Caption aside, boobabux peddlers have always used anti-establishment rhetoric to catch fools (hexbear.net)

submitted 8 months ago* (last edited 8 months ago) by RNAi@hexbear.net to c/chapotraphouse@hexbear.net

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[-] NewDark@hexbear.net 11 points 8 months ago

He wants to make bitcoin the national currency

[-] FuckyWucky@hexbear.net 13 points 8 months ago

Yea and that isn't a solution. El Salvador has no control over it, it's mainly controlled by whales who are mostly from the west.

Besides, not many are using the app for general transactions because of various reasons.

He could've bought back Salvadoran Colon which was the currency before a US Puppet President decided to switch to dollar but noo he didn't do that.

[-] NewDark@hexbear.net 9 points 8 months ago

Yea and that isn't a solution.

Sure, but it is his perspective which is relevant here.

it's mainly controlled by whales who are mostly from the west.

It's more accurate to say that western whales own more of it, but control is a loaded term. They can't just print more Bitcoin (outside of the emission schedule) unlike a federal government to give them blank checks of money when they want it.

[-] FuckyWucky@hexbear.net 9 points 8 months ago* (last edited 8 months ago)

unlike a federal government to give them blank checks of money when they want it.

and thats not a good thing either. lets say a plague breaks out and half the people lose their jobs, you will have to greatly limit welfare and stimulus because you can only spend what you obtain from taxes.

and yes whales do have an outsized control, those with more bitcoin can influence prices by buying and selling on exchanges, who also own large amounts of crypto. they can also hoard more of it reducing liquidity for those who want to actually spend it.

[-] NewDark@hexbear.net 5 points 8 months ago

and thats not a good thing either. lets say a plague breaks out and half the people lose their jobs, you will have to greatly limit welfare and stimulus because you can only spend what you obtain from taxes.

Yeah, which is no different than having USD as a currency.

Also fair on the point with the whales.

[-] NewDark@hexbear.net 4 points 8 months ago

Oh! And one more thing worth noting. Not having a national currency means you're less able to be targeted by the United States or others that want to devalue your currency. Yes it can lose significant value, but not quite like how the Venezuelan bolivar or the Turkish Lira have gotten blasted.

And if it sounds like I'm advocating for Bitcoin, I'm not, but worthwhile to analyze it realistically.