If they wanted to enforce a circular economy they could set up a Fedimint and issue ecash to any government employee (teachers, etc.). The bitcoin would always remain in their system assuming they don't open lightning channels to entities outside of El Salvador. With that system in place they can continue stacking and people within their borders can spend it with very low fees.
This is probably how the market will develop long term anyway. Governments will still want capital controls and the people will want sound money. It's not ideal but it feels likely.
It wouldn't make sense for them to not open lightning channels to other entities outside El Salvador. If El Salvador will never spend their Bitcoin, they might as well not have it.
A Fedimint would be a good idea within the country but I hope the people will be able to easily and directly swap their ecash for ecash in other federations and/or make outbound lightning payments. El Salvador could take fees for swaps and lightning sends while still working hard to offer a place for those who would like to be financially sovereign individuals.
I don't think they ever got the volcanic miners up and running. They were still working out the construction of the renewable energy park in Metapán back in December.
I like the title 'Bitcoin Office'. What I've seen over the past year that El Salvador is making good strides in the direction towards becoming an example how to go about setting up a bitcoin economy. It's only that people there aren't interested that much.
Total sent 0.00000000 BTCInteresting how they've never proved they can actually spend the $350 million treasury. They should.
I also think they should spend some of what they save, just saving it I don't think is the best thing to do.
Why do they want it as a currency if they don't use it and create a circular economy around Bitcoin.
If they wanted to enforce a circular economy they could set up a Fedimint and issue ecash to any government employee (teachers, etc.). The bitcoin would always remain in their system assuming they don't open lightning channels to entities outside of El Salvador. With that system in place they can continue stacking and people within their borders can spend it with very low fees.
This is probably how the market will develop long term anyway. Governments will still want capital controls and the people will want sound money. It's not ideal but it feels likely.
It wouldn't make sense for them to not open lightning channels to other entities outside El Salvador. If El Salvador will never spend their Bitcoin, they might as well not have it.
A Fedimint would be a good idea within the country but I hope the people will be able to easily and directly swap their ecash for ecash in other federations and/or make outbound lightning payments. El Salvador could take fees for swaps and lightning sends while still working hard to offer a place for those who would like to be financially sovereign individuals.
Its uh...its something lmao. Its a very interesting thing....
Not gonna lie, this is some badass shit haha. They are truly paving the way.
Kinda confusing. I expected the "Mining" tab to show the percent hashrate from Volcano power.
I don't think they ever got the volcanic miners up and running. They were still working out the construction of the renewable energy park in Metapán back in December.
Yeah, that would be a nice metric to have on there.
very nice, impressive
I like the title 'Bitcoin Office'. What I've seen over the past year that El Salvador is making good strides in the direction towards becoming an example how to go about setting up a bitcoin economy. It's only that people there aren't interested that much.
Do other countries advertise their treasury holdings? Serious question, I do not know.
Good question, I don't know. It would be very interesting.
El salvador is going great. I believe that it should be a good example moving forward.
The balance just keeps rising.
They must be doing something right.
Thanks for the post. I didn't know that they were mining with volcano power.
The real DCA state