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Started By
Message
El Salvador’s Bitcoin Holdings Up Over 40%
Posted on 3/8/24 at 11:18 am
Posted on 3/8/24 at 11:18 am
3
Posted on 3/8/24 at 11:23 am to The Baker
They have approximately .5% of their GDP in BTC, but good for them.
I have no live lost for the IMF, but I can understand that they want countries to avoid assets that have a tendency to swing down 80% or more each cycle.
I’m well aware of the long term growth of BTC, but the volatility is an understandable concern.
I have no live lost for the IMF, but I can understand that they want countries to avoid assets that have a tendency to swing down 80% or more each cycle.
I’m well aware of the long term growth of BTC, but the volatility is an understandable concern.
Posted on 3/8/24 at 11:26 am to slackster
quote:
I’m well aware of the long term growth of BTC, but the volatility is an understandable concern.
Argentina has defaulted on its debt around 8 times. Surely, now that they can’t utilize digital assets, they’ll finally stabilize.
Posted on 3/8/24 at 11:55 am to The Baker
quote:
Argentina has defaulted on its debt around 8 times. Surely, now that they can’t utilize digital assets, they’ll finally stabilize.
Crypto doesn’t solve fiscal irresponsibility.
Posted on 3/8/24 at 12:01 pm to slackster
quote:
Crypto doesn’t solve fiscal irresponsibility.
Well their central bank just printed their peso into oblivion, so maybe a little wouldn’t hurt.
This post was edited on 3/8/24 at 12:02 pm
Posted on 3/8/24 at 12:15 pm to The Baker
Ah yes El Salvador which narrowly avoided default by paying back its massive debt last year with distressed credit levels. Now it will default owing even more money in a few years. Not even a massive run up in BTC prices will save him.
Obviously the same idiot was the one who promised the btc city, where everything would transact in BTC. Yet adoption has basically not only halted, but flat lined back down to zero. Local citizens dont use it.
However, he knows the answer... Volcano Bonds!!
Also if you did not know the thermal energy mining company that he proposed to back these bonds was insanity and has already quietly pivoted.
His strategy was so simple though how could it fail
Except now he says the country has no intentions to sell the BTC... Imagine a govt not spending tax payer money on the taxpayers.
Obviously the same idiot was the one who promised the btc city, where everything would transact in BTC. Yet adoption has basically not only halted, but flat lined back down to zero. Local citizens dont use it.
However, he knows the answer... Volcano Bonds!!
Also if you did not know the thermal energy mining company that he proposed to back these bonds was insanity and has already quietly pivoted.
quote:
the government then pivoted again to this volcano-branded wind and solar project that won’t do geothermal energy or issue a bond.
His strategy was so simple though how could it fail
quote:
Issue a bond to borrow money
Buy bitcoin with the money
Wait for bitcoin to appreciate
Sell it for a profit
Pay down the original bond and other sovereign debts with the proceeds
Do this enough times and become entirely debt free (debt/GDP = 0)
Except now he says the country has no intentions to sell the BTC... Imagine a govt not spending tax payer money on the taxpayers.
This post was edited on 3/8/24 at 12:23 pm
Posted on 3/8/24 at 12:24 pm to The Baker
(no message)
This post was edited on 3/21/24 at 12:06 pm
Posted on 3/8/24 at 12:36 pm to UltimaParadox
quote:
Now it will default owing even more money in a few years.
Tell me you don't know diddly poo about what's going on in ES without the words "I don't know diddly poo about what's going on in ES" coming out of your mouth.
This post was edited on 3/8/24 at 12:45 pm
Posted on 3/8/24 at 12:43 pm to slackster
quote:
Argentina has defaulted on its debt around 8 times. Surely, now that they can’t utilize digital assets, they’ll finally stabilize.
Every IMF bailout they have received over the years, and there have been a lot of them, require them to devalue the peso against the dollar. Their exports get cheaper, their imports get more expensive and this requires their Central Bank to print more money to hold up their ever increasing underclass.
Look at what the IMF just did to Egypt. Those poor people woke up a few days ago to the Egyptian pound down 50% overnight.
Posted on 3/8/24 at 12:52 pm to Meauxjeaux
quote:
Tell me you don't know diddly poo about what's going on in ES without the words "I don't know diddly poo about what's going on in ES" coming out of your mouth.
Enlighten us...
Bukele is back to begging the IMF for money
quote:
Nayib Bukele told investors the country is working to reach an agreement with the International Monetary Fund
Bloomberg Source
He worked with his local banks to put up the cash to punt a lot of obligations to 2025 especially the large amount of euro bonds the country owed.
Obviously all the calls for corruption in his office, as well as the embezzlement charges a lot of his colleagues face are not helping things. The economy has not really turned around, and the BTC stuff is just a side show. No real effect
I am sure his close associations with Bitfinnex/Tether, who run the largest frauds in the world, will really turn this around
This post was edited on 3/8/24 at 12:56 pm
Posted on 3/8/24 at 1:39 pm to UltimaParadox
quote:
Bukele is back to begging the IMF for money
So what?
Your post comes across as back seat driving + Monday morning quarterbacking.
You think changes like he's making don't happen without a lot of fits and starts? Pivots and steps back before steps forth?
And of course he's under attack with a bunch of FUD around corruption. Just like here where you had the entire IC lined up against Trump! with piss dossiers and Russian collusion... a bunch of made-up shite by the losers.
Every admin in the history of the world will have pieces of corruption in it. But hang your hopes on the perfect instead of the good and all you do is thwart real, positive change.
Posted on 3/8/24 at 2:05 pm to Meauxjeaux
quote:
So what?
Good talk
Posted on 3/8/24 at 7:49 pm to slackster
quote:
I’m well aware of the long term growth of BTC, but the volatility is an understandable concern.
I believe the large majority of cryptos used in Argentina are stablecoins.
quote:
Dealing with a severe economic crisis and plunging peso, 60% of Argentine crypto purchases on Bitso were for dollar-based stablecoins USDT and USDC and just 13% of buys were for bitcoin.
This compares to Colombia, Brazil and Mexico, where stablecoin purchases ranged between 31% and 40% of total crypto buys.
LINK
Posted on 3/8/24 at 8:15 pm to BottomlandBrew
I thought there was no use case?
Posted on 3/10/24 at 8:28 am to The Baker
El salvador is in an incredibly desperate situation with massive crime, gangs, drug smuggling, and impoverished people living in fear. Their leader leader was a marketing exec aiming to become a dictator as he has new Supreme Court judges allow him multiple elections, military intimidation for anyone that opposes him while he flashes around in expensive clothes calling himself the “coolest dictator in the world”
I’d question where he got some of his crypto and would certainly suspect him of obtaining the crypto through illegal means. But no one will ever know.
I wonder if they accept their tax payments in crypto?
Imagine accepting tax payments in a currency that could lose massive value in a matter of minutes! It’s too expensive to do it anyway.
Touting El Salvador’s use and acceptance of crypto currency is another dent in crypto currency credibility more than anything else.
I’d question where he got some of his crypto and would certainly suspect him of obtaining the crypto through illegal means. But no one will ever know.
I wonder if they accept their tax payments in crypto?
Imagine accepting tax payments in a currency that could lose massive value in a matter of minutes! It’s too expensive to do it anyway.
Touting El Salvador’s use and acceptance of crypto currency is another dent in crypto currency credibility more than anything else.
This post was edited on 3/10/24 at 8:48 am
Posted on 3/10/24 at 11:21 am to SlidellCajun
quote:
El salvador is in an incredibly desperate situation with massive crime, gangs, drug smuggling, and impoverished people living in fear. Their leader leader was a marketing exec aiming to become a dictator as he has new Supreme Court judges allow him multiple elections, military intimidation for anyone that opposes him while he flashes around in expensive clothes calling himself the “coolest dictator in the world”
I’d question where he got some of his crypto and would certainly suspect him of obtaining the crypto through illegal means. But no one will ever know.
I wonder if they accept their tax payments in crypto?
Imagine accepting tax payments in a currency that could lose massive value in a matter of minutes! It’s too expensive to do it anyway.
Touting El Salvador’s use and acceptance of crypto currency is another dent in crypto currency credibility more than anything else.
Odds on favorite for most ignorant post of the year on TD.
All of TD, including OT and Soccer Board, so think about that. Wow.
Posted on 3/10/24 at 2:21 pm to Meauxjeaux
quote:Look, I like what he's done to stymie the gangs, but the crypto thing is stupid.
Odds on favorite for most ignorant post of the year on TD.
Posted on 3/11/24 at 7:35 am to Meauxjeaux
Not at all.
If it hit a nerve , do some research into this guy
If it hit a nerve , do some research into this guy
This post was edited on 3/11/24 at 7:37 am
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