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    El Salvador adopts bitcoin as a national currency

    George1
    George1

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    El Salvador adopts bitcoin as a national currency  Empty El Salvador adopts bitcoin as a national currency

    Post  George1 Wed Sep 08, 2021 10:53 am

    wow

    zepia
    zepia

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    Post  zepia Wed Sep 08, 2021 3:59 pm

    And it crashed, immediately -20% plunged and recovered to -10% in a few hours.

    The president of El Salvador has implied that the elites are behind the crash.
    Sound convincing to me, what can spoil the party better than a price crash on day 1 of being a legal tender.

    Kiko
    Kiko

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    Post  Kiko Wed Sep 08, 2021 11:58 pm

    It's too many pricing ups & downs for comfort, based mainly on speculative patterns.
    kvs
    kvs

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    Post  kvs Thu Sep 09, 2021 1:24 am

    Bitcoin is like Dutch tulips from the 1600s. It is not money it is a speculative item.

    People rag on fiat as if it is the source of all problems. It is just a paper voucher of exchange that is not supposed to have any
    intrinsic value. Using gold sounds good until you give it some thought. As in the good old days centuries ago, gold coin
    will be cut from around the edges degrading the currency directly. It is also a finite pool that cannot be scaled with the
    economy. Printing fiat is justified from macroeconomic considerations. Assorted idiots always compare the economy to some
    corner convenience store. This comparison is retarded. Money is conserved only on the microeconomy scale.

    Gold backed fiat advantage was that there was a penalty for Pancho Villa and quantitative easing style printing of money.
    It was not the gold.

    Bitcoin fully depends on what the market prices it at. Fiat currency only changes "value" if it is overprinted. The foreign
    exchange rate is not relevant even though millions think it is a measure of the size of the economy of a country. This is
    partly correct only for import dependent banana republics.

    El Salvador should have used bitcoin as a type of reserve asset like gold. The price of gold goes up and down. Bitcoin
    is not coin.

    miketheterrible
    miketheterrible

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    El Salvador adopts bitcoin as a national currency  Empty Re: El Salvador adopts bitcoin as a national currency

    Post  miketheterrible Thu Sep 09, 2021 2:18 am

    kvs wrote:Bitcoin is like Dutch tulips from the 1600s.   It is not money it is a speculative item.  

    People rag on fiat as if it is the source of all problems.   It is just a paper voucher of exchange that is not supposed to have any
    intrinsic value.   Using gold sounds good until you give it some thought.   As in the good old days centuries ago, gold coin
    will be cut from around the edges degrading the currency directly.   It is also a finite pool that cannot be scaled with the
    economy.   Printing fiat is justified from macroeconomic considerations.   Assorted idiots always compare the economy to some
    corner convenience store.   This comparison is retarded.   Money is conserved only on the microeconomy scale.  

    Gold backed fiat advantage was that there was a penalty for Pancho Villa and quantitative easing style printing of money.  
    It was not the gold.  

    Bitcoin fully depends on what the market prices it at.   Fiat currency only changes "value" if it is overprinted.   The foreign
    exchange rate is not relevant even though millions think it is a measure of the size of the economy of a country.   This is
    partly correct only for import dependent banana republics.  

    El Salvador should have used bitcoin as a type of reserve asset like gold.   The price of gold goes up and down.   Bitcoin
    is not coin.


    Bitcoin is. Other coins like Ergo, Cardano, etc are smart contract based.

    Sponsored content

    El Salvador adopts bitcoin as a national currency  Empty Re: El Salvador adopts bitcoin as a national currency

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      Current date/time is Wed Sep 22, 2021 7:33 pm