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President of El Salvador: "buy the dip"

LOL

 

Summary

After a flash crash into BTC prices from 48000 USD to 46000 USD, the govt. of el salvador bought a 150 bitcoin over the weekend, costing 6.7 million to the countries exchequer. El Salvador had designated bitcoin as legal tender in April. The purchase brings the total number of Bitcoin owned by the govt. of El Salvador to 700.

 

NOTE:

EDIT: The twitter bio is a joke

 

The presidented tweeted about the move and said:

Quote

 

Quotes

Quote

The purchase comes less than two weeks after El Salvador officially introduced bitcoin as a form of legal tender, making it the first country in the world to do so.

The country’s Bitcoin Law aims to reap the benefits from the cryptocurrency’s borderless and decentralised technology, however it is also blighted by major price fluctuations.

 

My thoughts

Cabinet member: "Senor Presidente, the market is crashing."

El Presdiente: "Keep Calm and HODL."

 

This is so hilarious that I can't even believe my eyes.

Sources

Bitcoin price flash crash prompts El Salvador president to ‘buy the dip’ | The Independent

Nayib Bukele 🇸🇻 on Twitter: "Presidential advice 🇸🇻" / Twitter

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Lol flash "crash". It's a 4% dip, for crypto that's hardly a crash. It's funny though. Besides this it has also caused a ton of margin trades being called I read, losing "adventurous" people (don't trade margine folks) a lot of money 😛

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That's awesome El Salvador is going to be a leader and see a massive GDP growth

ƆԀ S₱▓Ɇ▓cs: i7 6ʇɥפᴉƎ00K (4.4ghz), Asus DeLuxe X99A II, GT҉X҉1҉0҉8҉0 Zotac Amp ExTrꍟꎭe),Si6F4Gb D???????r PlatinUm, EVGA G2 Sǝʌǝᘉ5ᙣᙍᖇᓎᙎᗅᖶt, Phanteks Enthoo Primo, 3TB WD Black, 500gb 850 Evo, H100iGeeTeeX, Windows 10, K70 R̸̢̡̭͍͕̱̭̟̩̀̀̃́̃͒̈́̈́͑̑́̆͘͜ͅG̶̦̬͊́B̸͈̝̖͗̈́, G502, HyperX Cloud 2s, Asus MX34. פN∩SW∀S 960 EVO

Just keeping this here as a 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3 minutes ago, tikker said:

Lol flash "crash". It's a 4% dip, for crypto that's hardly a crash

Agree with this.

A flash crash for crypto is like when it drops like 50% in a week, then goes back up to that og price in a couple weeks

I could use some help with this!

please, pm me if you would like to contribute to my gpu bios database (includes overclocking bios, stock bios, and upgrades to gpus via modding)

Bios database

My beautiful, but not that powerful, main PC:

prior build:

Spoiler

 

 

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1 minute ago, WolframaticAlpha said:

/s, right?

Lmao no Bitcoin is the future of banking. The US is a headass for not accepting it as legal tender

ƆԀ S₱▓Ɇ▓cs: i7 6ʇɥפᴉƎ00K (4.4ghz), Asus DeLuxe X99A II, GT҉X҉1҉0҉8҉0 Zotac Amp ExTrꍟꎭe),Si6F4Gb D???????r PlatinUm, EVGA G2 Sǝʌǝᘉ5ᙣᙍᖇᓎᙎᗅᖶt, Phanteks Enthoo Primo, 3TB WD Black, 500gb 850 Evo, H100iGeeTeeX, Windows 10, K70 R̸̢̡̭͍͕̱̭̟̩̀̀̃́̃͒̈́̈́͑̑́̆͘͜ͅG̶̦̬͊́B̸͈̝̖͗̈́, G502, HyperX Cloud 2s, Asus MX34. פN∩SW∀S 960 EVO

Just keeping this here as a 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1 minute ago, BuckGup said:

Lmao no Bitcoin is the future of banking. The US is a headass for not accepting it as legal tender

Crypto? Maybe. Bitcoin? Hell no. Too many problems in its current form.

3 minutes ago, HelpfulTechWizard said:

Agree with this.

A flash crash for crypto is like when it drops like 50% in a week, then goes back up to that og price in a couple weeks

Yep, and then you end up with things like this: https://cointelegraph.com/news/kraken-users-demand-refunds-over-flash-crash-liquidations

Crystal: CPU: i7 7700K | Motherboard: Asus ROG Strix Z270F | RAM: GSkill 16 GB@3200MHz | GPU: Nvidia GTX 1080 Ti FE | Case: Corsair Crystal 570X (black) | Storage: 250 GB Crucial BX100 SSD + 2 TB Seagate HDD + 1TB WD Green + 3TB WD Red | PSU: EVGA Supernova G2 1000W | Monitor: Asus VG248QE 24"

Laptop: Dell XPS 13 9370 | CPU: i5 10510U | RAM: 16 GB

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18 minutes ago, Velcade said:

Ah, I see Nayib is a fellow member of WallStreetBets... 

Correct term is much better lol.

mY s YsTeM iS Not pErfoRmInG aS gOOd As I sAW oN yOuTuBe. WhA t IS a GoOd FaN CuRVe??!!? wHat aRe tEh GoOd OvERclok SeTTinGS FoR My CaRd??
 HoW CaN I foRcE my GpU to uSe 1o0%? BuT WiLL i HaVE Bo0tllEnEcKs? RyZEN dOeS NoT peRfORm BetTer wItH HiGhER sPEED RaM!!dId i WiN teH SiLiCON LotTerrYyOu ShoUlD dEsHrOuD uR GPUmy SYstEm iS UNDerPerforMiNg iN WarzONEcan mY Pc Run WiNdOwS 11 ?woUld BaKInG MY GRaPHics card fIX it?
 MultimETeR TeSTiNG!! aMd'S GpU DrIvErS aRe as goOD aS NviDia's
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15 minutes ago, tikker said:

Crypto? Maybe. Bitcoin? Hell no. Too many problems in its current form.

What problems?

ƆԀ S₱▓Ɇ▓cs: i7 6ʇɥפᴉƎ00K (4.4ghz), Asus DeLuxe X99A II, GT҉X҉1҉0҉8҉0 Zotac Amp ExTrꍟꎭe),Si6F4Gb D???????r PlatinUm, EVGA G2 Sǝʌǝᘉ5ᙣᙍᖇᓎᙎᗅᖶt, Phanteks Enthoo Primo, 3TB WD Black, 500gb 850 Evo, H100iGeeTeeX, Windows 10, K70 R̸̢̡̭͍͕̱̭̟̩̀̀̃́̃͒̈́̈́͑̑́̆͘͜ͅG̶̦̬͊́B̸͈̝̖͗̈́, G502, HyperX Cloud 2s, Asus MX34. פN∩SW∀S 960 EVO

Just keeping this here as a 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19 minutes ago, BuckGup said:

What problems?

Ones that'll completely derail this thread into one of many, which I for once don't want to happen 😛

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18 minutes ago, BuckGup said:

What problems?

Massive price fluctuations. The volatility factor won't go away until either crypto is the only thing and the extent of the dollar is drastically diminished overnight, or if people stop treating it as a speculative item. 

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40 minutes ago, BuckGup said:

Lmao no Bitcoin is the future of banking. The US is a headass for not accepting it as legal tender

Lol lol lol lol lol Like I'm all in on cryptocurrency and even have Bitcoin but currently saying Bitcoin is the banking future is just the dumbest take ever. The United States will absolutely 100% single handedly crash crypto especially Bitcoin. Have you been reading up on what the US is actually trying to do to crypto they want to regulate it to dealth. Even going so far as to allow the IRS to audit anyone who comes in contact with crypto. Sure crypto has a future but America won't let it be in banking without heavy heavy regulations.

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48 minutes ago, BuckGup said:

Lmao no Bitcoin is the future of banking. The US is a headass for not accepting it as legal tender

Nah. Crypto, yes from me. But BTC needs to die and be replaced with something better and more efficient

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1 hour ago, BuckGup said:

That's awesome El Salvador is going to be a leader and see a massive GDP growth

*yawn* This shit is par for the course in Latin America.

I predict an epic fail with angry citizens when it's all said then done. I'm not wishing that on anyone, but I'm calling it like a see it with history being rife with examples of stupidity.

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1 hour ago, BuckGup said:

Lmao no Bitcoin is the future of banking. The US is a headass for not accepting it as legal tender

1 hour ago, BuckGup said:

What problems?

 

Other crytpos maybe.  Bitcoin the way I see it is too flawed as it currently stands to act as any form of legal tender.

 

For this, you would have to argue against the following:

- 1 blockchain about every 10 minutes.  [144 a day]

- Let's even assume 10,000 transactions per block (which it's not...it's more like 3k), that's 1.44 million transactions a day.  There are an estimated 1.01 billion bank transactions per day (https://www.cardrates.com/advice/number-of-credit-card-transactions-per-day-year/).  You are off by a factor of 1000x for banking transactions per day...plus the added transaction cost [which back end banks would not be paying].  Oh, also if you include credit card transactions, you are talking about 5000 transactions a second (another 1000x more than what is currently capable).

 

So yea, it's not feasible.  Also, there in general is too much instability in the pricing of BitCoin (and crypto in general)

3735928559 - Beware of the dead beef

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3 minutes ago, wanderingfool2 said:

Also, there in general is too much instability in the pricing of BitCoin (and crypto in general)

Because BTC was never intended to be a store of wealth; yet that's exactly how it's treated via the Greater Fool Theory (AKA, FOMO).

Sovereign fiat has its own set of problems, but at least you can have a functional society with it relative to other forms of currency.

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9 minutes ago, wanderingfool2 said:

 

Other crytpos maybe.  Bitcoin the way I see it is too flawed as it currently stands to act as any form of legal tender.

 

For this, you would have to argue against the following:

- 1 blockchain about every 10 minutes.  [144 a day]

- Let's even assume 10,000 transactions per block (which it's not...it's more like 3k), that's 1.44 million transactions a day.  There are an estimated 1.01 billion bank transactions per day (https://www.cardrates.com/advice/number-of-credit-card-transactions-per-day-year/).  You are off by a factor of 1000x for banking transactions per day...plus the added transaction cost [which back end banks would not be paying].  Oh, also if you include credit card transactions, you are talking about 5000 transactions a second (another 1000x more than what is currently capable).

 

So yea, it's not feasible.  Also, there in general is too much instability in the pricing of BitCoin (and crypto in general)

Look into 2nd layer Bitcoin lightning transactions. Sky is the limit. It's how I buy things online. Beauty is it also makes earning BTC easy, by playing games for example(such as MintGOX  month's final Sunday tournaments).

keeponshopping.png.6329d907f89da303bce206430fc70f5d.png

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Hold on.

 

A guy with an egyptian name is the president of a spanish speaking country and tweets in english? what's going on?

 Finitude is what the two clock hands indicate as they point towards my cruel destiny. 

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1 hour ago, tikker said:

Ones that'll completely derail this thread into one of many, which I for once don't want to happen 😛

Sorta a cop out answer because you can discuss things you disagree upon in a civilized way that won't turn the thread into a shit pile.

1 hour ago, WolframaticAlpha said:

Massive price fluctuations. The volatility factor won't go away until either crypto is the only thing and the extent of the dollar is drastically diminished overnight, or if people stop treating it as a speculative item. 

I agree the changing price can be a turn off for some use cases. But there are many countries that face the same issue with their own fiat currency.

1 hour ago, SlidewaysZ said:

Lol lol lol lol lol Like I'm all in on cryptocurrency and even have Bitcoin but currently saying Bitcoin is the banking future is just the dumbest take ever. The United States will absolutely 100% single handedly crash crypto especially Bitcoin. Have you been reading up on what the US is actually trying to do to crypto they want to regulate it to dealth. Even going so far as to allow the IRS to audit anyone who comes in contact with crypto. Sure crypto has a future but America won't let it be in banking without heavy heavy regulations.

I agree the government is getting too involved as it's meant to be decentralized and they are just screwing it up by imposing regulations. But the banking system is old and running on old mainframes. The blockchain is actually a really good thing for the whole banking system and elevates a ton of accepted fraud in the current banking systems. That's one of the main reasons bitcoin was created. As for the crashing part I disagree as the US is a small fraction of the entire world. If anything the US is shooting itself in the foot as the rest of the world continues innovating. 

1 hour ago, J-from-Nucleon said:

Nah. Crypto, yes from me. But BTC needs to die and be replaced with something better and more efficient

What would you suggest as a replacement and the PoW argument, while still heavily debated, has been disproven countless times over.

 

23 minutes ago, wanderingfool2 said:

 

Other crytpos maybe.  Bitcoin the way I see it is too flawed as it currently stands to act as any form of legal tender.

 

For this, you would have to argue against the following:

- 1 blockchain about every 10 minutes.  [144 a day]

- Let's even assume 10,000 transactions per block (which it's not...it's more like 3k), that's 1.44 million transactions a day.  There are an estimated 1.01 billion bank transactions per day (https://www.cardrates.com/advice/number-of-credit-card-transactions-per-day-year/).  You are off by a factor of 1000x for banking transactions per day...plus the added transaction cost [which back end banks would not be paying].  Oh, also if you include credit card transactions, you are talking about 5000 transactions a second (another 1000x more than what is currently capable).

 

So yea, it's not feasible.  Also, there in general is too much instability in the pricing of BitCoin (and crypto in general)

That's what wrappers and the lightning network are for. The price instability is a point of concern I agree but it's a byproduct of it's infancy 

ƆԀ S₱▓Ɇ▓cs: i7 6ʇɥפᴉƎ00K (4.4ghz), Asus DeLuxe X99A II, GT҉X҉1҉0҉8҉0 Zotac Amp ExTrꍟꎭe),Si6F4Gb D???????r PlatinUm, EVGA G2 Sǝʌǝᘉ5ᙣᙍᖇᓎᙎᗅᖶt, Phanteks Enthoo Primo, 3TB WD Black, 500gb 850 Evo, H100iGeeTeeX, Windows 10, K70 R̸̢̡̭͍͕̱̭̟̩̀̀̃́̃͒̈́̈́͑̑́̆͘͜ͅG̶̦̬͊́B̸͈̝̖͗̈́, G502, HyperX Cloud 2s, Asus MX34. פN∩SW∀S 960 EVO

Just keeping this here as a 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2 hours ago, BuckGup said:

Lmao no Bitcoin is the future of banking. The US is a headass for not accepting it as legal tender

You really do have to be joking, right? Since, you know, it offers no actual advantages over current banking?

45 minutes ago, Caroline said:

Hold on.

 

A guy with an egyptian name is the president of a spanish speaking country and tweets in english? what's going on?

people migrate and speak multiple languages? Kinda common

32 minutes ago, BuckGup said:

But there are many countries that face the same issue with their own fiat currency.

many? How many? How many currencies fluctuate as much as bitcoin? Bitcoin isn't a currency, its a commodity like gold. Sure, it can be used to buy stuff, but thats not how its mainly used.

34 minutes ago, BuckGup said:

I agree the government is getting too involved as it's meant to be decentralized and they are just screwing it up by imposing regulations. But the banking system is old and running on old mainframes. The blockchain is actually a really good thing for the whole banking system and elevates a ton of accepted fraud in the current banking systems. That's one of the main reasons bitcoin was created.

You know there have been millions, if not billions, worth of crypto stolen, right? Not sure how crypto is better.

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Someone needs to ban 'Protracted Crypto Bro Libertarian Bitcoin Arguments' under the guise of it being 'politics'...

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18 minutes ago, CerealExperimentsLain said:

Someone needs to ban 'Protracted Crypto Bro Libertarian Bitcoin Arguments' under the guise of it being 'politics'...

**A few months later**: secretary of treasure admits private key has been copied and all the ballast has been transferred to an unknown account.

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