What they are?
VOLCANO TOKENS ARE SECURITIES
They're security tokens representing El Salvador's sovereign debt (bonds). El Salvador started this eruption a couple years ago, and they're currently building their mining infrastructure and their independent mining pool. This mining pool is named ES Pool. It should surpass 1.3 EH/s, giving them around 1% of global hashpower—the equivalent of sniping 1.5 blocks per day on average. I'd expect some indie basement or garage hashpower to join for no reason other than being sympathetic to their cause. ES Pool will be powered by a 240-megawatt renewable energy park being built to support it. The $1B to build this park, to acquire the 15,000 mining ASICs, and to engineer the pool, came from 13 investors, the largest being Tether ltd. The annual revenue split is 23% to El Salvador, 27% to investors, and 50% reinvested in mining and energy. It was an equity deal, not debt.
Now we must summit the caldera and stare into the pyroclastic flows. Volcano Tokens will be issued by Bitfinex Securities and live on the The Liquid Network. Let's discover the role of each platform:
Bitfinex Securities
Yeah these guys. Bitfinex Securities is a subsidiary of iFinex, which also owns Bitfinex and Tether. They're all vertically integrated, but play a global game I call distributed jurisdiction. The Volcano Tokens were originally going to be issued by STOKR (a Luxembourg based securities platform that facilitates the raising of capital for those seeking to have their tokenized securities publicly traded on blockchains). In order to buy-sell-trade tokenized securities, you must be registered to do so first, and STOKR handles that, just like Etrade or RobinHood do when you sign up. STOKR has had jurisdiction issues with the America's though. And thusly iFinex, realizing the opportunity, started a company named Bitfinex Securities in 2021, which is like STOKR, and will be the agent issuing the Volcano Tokens. So you'll have to register an account with Bitfinex Securities, then you'll be able to acquire them on that platform for custody, or on any exchanges they're offered on, and you'll be able to buy-sell-trade them with any whitelisted addressee 24/7. Or you can just get them where they actually live: The Liquid Network.
Liquid Network
Liquid is a federated sidechain of bitcoin founded by Blockstream in 2018. To use Liquid, you simply download any wallet that supports the Liquid Network, like Blockstream Green, which I happen to use as my mobile [BTC] hot wallet. The BTC used within Liquid is called L-BTC, a two-way 1:1 bitcoin peg mechanism, and it's pretty seamless to peg-in and peg-out using the app. The Liquid Network has experience with various security tokens, with three listed there already, the most famous being the BMN (Blockstream Mining Note) which gives owners the equivalent of 2000 TH/s worth of hashpower per token, and pays holders in bitcoin whatever that hashpower mines on average every 36 month maturity. Current price of one BMN? $136,000. The BMN is issued by the registration agent STOKR, which we discussed above. None of that matters though! Just remember that Volcano Tokens will be available on Liquid for those registered with Bitfinex Securities. The Volcano Tokens' notional value (face value) is $100, so with just $100 you can own a piece of the República!
Specific steps you will take to acquire the Volcano Tokens on Liquid when they're available:
  1. Download Blockstream Green
  2. Add an AMP account and record your AMP ID
  3. Register with Bitfinex Securities and provide your AMP ID
  4. Your AMP account is now whitelisted, this is where your annual yield will be paid each January
  5. Acquire Volcano tokens with L-BTC or L-USD (Tether)
Note: AMP stands for Asset Management Platform
Now let's cut the crap and houseclean some of the volcanic ashfall, some of which is dark:
The first tranche of tokenized bonds issued by El Salvador will be $1B. There will likely be several more tranches afterwards, contingent upon their going concern 😅. For the first $1B tranche, $500M will be earmarked to build the religious sounding ₿itcoin City and its geothermal energy infrastructure. The remaining $500M will be used to buy bitcoin outright, which will be locked up for 5 years. The bonds themselves have a 10-year maturity.
⚠️ THE BONDS ARE DENOMINATED IN USD, NOT BITCOIN
The Volcano Tokens are...security tokens denominated in USD. You can look at them as bearer instruments with a ~legal claim on El Salvador's USD denominated sovereign debt in initial $100 increments. So if BTC is $30k today, and Volcano Tokens are trading at $100 today, and you swap your 1BTC for the Volcano Tokens, you get 300 Volcano Tokens. If BTC goes to $60k the next day, you don't have $60k, you have whatever the Volcano Tokens are trading for. Maybe they're worth over $60k, maybe they're not. Sounds like a hard pass, like the early investors of Coinbase who would've made significantly more if they'd just bought bitcoin. There are a few mitigating factors, let's continue:
The coupon (bond yield) will pay 6.5% annually for the 10 years. Using the rule of 72 (72 divided by the yield), which is used to calculate how long it takes to double your money, it will take ~11 years to double your money at 6.5% yield if we apply it to the bond's principal value. So the 10-year maturity for the bonds is about double your money. Also, after that $500M that El Salvador locked up for 5 years is unlocked, they will use it to pay the original $500M loan they earmarked to build Bitcoin City. Whatever is remaining of the stack after that deduction (we assume BTC appreciates in that time), gets paid to the Volcano Token holders as a dividend over the final 5 years of the bond's 10-year life. Lastly, holding these bonds fast tracks citizenship. $100,000 was the minimum originally for this, but it's likely to get lowered. Woof, lot's of layers of trust here.
How will they pay that coupon? Consumption taxes (sales taxes, etc) from Bitcoin City, mining, tourism, anything they can get from the IMF lol, which is probably one of the things the IMF is concerned about. But me, I'm thinking about ₿itcoin City. I found this:
₿itcoin City is just a rename of ZEDES (Zone for Employment and Economic Development), which was a fully planned city in the same location that China wanted (wants?) to build as part of their Belt and Road initiative. China has a growing presence in Latin America, and recently offered to buy ALL of El Salvador's outstanding sovereign debt. There's a connection here that feels dark. I think this is how El Salvador is going to ultimately build that city. Also, I hope El Salvador avoids any pension games with bonds/btc, because more countries than I can count have gotten themselves in trouble with those.
I'm not shilling Volcano Tokens dear reader, I'm simply consolidating information that's been delivered to us in fragmented ways for expedient reasons. The first tranche of these tokenized bonds will probably be like the Dallas Cowboys tokenizing the organization on a social media platform and offering them to residents of Texas. They'd all be snapped up in under 24 hours for no good reason other than novelty. Frankly, I'm neutral about these Volcano Tokens. I'll buy one for novelty. But are they shitcoins? Should maxi's shun them? Why not just buy bitcoin and HODL? I'll list those reasons after the following image, which I always refer to when asking such questions:
  • Cash flows
  • Diworsification
  • Ideological reasons, thinking that if this is successful it's a watershed moment that many countries will rush to recreate, and suddenly BTC is the reserve asset for sovereign debt
  • They sound cool and are novelties
  • Citizenship for tax strategy
  • They can be traded, and if speculation drives up the price you can sell them at a profit.
  • They're a slap in the face to non-money "crypto", which is vaporware proffering no legitimate product or service, with no nation state or obligation tied to them, and at large, DeFi is an orgy of swaps, wraps, burns, mints, and stakes, run by dapps that do nothing but optimize token interactions to keep the orgy going.
Also, over 90% of DeFi debt is stablecoins anyway. Nothing has established itself as money within those protocols other than stablecoins or wrapped derivative collateral like BTC. I'm ranting. None of this has anything to do with anything. Done.
Back to concerns with Bukele for some bitcoiners, ones who align more with the NYT on his Presidential actions heretofore, like me, sort of. I agree with some of the mainstream criticism, I justify my fragile support of Bukele by considering that since the 80s and their civil war, El Salvador has been mired in corruption, violence, and poverty. What options exist for them to escape? Nobody in the US would be talking about or investing money there without BTC perhaps. And I ponder if Bukele is like if Alexei Navalny got elected in Russia, then marched into the Kremlin, removed every Putin and oligarch appointee, then threw Wagner war criminals in prison. Would I complain? Maybe it isn't the same, some liberties taken there.
But yeah, that quasi Chinese waypoint called ₿itcoin City. I feel like if you shoehorn Tether, Volcano Tokens, Bitcoin, Chinese debt, mining, a gold tied BRIC's currency, gambling, the CIA, MSS, cartels, tax havenry, and a citizenship free-for-all into a space that small, in relief of a huge honking volcano, it will make Pompeii⤵ look modest, and end at least as tragically.
Anyway that's it, are Volcano 🌋Tokens shitcoins? Will you buy them? Why or why not? Please correct anything I got wrong. Sats for replies, as always.
Great article! I learned a lot. I'm still on the fence about Liquid, but I'm happy Volcano Bonds exist. I'm also impressed with your writing and the quality of your presentation. I'm glad that SN is becoming an original source publisher of long form content. I look forward to reading more of your posts.
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Great article. Can I repost this on https://loveisbitcoin.com with you listed as the author?
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Thank you. Yes absolutely
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buy-sell-trade them with any whitelisted addressee
you must be registered to do so first
seriously ? has everyone forgotten the point of crypto ?
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I'm with you. That's what the Coldcard is for. Some would argue these are less crypto and more a modern security, and like all securities a person (or business) must be registered to buy/sell them.
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There are tons of securities, shitcoins and genuine projects deployed without KYC.
Let's be a little clearer about what we mean, what this implies and why it's a bad or good idea.
When you say "Modern security" you mean contemporary, temporal as in time and not "the latest in technical abilty" or "the most up to date" because the latest in tech does not need KYC for any practical reason.
What this project is, is an investment in El Salvador. A state, a government with a central bank and global financial regulations alignment NOT an investment in Bitcoin.
The benefits are is that they are unlikely to just run away; they have a mechanism for refunds, essentialy they are more trustworthy the some random project.
When the world switches to controlling CBDC's, austerity and oppresive banking and fiat rules everyone is predicting will send BTC to 100k or 1 million. You have to trust ES to not abuse your information and registration with them, you have to trust ES not to behave like every other fiat seignorage AFTER Bukele.
Overall it's like Embracing all the innovations of Bitcoin, Expanding them into legacy fiat thinking and then having a non-zero risk of it extinguished in the span of time. Which is the enemies go to tactic for technology.
Volcano energy is hard,volcano energy in ES is untested unlike in Iceland fo example. We don't know the downstream affects that might affect the project.
I was wondeing how they would role this out and it seems great, especially for insiders on this first run. I could see a market for these bonds and hopefully some of them will be KYC free.
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Not registered ones. Comparing this offering to no KYC anything on ETH is laughable.
No one ever thinks about the other side of securities laws. The fact that you are investing in an enterprise Makes KYC optional because if that company is crappy and they go bankrupt the courts use KYC to chop up and assets the company had to pay out its creditors. KYC for bitcoin is ridiculous but as an investment requirement let bitcoiners decide if they wish KYC to invest in an enterprise.
While I am all for the protection of privacy but we still need a way to identify criminals and bring them to justice. Even without governments a market for crime fighting will exist it would only take time before someone developed tools to solve crimes.
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What you propose is even more ridiculous in the modern age, on the website you are on, with secure money flying around the place through zaps, using pseudonymous names. It's a living contradiction, or cognitive dissonance.
Register the company with the state, fine. I get it. Where real assets and real property exist in physical reality, the state or some other mafia will be there. An argument can be made they protect us from other less desirable mafias. Let the company itself register with the state, and carry out the insurance policy in the case of bankruptcy that you mention.
But those post bankruptcy assets can be divided up and distributed TO THE PSEUDONYMOUS accounts. The amount these bitcoin addresses invested, is available to all.
What is the POINT of all this "innovation" in pgp signing, bitcoin script signing, bolt addresses and cryptography at large , all this shit people have been working on for a decade towards various shades of trustless peer exchange, if this basic ability escapes the mention of everyone in bitcoin.
While I am all for the protection of privacy but we still need a way to identify criminals and bring them to justice. Even without governments a market for crime fighting will exist it would only take time before someone developed tools to solve crimes.
You are mentally ill. If you believe the only way to pursue justice and identify a crime is to track every dollar and everywhere it goes, you are a deeply sick individual who needs help. LEO's have many tools to track down real crimes. You know, things like investigations and due process, with evidence. Condemning everyone to a financial panopticon for the violent crimes of a very few number of people , very very few or society would not be able to function at all.
What you actually mean is tracking down and extorting rent from non-violent "criminals", and doing so in the most socially destructive and lazy way, total monetary control. If this is your belief, why are you even in bitcoin. Sell your BTC for worldcoin or a CBDCS and Get recked.
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First off chill. Let’s be civil about this no need for naming calling.
Comparing zaps to funding business ventures is ridiculous. Sure no one cares if you sling a few cents around but you best believe if millions were moving around on this site it would be highly regulated plus the sats that are used on this site aren’t even yours until you send them to an LN wallet you own the keys for.
“ But those post bankruptcy assets can be divided up and distributed TO THE PSEUDONYMOUS accounts. The amount these bitcoin addresses invested, is available to all.”
I push back against this. In my opinion the reason why investors are KYC’d is to prevent fraud and flywheel scams. That’s the problem with pseudonyms one person can own 100 Bitcoin addresses across 100 private keys with a simple python script and easily create pump and dumps.
“What is the POINT of all this "innovation" in pgp signing, bitcoin script signing, bolt addresses and cryptography at large , all this shit people have been working on for a decade towards various shades of trustless peer exchange, if this basic ability escapes the mention of everyone in bitcoin.”
This tech was created to persevere privacy and property rights for the individual not society at mass. Trust is still needed period. You are trusting @k00b right now not to rug your SN sat stack. While some interesting concepts have developed about create trust amongst pseudonymous people it still far away from being implemented in real institutions in the real world stuff that takes real skill like flying a plane.
“You are mentally ill. If you believe the only way to pursue justice and identify a crime is to track every dollar and everywhere it goes, you are a deeply sick individual who needs help. LEO's have many tools to track down real crimes. You know, things like investigations and due process, with evidence. Condemning everyone to a financial panopticon for the violent crimes of a very few number of people , very very few or society would not be able to function at all.”
I said absolutely nothing about tracking dollars. What I said is people who are motivated enough to develop tools to track bitcoin payments to solve crime will emerge especially if a victim of such crime has deep pockets. Government or not it’s the constant tug of war between safety and privacy thus have various degrees of tradeoffs.
“ What you actually mean is tracking down and extorting rent from non-violent "criminals", and doing so in the most socially destructive and lazy way, total monetary control. If this is your belief, why are you even in bitcoin. Sell your BTC for worldcoin or a CBDCS and Get recked.”
Now you are just putting words in my mouth. Sorry I don’t share your view of the world that every i do and touch has to be no-KYC focused. As the cypherpunks say the individual should have the choice of what information and data they wish to share with the world. If you don’t want to KYC for these volcano bonds then don’t. Those who do well it’s their life and their choice and they deserve what ever comes with that decision. Riches or complete surveillance.
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You can use > before a line to indent a quote fyi.
if millions were moving around on this site it would be highly regulated
you say without any evidence. I have evidence Billions are moving around with NO regulation. In a worst, trustless environment then investing in El Salvador.
This tech was created to persevere privacy and property rights for the individual not society at mass
Society is made up of individuals. You cannot show me "society" I can show you an individual. Removed from Society an individual still exists.
That’s the problem with pseudonyms one person can own 100 Bitcoin addresses across 100 private keys with a simple python script and easily create pump and dumps.
That does not matter when you are investing in Volcano Bonds. All that matters is that the government and the company pay back whatever the result of a bankrupcy proceeding is. If 100 accounts owned by one person pump ES bonds, it does not change the fundamentals of the project or the abilty to refund those accounts. Pump and dumps are only a concern for NON bitcoin shitcoins, annoymity is not. It's like saying a person can only own 1 oz of gold and if they own 3 they are pumping gold. It doesn't make sense to say that.
it still far away from being implemented in real institutions in the real world stuff that takes real skill like flying a plane
false
Government or not it’s the constant tug of war between safety and privacy thus have various degrees of tradeoffs.
yeah, the tradeoff is tracking funds, you advocated for the government having the ability to KYC individuals to prevent Crime. Which is Tracking. You don't even know what your are saying. That's ok but learn how and why bitcoin started.
If you don’t want to KYC for these volcano bonds then don’t. Those who do well it’s their life and their choice and they deserve what ever comes with that decision.
I agree, but you were stating that it was a necessity to pay back investors, it's not. You do not need KYC to pay back investors any more than you need to know the real names of a silent partner in a corporation. KYC creates a potential for harm down the road that does not need to exist. Like signing up for random online lotteries and wondering why your email and password are on a hackers database.
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I like this. "It's an investment in El Salvador." Yup.
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What do you think?
ESG can go fuck itself. It's already a neutered tiger at this point, with energy concerns and wars around the world forcing it to get "Un-woke" real fast. It's like a pet initiative high society and old boys clubs are indulging their wives in so they let them sleep around the rest of the year.
Much rests on Bukele and his team creating a culture and institution that can survive him leaving. Ideally he would stick with the constitution and not run again, for instance. He could support someone else who is like minded and trustworthy from his party to run, having the 90% of voter approval shift from a cult of personality (however deserved, it is) to one invested in the countries systems. Then run himself as a senator or whatever the members are called in the upper chamber. That is the sign of a great statesman , and that is what they built in America, Britain and even places like Ghana, Mexico.
Fuck the cartels. Keep them locked up. If it was me i would feed those bastards every two days. Before Human rights, all laws are based on biblical restitution. Before Biblical law exists Natural Law. These are animals with every right to be locked up, based on Natural Law. Should it be the state doing it ? Probably not. But the hard truth of practicality with animals and humans is: a hard hand is needed.
Notice i said practicality and not principals. With a situation preceding Bukele, so inhumane, human rights are meaningless. with a situation so stable because of him, commerce and growth can take place.
The bonds will be appealing despite the MSM and NGO attacks (Cia media attacks) because everyone and their mother knows these assholes deserve it, deserve worse. If the stability lasts, it will be as worthwhile an investment as any in any thrid world country, slightly better for its pro-bitcoin policies.
What you are asking me is if the 70,000 criminals locked up without due process is worth the drop in crime and lives saved. In the case of ES, Yes.
Is the less than 2000 wrongly imprisoned people, worth the drop in crime and death. Yes. they will be release and hopefully compensated for the mistake.
Is the 164 dead during the entire operation worth the drop in crime. Yes.
I would take those very low odds of being falsely imprisoned, myself , if it meant safer street and a positive business environment. Think of all the people alive now who can be productive and enjoy this new El Salvador.
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This is a security not crypto
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Securities do not need to have KYC. they could be KYC free, so this is a design choice.
The quetion is why and at what cost/benefit.
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Ok, I'll agree you can have securities without KYC, that's true. But that would eliminate many jurisdictions from offering them, as every country has securities laws. The company or government the securities are drawn on do need oversight and enforcement though, otherwise you'd never see a timely or honest earnings statement, yield's could change, insurance would get crazy, and there would be no legal claim by the securities' holders. That's kinda the thing here though, how strong is the legal claim of Volcano Token buyers? Who's going to pay for and invoke the international court for recovery?
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Well they are shitcoins in the sense that they're bad investments lol. There is no line between company and state in the fascist dictatorship of China. As far as I'm concerned, China bought a lot of this debt. I feel like I have to think about what that means, what the CCP is planning, and what I should do in response and of course what we all should do in response.
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Yeah this is a tough one. Bukele for better or worse is one of the boldest leaders I've ever seen, and you feel it can all go sideways in a moment. He never shitcoined which I guess says something. He survived a complete collapse in BTC price and still has overwhelming popularity. Brushed off the IMF, annihilated the gangs, and has attracted an excitement which shouldn't exist there. The China angle tho... Who knows what they've both gotten up to behind closed doors. Is he really sanction-proofing the country lol?
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When I first saw the title. I thought they were going to talk about El Salvador's actual volvano and Geo thermal. Giving power to minng Bitcoin. It sad to hear they are consider using an unpopular coin which defeats the whole purpose of Bitcoin.
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They'll use some of the first $500m to help develop the geothermal. Geothermal tech has really come a long way in just the last 3 years, hope they pull it off
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Can I also put your post inside my blog? (https://bitiplyx.blogspot.com/) if you give me permission, I want to take your content to the surface and spread the word of satoshi, but always after your permission
thank you for the very good content, (waiting)...
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thanks bro
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BY THE WAY
Bonds used to be a bearer instruments.
THERE IS NO INTRINSIC, HISTORIC OR CONTEMPORARY NEED FOR KYC even in bonds.
anything more identity burdensome then a bearer crypto asset is rediculous and anachronistic in the context of Bitcoin.
Satoshi is spinning in his space ship hybernation tank
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That’s just too much trouble. I’ll stick with stacking sats.
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LOL, I think the same. Stack sats.
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I’ll buy some just to support even if it goes to zero I applaud the effort of these companies trying to develop a Bitcoin financial market where you can actually own the shares you buy and not “ownership” you get with vanguard and fidelity.
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Very informative. I have green wallet but only a standard account. I am not even sure how to transfer bitcoin into liquid bitcoin. Do you have a tutorial on that?
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For people that put their money into dollars, a 6.5% return is ok. Slightly better than inflation.
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I'm wondering if tax implicactions could play a role. Being an expat I have to pay taxes on capital gains when I sell my BTC.
This may allow.me to buy bonds and get income via dividends which is untaxed up to $100k due to the foreign earned income exclusion.
Though it is similar to cashing out that money at $30k knowinf that next year it should be over $100k.
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Makes sense, and I think a bunch of people will be all over that zero-tax life, especially now that crime has basically collapsed, the new ground-up city, and a low gender ratio of women to men 92:100. They're also kinda going all-out with Lightning and stablecoins. We're going to learn a lot about what works and what doesn't. A big experimental sink.
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Worse than Shitcoin. And you have the shit company Tether running it. Not going to end well
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I thought you were @Darthcoin for a second 😊. I have some serious concerns myself. Like, if their normal sovereign bonds are trading with a significantly higher yield already, and they continue to have economic trouble, and they make a habit of prioritizing paying these before those? Or they create their own USD stablecoin (their recent digital securities law paved the way for it), and try any type of collateral games. Or bitcoin's volatility simply gets the best of them. Yeah, this whole thing can go sideways without warning.
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No is not me, but I agree with his statement: is worse than a shitcoin, is a SCAM. ANYTHING THAT IS LINKED TO TETHER IS A FUCKING SCAM.
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True dat, brother.
At least in this version of the scam, they're going from scam money to hard money (bitcoin mining infrastructure), rather than the reverse.
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love seeing these in-depth blog posts on SN, thanks for writing it!
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Had to throw in Russian war criminals right? I imagine you think the USA is different?
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No I don't think that, the atrocities and torture videos piling up on the darkweb are a little concerning though. It's like them, the cartels, and Boko Haram are in a competition.
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I'm not excusing anything. But don't call the pot black when you are the kettle. This war could've been over in 1 month, but NATO told the Ukrainians to keep fighting and dying.
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Sudonaka, when your neighbor walks into your home uninvited, do you offer him the master, your kid's room, or the kitchen?
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when your old rival from across the oceans sets up nuclear weapons right next door to you, and threatens to set them up even closer and closer each year, all while calling you the aggressor- and the rival goads on the slaughter of your people in those neighboring countries- what do you do?
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Nuclear capable subs can easily get closer than land missiles, and we've had minute-man (mach 23) missiles since the early 70s. We've had tactical nukes in both Turkey and Romania since the 80s. The "weapons getting closer" thing is an excuse. Think about what you're asking Ukraine to give up to end the war (it wouldn't end anything), and ask for what reason anyone should trust a dictator's handshake? Didn't Neville Chamberlain try that? The one-man system of government is killing them. Russia has made friends with countries that don't share a common language or culture, and enemies with those that do. The future of Russia (their young people) don't care about their grandfather's Soviet Union, they want jobs, and want to flourish. Taking Ukraine will NEVER work, just like taking Afghanistan never did for Russia or the US. Russia's demographics and cost of capital were already terrible before the young people fled while the rest are getting killed or PTSD'd into oblivion.
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Deep state drivel.
Just like USA/China etc, you can't "defeat" Russia, a nuclear armed power. There must be a diplomatic solution.
Furthermore, the abuse and killing of over 14,000 Donbas civilians since the VIOLENT CIA-BACKED COUP in 2014 justifies action. Imagine if American ex-pats or dual citizens were being killed in Mexico or Canada by the government.
The government of Ukraine supports and is deeply involved with Extreme right wing groups that punish any dissent. Elections are now suspended in Ukraine.
Just like in Yugoslavia, the borders must be redrawn on Ethnic lines to achieve peace. The people of Crimea and Donbas are majority Russian and if you actually cared about "democracy" you would respect their wishes.
Stop advocating for more death you genocidal maniac
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Oh Sudonaka, thank you for not invoking Soros' name. So cede large swaths of Ukraine, shake hands, and everything resets back to pre-2022? How does Sudonaka end this?
Exploring ₿itcoin City: Pros and Cons of a Volcano-Fueled Crypto Venture
Pros:
  1. The article discusses a unique concept called "₿itcoin City," which may pique readers' curiosity.
  2. It touches on various interesting topics such as Tether, Bitcoin, Chinese debt, mining, etc., which could provide readers with insights into different aspects of the cryptocurrency world.
  3. The comparison to Pompeii adds a creative touch and makes the article more engaging.
  4. The author's critical viewpoint offers a thought-provoking perspective on the potential risks and complexities associated with the concept of ₿itcoin City.
Cons:
  1. The article seems fragmented and lacks clarity, making it challenging for readers to follow the main argument or storyline.
  2. Some terms and concepts mentioned, like "Volcano Tokens" and "gold tied BRIC's currency," are not widely known, which might confuse readers.
  3. The absence of clear evidence or data to support the claims could weaken the article's credibility.
  4. The excessive use of slang and emojis might make the article appear unprofessional or less authoritative.
  5. The article raises multiple topics without diving deep into any of them, leading to a lack of in-depth analysis and understanding.
Overall, while the article brings up intriguing concepts and comparisons, it could benefit from better organization, clarity, and supporting evidence to strengthen its arguments and engage readers effectively.
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😊 This was a pretty solid Ai tl;dr actually. What LLM are you using?
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ChatGPT change everything 😭
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Lol. This was not just Pompei but likely any brothel in any Roman city. Also it may be just sexual education given that where these pictures were located.
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This is actually a fresco from the Lupanar brothel in Pompeii which was its most famous. Frescoe erotica like this wasn't used for sex education, but as a menu for what a customer wanted, as decor in windowless rooms, and to get them in the mood.
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Or El Salvador has other international bonds; you can buy them. One of them is a $500 million U.S. dollar bond issued in 2002 and maturing in April 2032, around the same time as the Volcano Bonds.1 It has a coupon of 8.25% per year. It is listed on the Luxembourg Stock Exchange
This is market segmentation by slapping a cool name — “Volcano Bond” — on a bond that is strictly worse than a readily available alternative. This is market segmentation by combining a normal thing with (1) crypto and (2) a huge markup, and then marketing it to crypto people who want to pay the huge markup not to buy crypto (they can just buy crypto!) but to buy into a crypto adventure.
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from Bitfinex
Our goal is to deliver freedom from the constraints of existing global finance and inject long-overdue innovation that enables more people to invest in tokenised securities and more entities to raise capital.
What could these contrsints possibly be if not KYC. Corporations and compliant business are no constrained by anything. Tax laws andregulations benefit them as long as they comply with AML, which is no burden to them.
It's like the BTC crowd simultaneously believe bitcoin will be mass adopted because of state interference in markets and massively adopted because of state embrace at the same time.
It's things like this that make the monero crowd seem rational.
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I will sure invest in volcano bonds. very innovative idea. Bukele Rocks
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FUBARcoin. I was looking forward to getting these details for a long time - and now that I have them I want to send them back. I don't want them. No want. No mas.
You need a chainsaw just to get through the first massive tectonic plates of KYC and it just gets worse from there. Max Keiser thought this was a good idea? Seriously? Start over.
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Do you think the human rights issue will have a negative impact on issuing these bonds succesfully?
I’m hearing people only talking about human rights. If human rights are not taken care of, human rights of the gang members, then a lot of institutional investors won’t invest due to ESG concerns.
What do you think?
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I think the first $1B tranche will be eaten up without the aid of institutions. The following tranches will need large investors though, and this might be China, crypto exchanges that want to list them, or who knows, maybe nobody, but if the demand isn't there, they'll stop issuing them.
Human rights is the big topic for sure. I'm uncertain El Salvador would've been ESG compliant even before the gang crackdowns. Time could solve some of these problems if the crackdowns show marked improvement in quality of life and GDP. Already crime in El Salvador has collapsed. It's a long-term project.
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Great observations and diligence shared among the community. In regards to the development plans by China, it is a follow up from around a decade to an already mockup done previously by both Japan via their agency JICA and Taiwan around 2004-2008. As a matter of fact, before the Panama Canal was able to even start their "Post Panamax" investment, El Salvador with the support of these two countries had already mitigated and completed the infrastructure in Port of La Union to bring out investment in the wild East connecting it to a dry land canal and railroad through neighboring Honduras connecting with Puerto Cortez in the Atlantic in faster less costly than the obsolete Panama Canal prior to 2012. Unfortunately, investment was done but no political will on both sides of the border with Honduras was executed except brawls over land we believe instigated by U.S. to keep us in eternal disputes among one another in this Central American Región so Geopolitical important (atlantic-pacific). Naturally, a city representing growth is key for tourism, business, etc. With Taiwan, back in 2005 we also had a similar plan with land development in the vicinity of the International Airport with over 200 hectares owned by the State to grant Taiwan a 50 year lease and full possession and bring their equivalent of Fortune 500 Taiwanese -Chinese companies to manufacture here in El Salvador in the Department of La Paz and take advantage of the access to favored CAFTA-DR treaty and access tariff free to the U.S. and N. American markets, an overall Free trade zone. In the end, the next decade with corruption and violence it was a catapult for our country and times were worst than during the 80's when we had Civil War until this government came into power. Actually, everyone wished for a full scale 5 star general to just come in and restored order and violate human rights of those murderers and corrupted individuals at the expense of the honest hard working individuals 99.9% of the population that was at the mercy of gangs!! I'm the end, this president cleaned legislative, judicial, and as executive is doing more in a peaceful manner. Only thing not going well is Agriculture development and access to capital since land and labor and technology are a given for us and in the long run educational component for us to make grow and prosper. I hope all Central America is able to reunite making a 55 million people market , the third largest after Brasil and Mexico in the Americas