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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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mlcrypto ◴[04 Feb 25 02:28 UTC] No.42926901[source]▶
Massive success actually for anyone holding. Did you forget the price is $100k?
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armada651 ◴[04 Feb 25 04:06 UTC] No.42927778[source]▶
I sleep better at night knowing my savings aren't part of a massive Ponzi scheme that's going to one day leave lots of working class people holding the bag as the savings they invested in bitcoin are transferred to the wealthy insiders.
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genem9 ◴[04 Feb 25 10:44 UTC] No.42930747[source]▶
Wait until you learn about social security.
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1. armada651 ◴[11 Feb 25 19:23 UTC] No.43017116[source]▶
Social Security is a Ponzi scheme by design, that's not a bug it's a feature. All participants are aware that they are paying into social security to redistribute that wealth to vulnerable individuals.

People are not paying into bitcoin expecting to redistribute their wealth to the insiders.