Bitcoin making a government coffers transparent. That alone will fix a million things. Imagine if the pentagon budget is fully auditable by just running some software.
It seems to be a multi-sig wallet address so at least there is some sort of additional protection. I would also imagine some sort of timelock protection set.
There are like mid-sized companies with 80 employees that are valued at 100m. Owning 4 of those is El Salvadors stack. Or like 100 downtown houses. Or 50 coastal mansions. Even for a small & poor country of 6.5m inhabitants - that's a small stack.
To El Salvador's credit, they were the first to make Bitcoin legal tender.
And now, we see they are the first nation to make their nation's wallet ID public. Kudos to Bukele for these notable achievements.
El Salvador is making Bitcoin history, regardless of the size of their stack.
I'll bite....El Salvador has a GDP of 22 billion usd and they have 5,689.68 bitcoin.
The GDP to Bitcoin ratio for El Salvador can be calculated as follows:
GDP / Bitcoin = USD/BTC
22,000,000,000 USD / 5689.68 BTC = Approximately 3,865,533.19 USD/BTC
El Salvador has approximately 3.86 million USD worth of their GDP for every Bitcoin they possess.
If you want to achieve the same ratio for the US, where the current GDP is estimated to be approximately 21.43 trillion USD (or 21,430,000,000,000 USD), the formula would be as follow:
The calculation suggests that for the US to have the same ratio of GDP to Bitcoin holdings as El Salvador, the US would need to have approximately 5,543,867 Bitcoin.
Since publishing their address 90 minutes ago, El Salvador have already received an additional 673,418 sats in random donations across 25 transactions.
That's how it's done. These whales aren't afraid to show their wallets, because they're showing the world that it's safe to store value on tbitcoin timechain.
Kim Dotcom shilling for BCH (and shitting on BTC) under Bukele's tweet
Was a bit surprised to see. Didn't realise he was a Roger Ver adherent. (But actually, now I think of it, I seem to have a very vague memory, from back in the 2017 days.)
I don't believe Dotcom actually holds any of the opinions he claims to have. He just likes to be provocative. Like a toddler that just learned the word "no". He's such a pathetic loser, just ignore his shitcoin shillings, nobody takes him serious anyway.
If that country do not mine BTC and start paying the state employees in BTC, then there's NO ADOPTION.
I really don't know why people get excited by this crap news that Bukele show an address.
It means NOTHING.
The real news will ne when Bukele will start PAYING employees with BTC.
Bitcoin making a government coffers transparent. That alone will fix a million things. Imagine if the pentagon budget is fully auditable by just running some software.
hope this sets a new precedent for transparency!
😆
* open-source software
When you're more impressed by a number in the thousands of BTC than a number in the hundreds of millions of USD
Why a single wallet though?
i’m not sure, i guess we’ll learn a lot from the example they set.
there aren’t many countries or large companies taking full custody of their coins at that scale for El Salvador to mirror.
over time, i think the “playbook” for how to store nation-state levels of wealth will be written, iterated, and improved upon.
It seems to be a multi-sig wallet address so at least there is some sort of additional protection. I would also imagine some sort of timelock protection set.
We will see. Does Bukele go often in boat trips? Lol I'm sure they know what they are doing and set an example.
😀 Jun 12 2021 by @koob
El Salvador Bitcoin legal tender @sn 👉#1
That actually surprises me on the low end. Tiny stack for a nation state.
El Salvador is a tiny nation. ~ $22 Billion GDP. This is about the same as Lincoln Nebraska.
There are like mid-sized companies with 80 employees that are valued at 100m. Owning 4 of those is El Salvadors stack. Or like 100 downtown houses. Or 50 coastal mansions. Even for a small & poor country of 6.5m inhabitants - that's a small stack.
To El Salvador's credit, they were the first to make Bitcoin legal tender. And now, we see they are the first nation to make their nation's wallet ID public. Kudos to Bukele for these notable achievements.
El Salvador is making Bitcoin history, regardless of the size of their stack.
How much would the US have to buy to match El Salvador’s Bitcoin/GDP ratio
I'll bite....El Salvador has a GDP of 22 billion usd and they have 5,689.68 bitcoin. The GDP to Bitcoin ratio for El Salvador can be calculated as follows: GDP / Bitcoin = USD/BTC 22,000,000,000 USD / 5689.68 BTC = Approximately 3,865,533.19 USD/BTC
El Salvador has approximately 3.86 million USD worth of their GDP for every Bitcoin they possess.
If you want to achieve the same ratio for the US, where the current GDP is estimated to be approximately 21.43 trillion USD (or 21,430,000,000,000 USD), the formula would be as follow:
Bitcoin = GDP / (USD/BTC)
Bitcoin = 21,430,000,000,000 USD / 3,865,533.19 USD/BTC = 5,543,866.51
The calculation suggests that for the US to have the same ratio of GDP to Bitcoin holdings as El Salvador, the US would need to have approximately 5,543,867 Bitcoin.
Nice. Thanks for doing the math.
Since publishing their address 90 minutes ago, El Salvador have already received an additional 673,418 sats in random donations across 25 transactions.
https://m.stacker.news/20895
I just saw that.
Are you sure they're donations?
It's onchain, Probably people sending randomly
One was 30BTC
Why would they donate that much?
Any idea what their security situation is like for that wallet?
Edit: never mind, I just saw their post about it
so what is it ...cold card or ledger? :P
Also cold storage
That's how it's done. These whales aren't afraid to show their wallets, because they're showing the world that it's safe to store value on tbitcoin timechain.
This
Kim Dotcom shilling for BCH (and shitting on BTC) under Bukele's tweet
Was a bit surprised to see. Didn't realise he was a Roger Ver adherent. (But actually, now I think of it, I seem to have a very vague memory, from back in the 2017 days.)
Fortunately I missed this. Muted/blocked this low-life windbag years ago.
I don't believe Dotcom actually holds any of the opinions he claims to have. He just likes to be provocative. Like a toddler that just learned the word "no". He's such a pathetic loser, just ignore his shitcoin shillings, nobody takes him serious anyway.
wen sPaM aTtAcK?
Maybe this will finally prod the US into consenting to a gold audit of Fort Knox. I won't hold my breath.
I have to admit I wasn't taking his word for it when he talked about El Salvador's bitcoin. This does enhance his credibility.
There is no substitute for transparency.
Just imagine owning that much coin, it'd be worth infinity dollars
quite a bad practice tho - putting such big amount in one address? I hope they at least use a multisig for it.
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Is this the budget of the state?
Friendly reminder: https://i.postimg.cc/XqjKHdcp/Darth-sovereign-logo.gif
If that country do not mine BTC and start paying the state employees in BTC, then there's NO ADOPTION.
I really don't know why people get excited by this crap news that Bukele show an address. It means NOTHING. The real news will ne when Bukele will start PAYING employees with BTC.
Way to lead the way! What will the history books write about this one!
Next!
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