Bitcoin is still early

[jacoavlu]

I presume you're referencing the period where blockfi platform had some issues. Only recalling from memory but at one point I believe they shut off new signups, perhaps there was a period where withdrawals were delayed don't remember. Lots of folks on BT at the time were saying "see we told you so" but after a pretty short period like a few days all was back to normal, it very likely was normal growing pains that many tech startups experience.

[krusebear]

I don't have it at the moment, but I can try to find it, sure. It was like 6 months ago... sounds like you have a lot of funds tied there - tread carefully...

Okay if you can show me any evidence or hearsay that they were on the verge of insolvency, I would be interested. I’ve done my due diligence and haven’t heard anything like that. Of course just recently they have been in the news regarding the sec wanting their stablecoin accounts classified as investment products. That’s probably a good thing though.

[Outdoors]

https://blog.blockstream.com/el-salvador-to-issue-1b-in-tokenized-bonds-on-the-liquid-network/

This is HUGE - Hyperbitcoinization is starting.

El Salvador is borrowing $1 Billion USD in bonds: half to buy Bitcoin and half build out infrastructure.


This is literally what so many Bitcoiners have predicted, that nations will issue government debt in inflating fiat currency to purchase deflationary Bitcoin.

[Nysoz]

I forgot what it was about at the time. Just remember there was something that possibly questioned BlockFi when I had my crypto on there.

I don’t follow it closely enough and they kept dropping my interest so I moved my crypto to voyager.

https://coingeek.com/blockfi-ordered-to-cease-and-desist-by-nj-attorney-general/

[jacoavlu]

https://blog.blockstream.com/el-salv...iquid-network/

This is HUGE - Hyperbitcoinization is starting.

El Salvador is borrowing $1 Billion USD in bonds: half to buy Bitcoin and half build out infrastructure.


This is literally what so many Bitcoiners have predicted, that nations will issue government debt in inflating fiat currency to purchase deflationary Bitcoin.

just a speculative attack. probably nothing

[xraygoggles]

https://blog.blockstream.com/el-salv...iquid-network/

This is HUGE - Hyperbitcoinization is starting.

El Salvador is borrowing $1 Billion USD in bonds: half to buy Bitcoin and half build out infrastructure.


This is literally what so many Bitcoiners have predicted, that nations will issue government debt in inflating fiat currency to purchase deflationary Bitcoin.

Wonder how this libertarian experiment will play out - no taxes of any kind - how does a society function? Sounds like Lord of the Flies type of governing aka survival of the fittest.

[CordMcNally]

Wonder how this libertarian experiment will play out - no taxes of any kind - how does a society function? Sounds like Lord of the Flies type of governing aka survival of the fittest.

When I think of countries and financial stability, El Salvador falls juuuuuuuuuuuust outside the top 7 for me.

[xraygoggles]

When I think of countries and financial stability, El Salvador falls juuuuuuuuuuuust outside the top 7 for me.

Ha true! I was being facetious - obviously it's a PR stunt, but interesting nonetheless.

[xraygoggles]

just a speculative attack. probably nothing

A centrally planned city overseen by an autocrat - completely heretical to the ethos behind Bitcoin, no?

[jacoavlu]

Wonder how this libertarian experiment will play out - no taxes of any kind - how does a society function? Sounds like Lord of the Flies type of governing aka survival of the fittest.

not no taxes. still sales tax

[jacoavlu]

When I think of countries and financial stability, El Salvador falls juuuuuuuuuuuust outside the top 7 for me.

so do you see this as a bad move for them?

[jacoavlu]

A centrally planned city overseen by an autocrat - completely heretical to the ethos behind Bitcoin, no?

there’s plenty that bukele has done, is doing, and will do that goes against the grain for many bitcoiners. I certainly have not followed in depth, but he was elected by his citizens, he seems to be overwhelmingly supported, and superficially it seems to me the actions that he is taking is net good for his country.

[CordMcNally]

so do you see this as a bad move for them?

Likely a close to zero risk for them but it doesn't necessarily help BTC since it's El Salvador.

[xraygoggles]

not no taxes. still sales tax

Interesting - guess we will see if this is a viable solution - Cubicle may like it, based on his posts.

[jacoavlu]

Likely a close to zero risk for them but it doesn't necessarily help BTC since it's El Salvador.

good for bitcoin in that it will be an interesting proof of concept

”but i can’t buy my coffee with bitcoin” is being disproven there right now whether critics want to admit that or not

and the tokenized bonds will be interesting to observe. opens participation in financial markets outside of the legacy system. this is defi but it’s all happening around bitcoin