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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: 0s | 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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Gud ◴[04 Feb 25 04:19 UTC] No.42927885[source]▶
Don’t forget buying drugs online! Which is mostly what I use it for…
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girvo ◴[04 Feb 25 04:30 UTC] No.42927974{3}[source]▶
Well, for buying Monero to buy drugs online right?
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passwordreset ◴[04 Feb 25 05:39 UTC] No.42928472{4}[source]▶
Don't try to reason with them. Their minds are as closed as a MAGA.
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Gud ◴[04 Feb 25 09:38 UTC] No.42930264{5}[source]▶
Sorry what?
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passwordreset ◴[04 Feb 25 17:59 UTC] No.42936131{6}[source]▶
I said "Don't try to reason with them. Their minds are as closed as a MAGA."
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1. Gud ◴[04 Feb 25 18:31 UTC] No.42936610{7}[source]▶
And what was your point?
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2. passwordreset ◴[04 Feb 25 22:22 UTC] No.42939831[source]▶
My point is: Don't try to reason with them. Their minds are as closed as a MAGA.