. Alonzo release is still weeks away.
where did this guy go?
looking like there was coordinated DDOS attacks across several exchanges while a simultaneous dump triggered a snowball of over-leveraged liquidations."Ahead of the launch, El Salvador bought 400 bitcoins worth around $20 million, Bukele said, helping drive the price of the currency above $52,000 for the first time since May. Hours later, however, bitcoin had weakened and last traded down 8.84% at $47,327.32."
El Salvador's world-first adoption of bitcoin endures bumpy first day
El Salvador's historic adoption of bitcoin as legal tender on Tuesday was beset by teething problems, as an angry protest by mistrustful citizens, technological glitches and a dip in the cryptocurrency clouded the rollout.www.reuters.com
Bitcoin’s debut as legal tender in El Salvador marred by tech stumble, disinterest
For part of the morning, El Salvador’s president became tech support for a nation stepping into the world of cryptocurrency.www.oregonlive.com
I'm sure it instilled confidence in El Salvador that the day they officially adopt it as a legitimate currency it drops over 10%. I think it's a very bad idea for people in impoverished nations to fully adopt it as a currency. It's too volatile and the poorest are going to be the ones that lose the most.
And in the meantime they would have seen a 10% loss and may not be able to wait until when and if BTC reaches $100K. El Salvador is a very impoverished nation. Many live day to day. It's a terrible idea for a country like El Salvador to adopt bitcoin as legal tender the way they did. It's just to volatile.
It depends on how you look at it. Many immigrants from El Salvador send money back to their families regularly, at a very high transfer cost (Western Union, etc). Having a fee-free wallet for Salvadorians to transfer coins from the states to back home really saves a lot of money which would otherwise be lost in fees.
I see what you're saying but there are still fee's to send bitcoin. But Western Union is a ripoff. I think most use other money transfer services that have lower fees. My concern is the volatility that can cause the price to fluctuate so rapidly. It's great that they can use bitcoin much more easily but people that are sending funds using bitcoin are going to have to pay fees to purchase the bitcoin and fees to send it. Anything that can drop in value more than 10% in a matter of hours is not a good place for impoverished people to park their money.
I'm not sure but I believe the Chivo wallet has very low fees compared to traditional methods of fund transfers. I have in-laws in El Salvador, so maybe I could have my wife ask them what they think, but they will also likely ask for money in the same convo.
www.bbc.com
Isn't this something like the third time that they've banned crypto this year?
