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El Salvador abandons Bitcoin as legal tender

(ticotimes.net)
927 points smallerfish | 1 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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hshshshshsh ◴[04 Feb 25 08:26 UTC] No.42929690[source]▶
Everything is a speculative asset.

Your marriage is a speculative asset that your wife doesn't cheat on you in future and actually loves you.

S&P is a speculative asset that it will perform like it has been performing in last 30 years.

USD is a speculative asset on US not going bankrupt.

Your career is speculative asset that you don't get fired tomorrow and you can find another job if you do get fired.

Bitcoin is a speculative asset that a decentralized cryptocurrency is better than relying on coins issued by bankruptable nations.

You are a speculative asset of your ego.

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1. kdmtctl ◴[05 Feb 25 01:28 UTC] No.42942251{3}[source]▶
Risks vary based on the mitigation strategy and the time available for preparation. Only S&P can distantly resemble the volatility of a pure speculative asset which depends on psychology and the amount of extra money in the markets. But even S&P depends on a lot of factors which don't trigger overnight for a knowledgeable investor. It's a snowball but not an avalanche.

BTC has shown itself magically profitable indeed, but its value could only be kept by the ability of holders to keep the asset. Most marriages and some jobs will endure even in the toughest times.