Bitcoins/Litecoins/Virtual Currencies
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Sanrith Descartes
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Flobee
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Inevitable
EDIT: Reading a bit more, they're making Bitcoin legal tender
www.cnbc.com
EDIT: Reading a bit more, they're making Bitcoin legal tender
El Salvador looks to become the world’s first country to adopt bitcoin as legal tender
El Salvador President Nayib Bukele plans to introduce legislation that will make it the world's first sovereign nation to adopt bitcoin as legal tender.
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Rajaah
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That uh, that sure didn't go the way he planned it in his head
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Wingz
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Flobee
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Thread on the international implications to this move by El Salvador. If this gets through its a much bigger deal than most think
The announcement. Lightning network is going to change the world
-*IF* #ElSalvador does pass legislation to recognize #bitcoinas legal tender, #BTC
The announcement. Lightning network is going to change the world
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Sanrith Descartes
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Arden
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Kinda funny how much longer it takes for news to impact crypto than stonks. With stonks it always seems like the market starts to move before the news is even announced. With crypto the news happens and then it can take as long as an hour before the market reacts. Makes me feel like you could make a lot of money just being very fast on news trades with crypto.
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Yeah, I keep expecting crypto to behave like Cybersecurity stocks. They pump during and after conferences due to announcements. So far this conference seems to be having the exact opposite effect. heh
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Flobee
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Price is the least interesting aspect of this. El Salvador has a chance to pilot the use of Bitcoin as its reserve currency and medium of exchange. We're going to learn a lot about how this will play out world wide, and how nation level actors are going to respond. If the Bitcoin case is accurate this could easily be considered the beginning of BTC adoption as the world reserve currency.
Biggest news of the year for the entire space no contest. The ramifications of this are going to be wide spread and significant. Bitcoin is and always has been about freedom from central banker control and currency debasement. Number go up is inevitable as adoption occurs, why stress about it?
Like I said before, this is a revolution.
Edit - I don't think we're at the top, but if I've ever seen a top signal...
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Arden
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I'm not stressing man, trust me. I'm more bullish on crypto adoption than I've ever been- including when the prices were 40% higher. Despite the fact that I think ETH is the future king, I'm certainly pulling for BTC too (although they need to figure out how to hold a conference without it feeling like an Amway convention).
I just find it interesting that the "biggest news in the space for the entire year" barely caused the market to budget all. It seems like something like this should have more of an effect than a tweet from Elon Musk, yet this barely registers on the radar compared to his tweets.
I've got some ideas on why that might be.
I just find it interesting that the "biggest news in the space for the entire year" barely caused the market to budget all. It seems like something like this should have more of an effect than a tweet from Elon Musk, yet this barely registers on the radar compared to his tweets.
I've got some ideas on why that might be.
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James
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It's because it's really not that big of a deal, El Salvador is not going to cause some huge wave of Bitcoin adoption, and in the long run you nailed it -- the blockchain applications that El Salvadorians use will run on Ethereum, just like everyone else.
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Tmac
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If you take a moment to consider the news from the perspective of El Salvador's residents, 70% of which are unbanked and their currency is pegged to a debasing USD, you'll see this as a big news that it really is. Americans really will be the last people to understand why Bitcoin is so important, and no other crypto has a prayer of touching its use case. 30% of El Salvador's GDP is remittance payments from countries like the US. Those payments are 'taxed' 30%+ by companies like Western Union and genuine armed thugs that stand outside Western Union buildings. Bitcoin payments via Strike are literally FREE. The country's GDP has been directly and immediately impacted by this.
An entire country is adopting the Bitcoin standard. If you don't see how this is a big step forward I don't know how your opinion can be taken seriously. It may end up fizzling out, but until it does its at a minimum incredibly interesting.
EDIT: Bitcoin just gained 10m new users.
An entire country is adopting the Bitcoin standard. If you don't see how this is a big step forward I don't know how your opinion can be taken seriously. It may end up fizzling out, but until it does its at a minimum incredibly interesting.
EDIT: Bitcoin just gained 10m new users.
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Tmac
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A country is making BTC legal tender. That’s much more than incredibly interesting imo.
There’s a big difference between de facto currency and de jury currency. What’s cool is that this is a validation that it was just a matter of time.
I imagine the price didn’t move bc this isn’t at all a surprise and small-government adoption is currently baked in.
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