El Salvador, Dollarisation, and Bitcoin — What to Expect From Here

Discussion in 'Digital Currencies' started by hawkeye1, Jun 8, 2021.

  1. 66rounds

    66rounds Well-Known Member Silver Stacker

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    Bitcoin poses no challenges to the existing global power structure, otherwise you wouldn't have ever heard of it.
     
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  2. mmm....shiney!

    mmm....shiney! Administrator Staff Member

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    We’ll revisit this in a couple of years to see if any economic benefits emerge.

    I’m of the opinion it’s just a stunt, and the place will still be a shithole.
     
  3. dozerz

    dozerz Well-Known Member Silver Stacker

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    they are talking some interesting theories, tapping into volcanoes to create energy, then attracting bitcoin miners with cheap power. in just the tax breaks alone they will attract a lot of new bitcoin businesses, just the start of the domino effect.
     
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  4. 66rounds

    66rounds Well-Known Member Silver Stacker

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    Sounds like a recipe for disaster
     
  5. dozerz

    dozerz Well-Known Member Silver Stacker

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  6. 66rounds

    66rounds Well-Known Member Silver Stacker

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  7. dozerz

    dozerz Well-Known Member Silver Stacker

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  8. dozerz

    dozerz Well-Known Member Silver Stacker

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  9. alor

    alor Well-Known Member Silver Stacker

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    miners taping into govt subsidised electricity is far too common..hence they are wastage and banned
     
  10. Oddjob

    Oddjob Well-Known Member Silver Stacker

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    Cool idea for an alternative power source but will the commercial industrialisation of active volcanos kill off the ritual volcano sacrifice tourism market? :D

    [​IMG]
     
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  11. mmm....shiney!

    mmm....shiney! Administrator Staff Member

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    They won’t be able to afford to build the power plants.

    They’ll need to incentivise the adoption of the local currency first if they hope to attract investment or be able to construct it themselves.

    This whole story is hype.
     
  12. BuggedOut

    BuggedOut Well-Known Member Silver Stacker

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    It's not going to transform into some kind of utopia overnight and I doubt a foreigner on the other side of the world will even notice a difference, but if they attract even just a tiny bit of investment with this decision then that is an economic benefit.

    That said, I did say I thought it was a bit of a stunt. I don't like politicians much, but that doesn't mean good things won't come from this - or other politicians might jump on the bandwagon and realize this policy is a way of signaling progressiveness and modernity to the new generations of voters coming through.
     
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  13. mmm....shiney!

    mmm....shiney! Administrator Staff Member

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    Investment then needs to enter the country in whatever the local currency is called and employees, suppliers etc are paid in local currency and the cheap energy produced by these power stations for local consumption is charged in local currency. And so on and so on.This will then create demand for the local currency so that El Salvador can begin to move away from the USD. BTC miners could be given free access to energy as part of the attraction to invest, but must pay tax in the local currency. Again, further enhancing demand.

    None of that will happen though, Sth Americans are notoriously short sighted.
     
  14. alor

    alor Well-Known Member Silver Stacker

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    is called human resource
    that can be used up
    aka slaves labour
     
  15. neonuke

    neonuke Active Member Silver Stacker

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  16. 66rounds

    66rounds Well-Known Member Silver Stacker

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  17. markcoinoz

    markcoinoz Member Silver Stacker

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    This Professor is the reason why we need more age care facilities.

     
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  18. BuggedOut

    BuggedOut Well-Known Member Silver Stacker

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    John Hopkins.

    Enough said. I am not surprised at all to hear him sprouting mainstream narrative.
     
  19. mmm....shiney!

    mmm....shiney! Administrator Staff Member

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    Imagine sitting through a lecture with him?

    The professor seems to think that the USD gives El Salvador strength.

    Good advert for George Mason Uni I suppose.
     
  20. neonuke

    neonuke Active Member Silver Stacker

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    couldn't watch any further after less than 5 minutes...

    old codger: (paraphrasing a bit) "Russians, Iranians, Chinese will want to cash out their BTC for greenbacks! uh uh uh uhh.. they want greenbacks"

    interviewer: "how will the mechanics of that work?"

    old codger: (paraphrasing again) "uh uh uh... they will go to an ATM and suck up all the greenbacks they can get"

    bahahahha, yeah right. the Russian mafia with millions worth of BTC want to go to El Salvador, rock up to a little ATM and cash out crumpled up, wrinkly US bills in ole El Salvador. probably be lucky it'll spit out a few grand worth of USD
     
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