I thought this comment was interesting, in light of recent conversations about what "use" of btc entails:
8% of people used it at least one time in an entire year.
In a place where people (who have on average very low incomes) were given $30 worth of bitcoin by their government just for signing up to a wallet app, so a very, very large proportion of the populous (compared to any other country on Earth) already had an app and wallet set up and ready to go. That's not a lot. That's a clear indication that the experiment simply didn't work.
El Salvatore did not abandon BTC!!! They were forced off of it by the IMF (International Mother F*ers) a la The Diary of an Economic Hitman. I am not so sure that they did it voluntarily. The IMF just doesn’t want anything but CBDC. BTC is not what they want to have around for people to free themselves.
You mixed so many things, imo. El Salvador wanted money from the IMF, IMF said ok under these conditions. Simple as that. El Salvador could well say no, but they didn’t.
Absolutely... I do wonder if Bukele simply has chosen to go along with their cored demand on paper only...
What matters is that El Hodlador now is one of the safest countries in the region, and one of the safer on the planet!
Also they keep buying Bitcoin, and whatever the level of real life adoption will be I am simply thinking that rolling back some of the legal parts will not kill the whole project.
It is all about optimism and attracting the right people, maybe that is even easier when at least going along with some of the demands these demons put up!
Especially if you can outfox them long term hehehe...
The whole thing is that they probably gave him the choice of going the way of Gadafi and Hussein or use their paper and take their loans. He decided to take their paper and loans and make BTC an UNOFFICIAL money for El Salvatore. He may just have saved a lot of lives doing that and still letting people use BTC as they like.
Adoption will come organically from the people, otherwise it's like throwing a modern laptop in an isolated tribe and hope they will become hackers after 6 months.
Ruling party lawmaker Elisa Rosales defended the reform, arguing it would secure bitcoin’s status as legal tender while ensuring its effective implementation. The law passed with 55 votes in favour and only two against.
Bukele’s government remains committed to bitcoin, recently confirming plans to continue acquiring the cryptocurrency for national reserves. Market optimism surrounding cryptocurrency policies under US President Donald Trump has contributed to bitcoin’s rising value.
I could only read through a few dozen comments before I had to stop. People on HN are staunchly against BTC. They refuse to discuss anything in a constructive manner.
Who cares what governments (a fictional construct) do or say, they don't (and never will) decide anything in Bitcoin land, because it is permissionless and open for ALL.
It’s important to remember that governments, companies, and laws are separate from individuals and private people. Many people believe they have no say in a world controlled by governments and big organizations. However, this is not true. In reality, individuals have much more power and importance than they think. Otherwise they wouldn't have to extract more and more from us. They can only consume what we create.
If people are desperate and you give them a thing, tell them it's worth "XYZ amount" in a currency unit they understand... is it so crazy that they'd cash out to convert the unknown into the known?
(International Mother F*ers)a la The Diary of an Economic Hitman. I am not so sure that they did it voluntarily. The IMF just doesn’t want anything but CBDC. BTC is not what they want to have around for people to free themselves.Now if we could only have that type of focus in the good ole USofA!!!