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El Salvador abandons Bitcoin as legal tender

(ticotimes.net)
927 points smallerfish | 2 comments | 04 Feb 25 00:00 UTC | HN request time: 0.002s | source
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portaouflop ◴[04 Feb 25 02:07 UTC] No.42926658[source]▶
IMF gave them 1.4 billion to abandon the “experiment”:

> The IMF made this a condition for a loan of 1.4 billion US dollars (1.35 billion euros). In December of last year, the IMF reached an agreement with President Nayib Bukele’s government on the loan of the stated amount to strengthen the country’s “fiscal sustainability” and mitigate the “risks associated with Bitcoin,” as it was described.

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I dislike cryptocurrencies as much as the next guy but this was clearly something else than a failure of the currency itself

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stephen_g ◴[04 Feb 25 02:17 UTC] No.42926769[source]▶
Despite that interference, from everything I’ve read though it’s hard to describe the bitcoin experiment as anything else than a massive failure…
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kylebenzle ◴[04 Feb 25 02:24 UTC] No.42926864[source]▶
Yeh, it failed so hard no one even uses it anymore.
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karlgkk ◴[04 Feb 25 02:52 UTC] No.42927136[source]▶
It’s being “used” as a speculative asset. That’s not a firm foundation to run a governmental monetary system on. Maybe there are other cryptocurrencies better suited to the task, but BTC isn’t
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dodoisdodo ◴[04 Feb 25 03:00 UTC] No.42927219[source]▶
Governmental monetary systems are usually founded on hopes and prayers (and military might).
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oblio ◴[04 Feb 25 05:55 UTC] No.42928569{3}[source]▶
Governmental monetary systems have been used by every government for what now? 3000 years?
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1. hshshshshsh ◴[04 Feb 25 08:50 UTC] No.42929871{4}[source]▶
Humans didn't have the technology to build a decentralized currency for 3000 years. That tech was invented only 17 years back

3000 years from now what would be the store of value would be the question to ask.

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2. oblio ◴[04 Feb 25 10:16 UTC] No.42930562[source]▶
I'm fine with letting decentralized currency maturing for say, 300 years, in some small corner of the world, before letting it loose on the rest of us.