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0 sats \ 14 replies \ @jgbtc 22 Dec 2024 \ on: IMF and El Salvador bitcoin
It's unfortunate that the people of El Salvador didn't embrace bitcoin more. I keep hearing adoption is very low because people either are too poor to save anything in bitcoin, or are just uninterested. Either way, an incredible opportunity was missed. If widespread adoption occurred and a significant percentage of the population had stacked, the current situation would be very different.
adoption is very low because people either are too poor, or are just uninterested
because the people are stupid and don't bother to spend 10 hours studying btc , they rather be poor and blame the rich
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What do you mean "too poor"? Bitcoin should be usable by both the rich and the poor.
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depends
if you are extremely poor (making single digit $) per week , you won't be able to afford btc(or open your own LN channels) due on chain tx fees and small UXTOs.
you will be forced to use custodials
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Well, this is a failure of bitcoin then unfortunately. But if bitcoin can't handle this case, you can still can use custodians as you said.
I wrote somewhere something vaguely related that it is that base routing fees make sending very small number of sats too expensive, but I was immediately attacked for, quote, "missing the plot". Go figure.
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I meant being too poor to save anything. Like some people just have barely enough to survive let alone stack sats. I don't how accurate this is, it's just what I've heard is one of the issues preventing more widespread adoption. I wasn't referring to transaction fees.
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Even if you don't have enough to stack, you should be able to use it to buy things you buy as a poor person.
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Good point. But I'm talking specifically about the challenges in accumulating bitcoin, not spending. Is usage in spending bitcoin widespread in El Salvador? I didn't realize that.
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As far as I know it is not. I am talking about what things should be, not how things are. Furthermore if we ignore the barriers to entry due to transaction fees, we still have the problem of bitcoin volatility. And that's because everything there is priced in dollars. If things there were priced in sats maybe that wouldn't be a problem, but I think prices in sats is something that can only possibly happen at the last stage of bitcoin adoption.
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Bitcoin adoption will never come from a gov declaring it "legal tender". That's a total bullshit.
As i always said:
What does it means that?
A sovereign individual is responsible for its own actions and do not let anybody to govern him.
When people will fucking understand this simple fact, then we can talk about adoption. Until then is just bulshitism.
All these Bukeles, Mileis, and Trumps are just politician liars. People should stop giving them attention and stop being fucking slaves. You don't need any gov to tell you what you should use as money. You use what you want and fuck'em'all.
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I agree 100%. Central planning always fails. Only bottom up, organic adoption will have any success.
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Is that why China has risen to be the largest most productive manufacturing economy in the world?
Free markets are always subservient to nation states and nation states and their ability to organise the resources and power projection of their jurisdiction are crucial to the wealth of all nations.
The primary reason the west has been so successful has been its success in power projection and resource hegemony which mostly occurs via the strategy and imperatives of the nation state.
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The only reason they aren't eating dirt in China is because of free market reforms. Communism equals slavery so of course they have a productive manufacturing economy with so many slaves to work in the factories. But they allow just enough free market activity so the whole evil system doesn't collapse like the house of cards it is. It will collapse though because central planning always fails.
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Don't let reality get in the way of your Libertarian dogma.
Chinas success is based on its determination to develop in its own way and on its own terms.
Instead of following the duplicitous 'advice' of western organs of subjugation and imperialism, like the World bank and IMF, China has developed a unique economy based upon its natural strengths and cultural characteristics.
It has enjoyed trade surpluses, massive and growing trade surpluses for the last 35 years while the USA and other western economies have suffered over 5 decades of chronic and growing trade deficits.
The only thing keeping the USA going is its global fiat debt hegemony via the USD and associated institutions of capture and control- World Bank, IMF, BIS etc.
Otherwise the USA is INSOLVENT. Nobody seriously believes it will ever repay its $36+ Trillion debt.
Western manufacturers cannot compete with Chinese manufacturing- China has won the trade war.
No nations wealth has ever been solely due to free enterprise but has always largely depended upon the nations power projection.
The wealth of nations is very much reliant upon the governments of nations.
Libertarians are dreaming when they propose otherwise.
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So as things stand in most countries where Bitcoin is allowed it is effectively illegal to use as a MoE as to record and calculate tax on every transaction is something very few people could reasonably do.
You and I might choose to ignore the law regarding use of Bitcoin for MoE because the law is BS, but we cannot expect most people to risk their liberty and freedom from prosecution in order to advance Bitcoin.
Governments are an inevitable reality.
Without government people are thrown into chaos and most likely poverty.
How long would you last in an environment where there is no government?
Most people would immediately be forced to create their own government of some sort- it is an unavoidable reality of human existence.
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