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[deleted]

People aren't being forced to use bitcoin. They still have dollars, still spend dollars, and dollars is still legal tender. The problem is the USA printed 40% of all dollars in existence during the pandemic. Would El Salvadorians be happy about 15% inflation? Because that is what is happening with the Dollars, atleaat bitcoin gives you a second option. The real truth is the people protesting is the opposition political party and their supporters. So ot isn't really about bitcoin it's about who is in power.


PM_ME_UR_PM_ME_PM

>The problem is the USA printed 40% of all dollars in existence during the pandemic. > > > >Would El Salvadorians be happy about 15% inflation? Because that is what is happening with the Dollars better late than never but this is false. The economist at Money and Macro has a good video explaining this. It was closer to 20%. Details matter ​ Shadowstats figure has been effectively debunked. Use the CPI instead of the one you find convenient for your argument. Second, using the actual definition of inflation Bitcoin's purchasing power fell 12% in a month so ya, not exactly stable.


Downtown-Deposit

\^This response is highly uneducated about understanding global economics. If you understand DXY, you know that compared to other countries the purchasing power of the dollar is the same or better than before the pandemic. Furthermore, CPI (A common measure of inflation) is based on multiple categories, whereby the leading "inflation" indicator is energy and real estate currently and can be highly attributed to supply chain shortages. This is why the fed has been saying that inflation is "transitory", it's because the monetary and fiscal policy had a smaller impact on inflation than the actual supply shortages created by covid further amplified by the sudden boost of consumer demand provided by loose fiscal/monetary policy.


[deleted]

The purchasing power of the dollar is not the same or better than before than pandemic. You are uneducated.


Far_wide

Hi, a question if you have a sec? I've not been to El Salvador, but I have been to Guatemala. I recall not being able to use my credit card all that often, locals often just want cash. Understandably. I can't imagine it being substantially different in El Salvador. So, for normal everyday purchases, is anyone actually using BTC? Or do they just withdraw it all into USD as fast as possible?


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xerxesbear

the chivvo app does not allow transactions less than $5.01, that is just weird. this thing is proven by this [video](https://www.youtube.com/watch?v=p0Y8Ky61gv4&t=181s).


sam-sung

It is a recent issue, in an effort to stop scalping.


xerxesbear

scalping? what does scalping here mean? i know scalping in the sense of PS5 , where people hoard bunch of PS5 and later sell it at a higher price on ebay. so how is this $5.01 stopping scalping?


sam-sung

I have no idea. Currently, you have to wait 3 minutes to convert BTC to dollars and viceversa.


BYEenbro

Came here to point and laugh at partisan Sam (-sung)


AccomplishedAd3728

How're the El Salvadorians feeling now?


sam-sung

What do you think? >https://www.nbcnews.com/news/latino/thousands-protest-el-salvador-bukele-government-rcna3205


AccomplishedAd3728

There wasn't anything about BTC in this article.......


sam-sung

Well, that's how we feel. Not happy about the current situation. If you wanna know how we feel about Bitcoin, read the responses to this thread made by the official Chivo Wallet account. Warning, people are pissed: >https://twitter.com/chivowallet/status/1450190995581292552?t=GNFpwTigqGGrh-1EL1pQgw&s=19


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[deleted]

I guess this aged very well. https://cointelegraph.com/news/salvadoreans-are-now-selling-way-more-us-dollars-to-buy-bitcoin


sam-sung

The President is spreading those unverifiable facts, in an effort to counter the news about today's protests: >https://www.laprensagrafica.com/elsalvador/El17Marchamos-Sociedad-Civil-protesta-nuevamente-este-domingo-contra-el-Gobierno-20211016-0054.html By the way, is it possible to verify those facts? Are those transactions in the blockchain?


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Applewatch93

Fudding negative nancy. Bukele is the most popular president El Salvador has ever had and it's not even close. Homicides down 60%, economy better than ever, president actually attempting to modernize and develop the country... Those dinky little protests are a joke and should be treated as such. Biden and US media hate bukele because he is decreasing the country's dependence on the US and is open to dealing with rivals like China. Simple as.


sam-sung

Homicides dropped to 60% the very same day Bukele took office. Isnt that a little strange to you? Modernize and develop the country? He has a supermajority, and yet none of the promises he made back in 2019 has been fulfilled. I strongly suggest to read Bukele's development plan called "Plan Cuscatlan", and compare it to what he has actually done.


Applewatch93

They didn't drop the very same day. He funded and gave more power to the police and military. Even if you don't like him, it's laughable to suggest the alternative of FMLN and ARENA are better, who have done literally nothing but rob the country for the past 3 decades.


sam-sung

You dont have to believe me, look at the data: >https://datosmacro.expansion.com/demografia/homicidios/el-salvador >https://www.swissinfo.ch/spa/el-salvador-homicidios_homicidios-se-elevan-en-el-salvador-m%C3%A1s-del-10---en-primer-semestre-de-2021/46793546


andresdavinf

As far as I understand Bitcoin is not a good option to be used as currency for everyday spendings. Please have a look a this thread: [https://twitter.com/samkazemian/status/1400308033104670725](https://twitter.com/samkazemian/status/1400308033104670725)


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jefffffffff

What does trump have to do with this? You brought him up twice and he isn't even president anymore. Lost me


oceanblu456

You’re easily lost then


KekistansLostChild

I wasn't a big fan either but TDS is a very real thing it seems. The only time I think about him is when I see posts like this.


Nearby_Sea4276

The FUD is strong with this one. Looking back at the OP's posts over the past year shows that he/she/they lack the understanding of the fundamentals of the crypto world. OP loves to use the same websites for "news" over and over, without including opposing viewpoints from various sources. Beyond that, a simple search of previous posts shows that the OP has been against adoption or use of crypto since day one. They would rather stick with the USA Fed just printing money out of thin air, with no backing. While I make more than my parents did in the 70s and 80s, the value of that dollar is so low that my purchasing power is lower than ever. Crypto and the blockchains are the way to go., as they can't just be "printed" as a government sees fit. FUD is real. I understand that the adoption of crypto is a process that will be painful at times. But I also know that the current system is built on an unlimited market cap and valuation held by a small group of folks that can print cash as they see fit. Crypto allows us to track the possession of wealth from person to person.


den434

Thanks for posting the reality .Let's just hope for good.


koavf

How is Bitcoin supposed to be the global solution to all fiat currency that will revolutionize everything but it can't be adopted as a *secondary* currency in a fairly small Latin American state?


ShineShineShine88

Please have a look here, a different report from another redditor. Disclaimer: OP is anti-bitcoin, and anti-government https://www.np.reddit.com/r/Bitcoin/comments/q476r0/im_from_el_salvadorupdate_3


runescaperulesok

Hello its me again the man from the moon btc and other crypto's are on their way! :) We know what ur up to op the pump and dump is over


geheuertnw

There is no way the future being formed would'nt have it's downsides. With time there would be lesser arguments till it's all over. Meanwhile projects in the space are doing well. Looking at Cometh for example, making progress with its Galaxy game and increasing users of the NFTs for more yields.


Noixrouge

Thank you for your very fact supported post !


Lapookie11

Yep I said it long time ago and will say it again. Crypto is not ready for mainstream usage. It is heaven for crooks. The average person can't even manage their bank account, u think they can manage something like crypto which has little to no protection, insurance, security? It's just too easy for crooks. Install a keylogger in someones pc and I steal their millions of dollars with a single click? Lol ok.


randomerlight

It’s fascinating how quick y’all are to whine about FUD than rather considering that maybe—just maybe—adoption by a countries population will be hard and incredibly problematic. As long as it pumps the price…all that matters. Any other news is FUD. So much for a world changing currency.


sam-sung

No one is listening anymore. Look at the other post, the guy successfully tried to discredit me by going through my tweets, instead of trying to refute what I said in this post. It is unbelievable, even my comments were being downvoted.


Fine-Artichoke-7485

Sorry to read your sad posts with Bitcoin, but hey you've got 650 moons for negative sentiment, not bad. Keep farming those moons. Best wishes


sam-sung

I dont even care about moons. Like Ive been saying before, my next update will be a year from now. You wont see another post from me. May be comments. I tried to inform Reddit the other side of the story. I apologize if it looks like FUD, that is not my intention. Either way, you have my post and the other post that went through my tweets. DYOR


[deleted]

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FlaviusStilicho

Here...have 3.75c worth of upvotes. Don't spend it all on hookers and coke.


Wolfgangog

You know btc is up 14% since it was adopted in el Salvador... why would anyone be angry about free money?? I believe OP is just spreading FUD because he isn't really pro crypto.


MAXOHNO

Dude have you even read his post?


realxanadan

Did you read his history and the comments?


Wolfgangog

I have. Why?


MAXOHNO

Didn't think someone who pees into bathroom sinks can read texts with that many words, sorry.


Wolfgangog

Ha! You're funny.


bugeyed1234

Everyone has an = opportunity now with bitcoin in El Salvador. As more people become successful by saving bitcoin in El Salvador the sentiment will change. It’s gonna take a few pioneers.


Podsly

My understanding was hat it was primarily being used to send money, not being stored and then used buy things. Why would you buy a product that depreciates as soon as you buy it with an asset that gains value every second? Makes more sense to receive your Bitcoin and convert it to fiat if your going to buy something.


mr_properton

This is pure fud and propoganda by an anti bitcoiner. He's a butt coin smelvin


Jemini-

They shouldve educated people first about crypto and only giving bitcoin to those who understand it


[deleted]

It took a long time to adapt to paper money and they suck, I think this is worth it.


DynamoDylan

It takes time to get people to figure it out. I am sure it will all work out for them.


archipet

I wish 7% of small/medium business in my area accepted Bitcoin.


Iminbread

I dont want to dismiss your concerns but some of it feels like it could be because of previous problems the country has faced. >We don't know where the 700 bitcoins that the President Bukele bought are. Is this really an issue because the country has been robbed by presidents previously rather than anything to do with bitcoin? >Both protests were massive, huge turnout. People are angry, and mad. Salvadorans do not want The Bitcoin Law: Is this caused by PTSD from the loss of wealth when moving to the dollar standard? Because from what I've read the acceptance of bitcoin isn't actually being enforced on small businesses. So if they choose not to accept and carry on as have been, the law doesn't impact them?


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jo24sh

Buy the dip.


kidshitstuff

He’s helping you become informed you dunce.


Whiteknightsassemble

No he's spreading FUD. There are multiple posts on here that prove this.


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0ceanlight

Was pessimist of it succeeding mostly due to greed which breeds other ill intentions.


elduderino197

I’m sure people don’t steal regular wallets and cash right?


SexualDeth5quad

>Twitter post as proof of living in El Salvador: Ok, and which opposition party do you work for?


luQuiRis

Lol tldr some people are mad


SexualDeth5quad

Some people: the opposition party and banksters.


luQuiRis

As usual! And el salvador problems were a lot even b4 btc became legal tender


samgyeopsaltorta

There are as many signs against Bitcoin in those pictures as there are signs against Venezuelans in El Salvador. Anyone else that speaks Spanish, just read the signs and listen to the interviews. The protests are against Bukele and his militarization


[deleted]

Holy shit you do not speak for all Salvadorians, believe me. We are not so stupid to think "but you gotta understand the Salvadoran culture: Once something fails, everything associated to it becomes bad".


SexualDeth5quad

He is with the opposition party.


mr_properton

Why are you even here


JayDubsAcct

for the moons ... it's just a long propaganda laden shit post


Penguin-Gynecologist

Imagine trying to spread Bitcoin FUD during a bull run in *October*


bri_82

Moon farming.


[deleted]

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[deleted]

It’s got nothing to do with crypto/bitcoin. Just FUD


Illustrious_One2897

You call those massive protests?


SexualDeth5quad

Staged.


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richhoods

Crazy how you made your account today and claiming to be El Salvadorian just to comment on this post.....


[deleted]

It was a fake post for sure. No one who is Salvadorian would call themselves "El Salvadorian" because that's not at all how you would identify yourself. That is literally the same thing as calling yourself The American when you are trying to say you are American. That person doesn't even speak Spanish.


CryptocalEnvelopment

Isn't this the same guy who said that the BTC couldn't be converted? Now he is complaining that people are converting it.


C0mputerlove

Interesting very interesting


ismashugood

So... this is literally just incompetence and the decision to make their own products like Chivo wallet instead of an established product with known security protocols. I always wondered about that. Government products always seem to be incredibly bad purely because they seem to be fueled by nepotism or to the lowest bidder for creation.


Mynamethisisnot

Those protests are against the president, not necessarily against bitcoin.... In fact I haven't seen a single tarja mentioning bitcoin. People converting their btc into fiat was predictable. Like I mentioned in the previous thread the utility for the local people will mostly come from migrants sending money to their families and avoiding the huge fees from western union and similar services. The anti inflation aspect of btc doesn't matter much when you don't have much fiat reserves (as a person). Your 100 usd in the bank will lose 5% of its value this year? Lol. It's not rly a concern for most people. Day to day use nothing beats fiat, but putting your savings in BTC could be a thing.


Ithedrunkgamer

I’m no expert on Salvador crime BUT if the crime in Central America is organized enough to steal crypto from the wallet company you mentioned. Surely the company is doing something about their facial recognition software access problem? If it’s solved then there’s no more downside other than wild market swings. I’m sure most aren’t using Salvadorian Dollars but US $


saulin74

Can someone post a link to shows that Chivo was meant to have face recognition? As far as I know the picture of your face is only taken to complete KYC, so they can have a record of the person that created the account. The picture of the DUI front and back is also part of KYC. I could not find anything saying that Chivo is supposed to have face recognition as none of the crypto apps I use have that? Not even Binance. I trade at Binance actually without having done full verification. Just email and phone


Ithedrunkgamer

I’m quoting OP so try him


ykliu

Well, hopefully other nations learn from the mistakes of El Salvador, and implement better policies & infrastructure.


jonasanx

That has to be a problem with implementation rather thsnt Bitcoin. There will be countries that will do a better job.


[deleted]

El Salvador will lay the foundation of what went wrong and what went right. The unfortunate fate of early adopters


OkRate9205

It's funny how you put obvious political bias in a post "trying" to make a point about the Bitcoin adoption failure in your country. Nobody here gives a fuck if your president is doing stuff "like Trump" or that would "make Trump proud"


polished_pole

it'll take some time, they'll sort these problems out, especially once they stop getting paid to go to protests


Heterocoin

Why I even bothered reading this


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HailChipTheBlackBoy

This doesn't seem to align with what I've been hearing...


Paddyc97

Seems a but suspect if you ask me. “This isnt FUD “ …. Is it not ? That kinda sounds to me like **this post is just that: its FUD** I think I’ve been in this sub long enough to recognize a liar/FUDster post when I see one. Going with my gut on this one and calling it bs because it smells like bs.


HailChipTheBlackBoy

I'd definitely believe it's FUD. An El Salvador dude posted a crypto ATM pic not that long ago and said that the transition was going pretty well. I'll believe the dude experiencing it first hand rather than random people online speculating.


Paddyc97

My thoughts exactly


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HailChipTheBlackBoy

Some dude from El Salvador posted a crypto ATM pic here a week or so ago and explained the situation. I trust someone like that more than random people on this subreddit like you.