country. But now they seem to be going aboveboard because they are now risking money by buying Bitcoin dips.

This is interesting, I though they were just buying bitcoin because they needed bitcoin to give away to their citizens due to the 30 dollars they promise to give to the people that got their wallet.

Does this means that now they are also buying bitcoin to have as a reserve currency? Because if that is the case then this is another reason to celebrate and it means that the government of El Salvador is really going all-in when it comes to adopting bitcoin, and while a risky move at the same time we know that if they can hold long enough then this is not a problem.

Would still takes time if they would really go full scale.

According into this article

Will it work?
There will be hurdles, as bitcoin isn’t simple to use. While many in El Salvador were posting their successful bitcoin purchases on social media, others were marching in the street in protest.

Source: https://www.newscientist.com/article/2289763-why-has-el-salvador-officially-adopted-bitcoin-as-its-currency/

But its good to see on what are the current steps that they are taking.

the ghabbar

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Quote from: Rimueng on September 27, 2021, 08:30:47 AM

Quote from: Dhaniii on September 21, 2021, 08:41:48 PM

El Salvador is already one of the people that big investors talk about, because he has strong principles against the large number of bitcoin adopters after he legalized bitcoin as a legal medium of exchange in his country. while the market conditions are fluctuating, will he be influenced to sell or will he continue to survive? current issue!
What do you think about El Salvador amid price fluctuations?

El Salvador persisted. Even in the midst of price fluctuations and negative news from China, El Salvador actually bought another 150 bitcoins by taking advantage of the price declines in the last two weeks.

El Salvador is a country that is able to play in the issue of the legality of Bitcoin, they think bitcoin in the future must be legal in their country, actually this is the first step for the country to get profits in the future, they will not sell against current fluctuations, and big investors will take advantage of conditions like this to buy bitcoin, because in the future the movement of bitcoin in the country will be very developed, assuming the legalization they are doing to bitcoin at this time.

wxa7115

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Quote from: Fundamentals Of on September 21, 2021, 09:58:49 PM

The country is now involved in a risky business with its buying the dip. It would have been perfectly all right had they stopped after making Bitcoin the second legal tender of the country. It was already enough that they are attracting Bitcoin lovers from all over the world. They were also giving incentives to people who plan to invest in the country. But now they seem to be going aboveboard because they are now risking money by buying Bitcoin dips.

This is interesting, I though they were just buying bitcoin because they needed bitcoin to give away to their citizens due to the 30 dollars they promise to give to the people that got their wallet.

Does this means that now they are also buying bitcoin to have as a reserve currency? Because if that is the case then this is another reason to celebrate and it means that the government of El Salvador is really going all-in when it comes to adopting bitcoin, and while a risky move at the same time we know that if they can hold long enough then this is not a problem.

Rimueng

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Quote from: Dhaniii on September 21, 2021, 08:41:48 PM

El Salvador is already one of the people that big investors talk about, because he has strong principles against the large number of bitcoin adopters after he legalized bitcoin as a legal medium of exchange in his country. while the market conditions are fluctuating, will he be influenced to sell or will he continue to survive? current issue!
What do you think about El Salvador amid price fluctuations?

El Salvador persisted. Even in the midst of price fluctuations and negative news from China, El Salvador actually bought another 150 bitcoins by taking advantage of the price declines in the last two weeks.

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Quote from: STT on September 26, 2021, 06:44:44 PM

The trend since the Salvador event has been downwards, price action has yet to prove it can move past that high just yet.

This is the recovery today but mostly its a repeat, when we are above the yellow line we have better momentum to proceed with. The bullish part would be the low is higher then the previous lows on prior sell days so it could be we resolve upwards and challenge that upper price range.

what you are saying is good news that has come and it looks like bitcoin has not been able to move to increase immediately, only briefly after that it went back down again. there is now some good news from other countries, but it doesn't look like there is any momentum for bitcoin to break away from the crucial $50K mark. looks like it's hard to get past that number, if it happens but will soon drop again, can't keep moving towards $60K and continue to the best price.

but I still have confidence that bitcoin will increase by the end of this year, all based on the behavior that has been done by bitcoin after the first and second halvings.
a year after the halving at the end of the year bitcoin increased and reached renewable ATH. will the third halving in 2020, will return to bitcoin habits and increase will occur at the end of 2021? I still believe in the bitcoin habit and nothing impossible will happen.

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Quote from: Dhaniii on September 21, 2021, 08:41:48 PM

El Salvador is already one of the people that big investors talk about, because he has strong principles against the large number of bitcoin adopters after he legalized bitcoin as a legal medium of exchange in his country. while the market conditions are fluctuating, will he be influenced to sell or will he continue to survive? current issue!
What do you think about El Salvador amid price fluctuations?

I'm not sure they will sell bitcoin when market conditions are volatile, a country like this will be very profitable for big investors, because the principle they make is not only for sensationalism, especially after the conditions that legalize bitcoin as a medium of exchange in their country. El Salvador is a country that is able to combine bitcoin with fiat currency, so both are considered important to regulate, so that the influence of both can work as expected, and in the end they will benefit from the legalization they have made .

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