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El Salvador plans first 'Bitcoin City', backed by bitcoin bonds

Lightwreather

Summary

El Salvador plans to build the world's first "Bitcoin City" which will be funded initially by bitcoin bonds, President Nayib Bukele said on Saturday, doubling down on the Central American country's bet on the crypto currency.

 

Quotes

Quote

Speaking at an event to mark the close of a week to promote bitcoin in El Salvador, Bukele said the city planned in the east of the country would get its energy supply from a volcano and would not levy any taxes except for value added tax (VAT).

"We'll start funding in 2022, the bonds will be available in 2022," Bukele told a cheering crowd at the event.

 

My thoughts

Oh great..... Well, that happened. I cannot say how or if this will benefit El salvador — That remains to be seen — This will almost certainly mean that the price of crypto will go up. From this point on, is my personal opinion. Now, I'm not really a supporter of cryptocurrencies in their present state, but don't take that to mean that I don't think that it is a good concept. However, imo, BTC does needs to die and be replaced with something far more energy efficient. Crypto, does seem to follow what happened around the time that fiat was introduced, so who knows. But as of right now, crypto just isn't there yet and betting your nation's economy on it seems irresponsible to me. Well, we'll just have to wait and se what happens.

Please don't hurt me.............

Sources

Reuters

"The most important step a man can take. It’s not the first one, is it?
It’s the next one. Always the next step, Dalinar."
–Chapter 118, Oathbringer, Stormlight Archive #3 by Brandon Sanderson

 

 

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3 minutes ago, Moonzy said:

Building a city that can be destroyed by a tweet from Elon? Sounds like a brilliant idea

or a volcano as well

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The whole El Salvador bitcoin thing would be really funny if it's impending failure didn't mean 6.5 Million people suffering.

Just remember: Random people on the internet ALWAYS know more than professionals, when someone's lying, AND can predict the future.

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sex hahaha

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Someone is probably going to get rich with this.

That someone is most certainly not going to be an average citizen of El Salvador.

The whole thing reeks.

 

The president, in my mind, right now:

image.png.278684e64d38af508773ffe3c40c3214.png

 

On 11/21/2021 at 6:25 AM, emosun said:

In other news , El Salvador plans new city on moon powered by black hole populated by squid monsters , more at 11

Ah, yes; New Providence, New Rhode Island, and isolated in the moon. Just like Lovecraft would've wanted.

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The only people you hear complaining about bitcoin are the ones who don't understand it. This is great news and it's very sad how behind the US is 

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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17 minutes ago, BuckGup said:

The only people you hear complaining about bitcoin are the ones who don't understand it. This is great news and it's very sad how behind the US is 

While I’ll agree it’s not going away. Bitcoin will never become our currency as it’s not stable enough. As an investment on the stock exchange it’s right at home. The US isnt behind, they have legitimized it by taxing it. What more do you want? 

I just want to sit back and watch the world burn. 

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Perfect timing just before the crash

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1 hour ago, Donut417 said:

 

While I’ll agree it’s not going away. Bitcoin will never become our currency as it’s not stable enough. As an investment on the stock exchange it’s right at home. The US isnt behind, they have legitimized it by taxing it. What more do you want? 

Mass adoption would lead to price stability. Also there are now multiple countries who have replaced their fiat based system with bitcoin in it's current state. So I don't think stability is an issue. I want DeFi to be the norm and private banking significantly diminish in size 

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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On 11/23/2021 at 7:37 AM, BuckGup said:

Mass adoption would lead to price stability. Also there are now multiple countries who have replaced their fiat based system with bitcoin in it's current state. So I don't think stability is an issue. I want DeFi to be the norm and private banking significantly diminish in size 

Bitcoin will never be widely adopted, everyone who deals with it is within an arms reach of criminal activity, and it's just never going to take off with that stink on it.

 

Even then, the amount of energy consumed already on Bitcoin, and lost wallets will never be recovered, so Bitcoin has a finite  time before everyone holding it winds up with nothing.

 

Real world currencies are routinely destroyed and taken out of circulation when new money is printed. That's not true for Bitcoin, or any crypto.

 

But you're just going respond with how DeFi is is the best thing since you discovered water is wet. 

 

Do realize that the ultimate end-goal for all crypto-finance tech is to leave someone holding the bag of worthless bits. All we can hope is the idiots that end up holding that bag are WallSt idiots and not people who FOMO'd into it.

 

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36 minutes ago, Kisai said:

Bitcoin will never be widely adopted, everyone who deals with it is within an arms reach of criminal activity, and it's just never going to take off with that stink on it.

Did you know the USD is the most widely used currency for criminal actives and has been used by some of the worst criminal offenders in history? 

36 minutes ago, Kisai said:

Even then, the amount of energy consumed already on Bitcoin, and lost wallets will never be recovered, so Bitcoin has a finite  time before everyone holding it winds up with nothing.

Why would scarcity lead to bitcoin being worth nothing? It's basic economics and we have real world examples like gold that say otherwise.

36 minutes ago, Kisai said:

Real world currencies are routinely destroyed and taken out of circulation when new money is printed. That's not true for Bitcoin, or any crypto.

 

Do realize that the ultimate end-goal for all crypto-finance tech is to leave someone holding the bag of worthless bits. All we can hope is the idiots that end up holding that bag are WallSt idiots and not people who FOMO'd into it.

What does circulation have to do with anything? Physical money is destroyed and created because it's physical so it doesn't last forever. The only other use would be to print more which is what leads to inflation and economic collapse and is why bitcoin based upon scarcity doesn't have this issue. 

 

I'm not sure why you are so against De-Fi as the only person who benefits is you. Bitcoin is functionally the same as our current banking systems except the trust is moved from 1 private institution to the entire community using bitcoin. It's also much more secure and there isn't a level of accepted fraud like traditional banking.

 

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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̌̅̒̾̈́̆͌̌̾̎̽̐̅̏́̈̔͛̀̋̃͊̒̓͗͒̑͒̃͂̌̄̇̑̇͛̆̾͛̒̇̍̒̓̀̈́̄̐͂̍͊͗̎̔͌͛̂̏̉̊̎͗͊͒̂̈̽̊́̔̊̃͑̈́̑̌̋̓̅̔́́͒̄̈́̈̂͐̈̅̈̓͌̓͊́̆͌̉͐̊̉͛̓̏̓̅̈́͂̉̒̇̉̆̀̍̄̇͆͛̏̉̑̃̓͂́͋̃̆̒͋̓͊̄́̓̕̕̕̚͘͘͘̚̕̚͘̕̕͜͜͝͝͝͠͝͝͝͝͠ͅS̷̢̨̧̢̡̨̢̨̢̨̧̧̨̧͚̱̪͇̱̮̪̮̦̝͖̜͙̘̪̘̟̱͇͎̻̪͚̩͍̠̹̮͚̦̝̤͖̙͔͚̙̺̩̥̻͈̺̦͕͈̹̳̖͓̜͚̜̭͉͇͖̟͔͕̹̯̬͍̱̫̮͓̙͇̗̙̼͚̪͇̦̗̜̼̠͈̩̠͉͉̘̱̯̪̟͕̘͖̝͇̼͕̳̻̜͖̜͇̣̠̹̬̗̝͓̖͚̺̫͛̉̅̐̕͘͜͜͜͜ͅͅͅ.̶̨̢̢̨̢̨̢̛̻͙̜̼̮̝̙̣̘̗̪̜̬̳̫̙̮̣̹̥̲̥͇͈̮̟͉̰̮̪̲̗̳̰̫̙͍̦̘̠̗̥̮̹̤̼̼̩͕͉͕͇͙̯̫̩̦̟̦̹͈͔̱̝͈̤͓̻̟̮̱͖̟̹̝͉̰͊̓̏̇͂̅̀̌͑̿͆̿̿͗̽̌̈́̉̂̀̒̊̿͆̃̄͑͆̃̇͒̀͐̍̅̃̍̈́̃̕͘͜͜͝͠͠z̴̢̢̡̧̢̢̧̢̨̡̨̛̛̛̛̛̛̛̛̲͚̠̜̮̠̜̞̤̺͈̘͍̻̫͖̣̥̗̙̳͓͙̫̫͖͍͇̬̲̳̭̘̮̤̬̖̼͎̬̯̼̮͔̭̠͎͓̼̖̟͈͓̦̩̦̳̙̮̗̮̩͙͓̮̰̜͎̺̞̝̪͎̯̜͈͇̪̙͎̩͖̭̟͎̲̩͔͓͈͌́̿͐̍̓͗͑̒̈́̎͂̋͂̀͂̑͂͊͆̍͛̄̃͌͗̌́̈̊́́̅͗̉͛͌͋̂̋̇̅̔̇͊͑͆̐̇͊͋̄̈́͆̍̋̏͑̓̈́̏̀͒̂̔̄̅̇̌̀̈́̿̽̋͐̾̆͆͆̈̌̿̈́̎͌̊̓̒͐̾̇̈́̍͛̅͌̽́̏͆̉́̉̓̅́͂͛̄̆͌̈́̇͐̒̿̾͌͊͗̀͑̃̊̓̈̈́̊͒̒̏̿́͑̄̑͋̀̽̀̔̀̎̄͑̌̔́̉̐͛̓̐̅́̒̎̈͆̀̍̾̀͂̄̈́̈́̈́̑̏̈́̐̽̐́̏̂̐̔̓̉̈́͂̕̚̕͘͘̚͘̚̕̚̚̚͘̕̕̕͜͜͝͠͠͝͝͝͝͠͝͝͝͠͝͝͝͝͝͝ͅͅͅī̸̧̧̧̡̨̨̢̨̛̛̘͓̼̰̰̮̗̰͚̙̥̣͍̦̺͈̣̻͇̱͔̰͈͓͖͈̻̲̫̪̲͈̜̲̬̖̻̰̦̰͙̤̘̝̦̟͈̭̱̮̠͍̖̲͉̫͔͖͔͈̻̖̝͎̖͕͔̣͈̤̗̱̀̅̃̈́͌̿̏͋̊̇̂̀̀̒̉̄̈́͋͌̽́̈́̓̑̈̀̍͗͜͜͠͠ͅp̴̢̢̧̨̡̡̨̢̨̢̢̢̨̡̛̛͕̩͕̟̫̝͈̖̟̣̲̖̭̙͇̟̗͖͎̹͇̘̰̗̝̹̤̺͉͎̙̝̟͙͚̦͚͖̜̫̰͖̼̤̥̤̹̖͉͚̺̥̮̮̫͖͍̼̰̭̤̲͔̩̯̣͖̻͇̞̳̬͉̣̖̥̣͓̤͔̪̙͎̰̬͚̣̭̞̬͎̼͉͓̮͙͕̗̦̞̥̮̘̻͎̭̼͚͎͈͇̥̗͖̫̮̤̦͙̭͎̝͖̣̰̱̩͎̩͎̘͇̟̠̱̬͈̗͍̦̘̱̰̤̱̘̫̫̮̥͕͉̥̜̯͖̖͍̮̼̲͓̤̮͈̤͓̭̝̟̲̲̳̟̠͉̙̻͕͙̞͔̖͈̱̞͓͔̬̮͎̙̭͎̩̟̖͚̆͐̅͆̿͐̄̓̀̇̂̊̃̂̄̊̀͐̍̌̅͌̆͊̆̓́̄́̃̆͗͊́̓̀͑͐̐̇͐̍́̓̈́̓̑̈̈́̽͂́̑͒͐͋̊͊̇̇̆̑̃̈́̎͛̎̓͊͛̐̾́̀͌̐̈́͛̃̂̈̿̽̇̋̍͒̍͗̈͘̚̚͘̚͘͘͜͜͜͜͜͜͠͠͝͝ͅͅͅ☻♥■∞{╚mYÄÜXτ╕○\╚Θº£¥ΘBM@Q05♠{{↨↨▬§¶‼↕◄►☼1♦  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5 hours ago, BuckGup said:

Why would scarcity lead to bitcoin being worth nothing? It's basic economics and we have real world examples like gold that say otherwise.

So you see, scarcity is exactly the reason it likely WON"T be used.

Reason: Fiat was originally created to deal with the issue of the bottleneck that the amount of Gold and Silver created.

Cross-reference: "History of paper Money" by Extra Credits

"The most important step a man can take. It’s not the first one, is it?
It’s the next one. Always the next step, Dalinar."
–Chapter 118, Oathbringer, Stormlight Archive #3 by Brandon Sanderson

 

 

Older stuff:

Spoiler

"A high ideal missed by a little, is far better than low ideal that is achievable, yet far less effective"

 

If you think I'm wrong, correct me. If I've offended you in some way tell me what it is and how I can correct it. I want to learn, and along the way one can make mistakes; Being wrong helps you learn what's right.

 

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