Bitcoin Jumps 5% as El Salvador Braces for Crypto Law, $30 E-Wallet Airdrop
Bitcoin's jump coincides with announcements made by El Salvador's president on Thursday evening.
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Each citizen in El Salvador will receive $30 of bitcoin from the government!
- Thread starter troubled soul
- Start date
I guess the world is watching the giant experiment that El Salvador is doing.
Chicago-based Athena Bitcoin set to install about 1,000 ATMs for the purchase and sale of bitcoin in El Salvador.
This will increase the Tourism in El Salvador. Great opportunity in El Salvador to build hotels.
Tourism in one of the most dangerous countries on the planet?
El Salvador: a country ruled by gangs – a photo essay
There are few places on earth as dangerous as El Salvador, a country with a population of just 6.5 million people – yet 10% are involved with gangs
Building prisons and mortuaries is a better investment right now
For One second , I forget about the crime when I heard free bitcoin.Tourism in one of the most dangerous countries on the planet?
El Salvador: a country ruled by gangs – a photo essay
There are few places on earth as dangerous as El Salvador, a country with a population of just 6.5 million people – yet 10% are involved with gangswww.theguardian.com
Building prisons and mortuaries is a better investment right now
Excitement of free money affect your brain health for taking right decision
Seriously some people here hate most of the developed countries and their governments, but then jump to some real shitholes as if it's the next Singapore...Yeah got to be careful. Some of these countries are hell on earth...lol. El Salvador is the type of place where they will steal your Iphone and your head just to get Face ID working.
Maybe it will turn around? It hit rock bottom anyway so maybe such drastic action can serve as the start of an uptrend.
After all Georgia (Caucasus) also was a dangerous war torn shithole and now (before covid, when I was there last) it was quite pleasant and not dangerous to walk around Tbilisi at night.
After all Bukele is said to be authoritarian, as was that Sakashvili guy or Lee kwan yew from Singapore (anther shithole turned around).
After all Georgia (Caucasus) also was a dangerous war torn shithole and now (before covid, when I was there last) it was quite pleasant and not dangerous to walk around Tbilisi at night.
After all Bukele is said to be authoritarian, as was that Sakashvili guy or Lee kwan yew from Singapore (anther shithole turned around).
I agree. but who knows what could happen in the future? South Korea was once a shithole, Singapore was once a s**t hole too. People back then said "Oh wow, who is dumb enough to invest in Singapore, it's a shithole" now Singaporean banks don't want your money, they won't work with you if they don't want too. they can simply tell you to f**k off with a smile on their face and a firm handshake.
Singapore was ruled by LKY, who is an authoritarian and dictator, yet his country became the wealth hub of asia.
china is a communist country (they are capitalist to certain extent in practice, but still), and yet you can see how china became a gigantic power after getting fucked by a civil war and the second sino-japan war.
But oh "Western democracy", please, cry me a river.
Salvador president bukele, although somewhat authoritarian, is quite the business man, plus he is pretty young, was a small city mayor, then capital mayor, now president with overwhelming support, his party controls the congress, this guy have 0 tolerance for corruption, plus he did a pretty good job of reforming his country education and healthcare (which is the backbone of any country),and it seems that he is building a new railway and a new airport, and he is still developing his country, overall he is walking on the right path.
I wouldn't bank any money there yet, but that doesn't mean I won't invest some of my "risk capital" there, it's the same thing that I do in Cambodia and some African countries like Egypt (although Egypt is an exception since I bank there), Rwanda and Kenya. I want to invest in infrastructure and strategic investments that would yield me certain power/influence. Well, if it paid off, I could be one of the people who helped the country to become a real developed country and that comes with HUGE benefits, and If it didn't paid off....well....it's a risky capital and I would just consider my investment there a spoiled egg, and it won't matter because my "risky basket" is still filled with eggs. that why I diversify all my assets, and that includes any "risky capital".
Also, making more money for the sake of just making money becomes just f*****g boring after you pass a certain amount, this amount is different for each person, but after a certain point, you want to convert this money to something that will make an impact whatever it's and overall leaving a legacy behind you.
For me, I get adrenaline rush in risky climates and frontier markets, It's what excite my nowadays. Western countries (specially the EU) just became too much with over regulation and anti business practices that it became too unbearable at this point. I just do the regular bonds/stocks investing and banking in the west, maybe investing in couple of properties, but not it Spain, because f**k Spain, but other than that, I don't do a lot there since these countries are boring socialist countries (except maybe a handful of European countries)
Back to topic. The btc thing though, I don't know about that, issuing a stable coin that's backed by actual audited Salvadoran assets, including US dollars plus having an alipay like system (crypto/fiat) in place but for all people including both citizens and foreigners would be waaaaay better than using a volatile currency as a legal tender, but who knows what will happen, the guy seems serious about this for better or worse and I'm just enjoying the show.
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Singapore turned into the wealth hub of Asia mostly because LKY was tough on crime and extremely tough on corruption.
I don't see this happening in El Salvador, and magic chuck-e-cheese coin isn't going to change it. I could be wrong though and whoever invests now will reap the fruits later.
Frontier market investments can be very profitable but it isn't for everyone, usually the biggest problem is corruption and rule of law. Take for example Azerbeijan, this WikiLeaks cable details it very well:
But I got massive respect for whoever has the balls to invest in El Salvador as it is right now.
I don't see this happening in El Salvador, and magic chuck-e-cheese coin isn't going to change it. I could be wrong though and whoever invests now will reap the fruits later.
Frontier market investments can be very profitable but it isn't for everyone, usually the biggest problem is corruption and rule of law. Take for example Azerbeijan, this WikiLeaks cable details it very well:
But I got massive respect for whoever has the balls to invest in El Salvador as it is right now.
El Salvador uses the USD just like Panama, so we are talking about a straight crypto-fiat environment, if well lead can be a genius move - and the guy is not stupid at all.
El Salvador bitcoin move opens banks to money laundering, terrorism financing risks: Fitch
El Salvador's law making bitcoin legal tender means banks face higher risks, including of violating rules against money laundering and terrorism financing, rating agen
This is my thoughts exactly. El Salvador is just lining itself up to becoming a crypto washing centre. You may find 1 man fruit and veg stalls processing $100m in bitcoin a month
.uhmm what about this?
El Salvador’s Homicide Rate Hit a Historic Low in 2020
But the reasons behind the drop are unclear, and broader security and economic reforms are urgently needed.
foreignpolicy.com
Crime rate actually dropped sharply.
A 10sec google search revealed that. So why dont you "see that happening"?
I have 0 on the ground info in el salvador as this place is just not on my radar yet, so if you have some on the ground intel, im curious to know.
thats how countries turn around.
They hit rock bottom and then a strong man who is not wicked in his head turns it around by being tough on crime, protecting foreign investments and simplifying tax and business laws.
Small country , It is very easy to manipulate number.
They just does not report the homicide cited as natural death.
Even In corona time, How china control virus? By not reporting death?
It is easy pesy jobs
They just does not report the homicide cited as natural death.
Even In corona time, How china control virus? By not reporting death?
It is easy pesy jobs
Great Points!
In el Salvador tho, reports shows that homicide rates dropped by quite a margin, but the reason for this is debated, some say that it's because of bukele "0 tolerance" policy and other says that it's because of unofficial talks between the gangs and the gov. for me, the reason doesn't matter, homicide rates dropped a lot and that's what matters to me.
Yeah, Azerbaijan is an interesting country, but overall Turkic countries are just like that - interesting to look at but not attractive to invest into (that's my opinion at least), except maybe Uzbekistan (and I'm still heavily debating about turkey), Uzbekistan became attractive again after the death of the radical islamist Islam karimov, and although this country has it's challenges, but it's becoming more open towards foreigners and foreign investment (whether direct or indirect) and overall their market is pretty much untouched and the market is till emerging, plus growth opportunities there are massive and that's something that makes my eyes sparkle. it's been on my radar for quite some time, So I will give Uzbekistan a couple of years (3-5 years) before I tip my toes in. I will also gave EL Salvador the same timeframe (maybe less, maybe more) before doing any kind of investment there.
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You mean how many deaths for natural cases occurred in the highly súper súper civilized west that were accounted as corona? At least in Italy they summed up to corona all deaths above 80 yo. Unfortunely making up numbers is becoming a dangerous culture everywhere, or do you really believe 50% of Sweden women faced sexual aggression, way more than in any African country? Why do you think police in EUSSR don’t report anymore the race/nationality of crime perpetrators? Or WHO don’t report sexual behavior of aids patients? The list is large.
Coming back to the topic, banks there already have in place an AML that allow them to process USD with the benevolence of Uncle Sam, they just have to make BTC transactions follow the same rules.
And have CZ kidnapped just after leaving the airportWhat next Binance will setup in El Salvador?
Like I said below:
El Salvador is the type of place where they will steal your Iphone and your head just to get Face ID working
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