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55 sats \ 10 replies \ @DarthCoin 10 Mar \ parent \ on: El Salvador is a huge honeypot for future presidents (criminals) meta
Think also about this: salvadorans are paying taxes in fiat to ES gov. Then that gov is using that fiat to buy BTC. WITHOUT THEIR CONSENT!
If that gov, will use the tax money to build the infra for BTC mining (they don't do it), I will understand and will be a good thing. Will be more like a crowdfunding mining, where ALL salvadorans will benefit from that BTC mining.
And with the BTC mined, they can sustain the whole public infrastructure, paying companies and people to maintain and build more.
But they don't do that. They just hold BTC like idiots, fiat maxis.
Good points @DarthCoin. Woudn't it be something if the grubberment took that fiat tax $ and bought the btc plus the btc they have mined and, as btc increases in value, they pay shares of some of the btc the guvt has stacked back to the people of ES?
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btc increases in value, t
No, you still don't get it.
FUCK FIAT!
Pay people in BTC, not fiat. This is how you start an economy based on Bitcoin.
If they really want to do it right, all money that the gov have right now, will be invested into BTC mining infra.
Then with those BTC mined, PAY THE FUCKING WORKERS TO MAINTAIN THE COUNTRY INFRASTRUCTURE.
That way the gov will not have to tax anymore anybody else. And everybody is using BTC.
FOR FUCK SAKE, WHEN PEOPLE WILL LEARN THAT THE WHOLE POINT IS TO GET RID OF FIAT ?
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unless el Salvador stop doing business internationally and can self sufficient with building mining hardware and core infrastructure and he self sufficient with everything, exchange rate will always be a part of dealing business, especially if you want to use btc as money.
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They should start convincing other people from around the world to accept their products for sats. They need bitcoin partners.
Yes, is the only way to go forward for ES, otherwise they will go back to USD standard.
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I work in manufacturing, your trading partner might accept Bitcoin as payment.
But there are hundreds of parts in a BOM, freight (container, custom and duties etc) etc.
You can't get rid of fiat in the equation. Whoever accept Bitcoin will have to hedge it.
medium of exchange don't matter nearly as much as store of value.
Places with hyper inflation would be happy to trade with anything, a pack of cigarettes. During covid 19 lockdown in china, they were having a full barter system.
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Then... we all gonna die in fiat slavery.
Done.
If nobody will do that step forward, we all gonna die. Simple as that.
That's why I always said: Bitcoin is ONLY for brave, not for the weak.
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ok good points but calm the fuck down and learn how to communicate and speak with people in a civilised manner. It gets to the point that you are just being incredibly rude and arrogant to people!
Regarding btc increasing in value, that will happen as it becomes more scarce regardless of whether it is pegged to any fiat currency value. Don't assume that when people talk about btc "increasing in value" that everyone is thinking in terms of a fiat or a USD figure value.
Pay people in BTC, not fiat. This is how you start an economy based on Bitcoin.
This helps, but merely paying people in Bitcoin is not the foundation for starting a Bitcoin economy. A sustainable free/very low cost energy source is the foundation. We find sources of energy to mine bitcoin, and from this fountain, an economy will organically grow around it infused with Bitcoin from the very foundation. That is how you start a micro-economy based on Bitcoin.
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