Use of the BTC network is very decentralized because I don’t need the cooperation of any specific individual miner to do a legitimate transaction on the BTC network.
Effective use of LN is less decentralized because I need specific routing nodes, and/or systems external to LN, to process my transaction. The set of possible routes (with sufficient liquidity) for a desired transaction through LN is finite and potentially exclusive. There may be multiple options, but I have to use one of them specifically.
I think it should be at the top of it. In Caldera. Thats where the hot stuff appears first, so it have to be a lot more accessible, if its still active of course. Logic.
Only problem is, who will build it and for what? BTC is now low…
They can go ahead and call it Bitcoin City but in reality it will just be another world wonder that happens to accept bitcoin. They will need a very strong selling point like the worlds largest roller coaster or most expensive hotel ever built, generally they want to make it a number one holiday destination.
Bukele seems to be very keen to get started he just needs come off of this building near a volcano idea. Other than that building a world wonder isn’t a bad idea.
Yes, this is exactly what this is. It’s an attraction, a resort they are building for rich first world Bitcoin millionaires who want to live their dream of a location where they spend their vacation and live their dram of a Bitcoin economy.
It’s a really good idea to attract wealthy tourists to a country that is otherwise plagued of bad publicity about crime and gang violence that make this a destination few visit.
I don’t think this is the only play, but it’s a valid one. I really think Bukele believes in Bitcoin as the future of money and he wants his country to be on the forefront of adoption. And I think they will eventually reap the benefit of that what people today call an “experiment”.
I’m just lost for words when I look at what the economists say depending on the situation they are in. In the US and EU where the inflation is short of double digits, they still pretend it’s all a supply chain issue, it has nothing to do with their excessive money printing over the last two years. At the same time they try to contract the money supply with higher interest rates to fight the cause they claim isn’t viable and what would in their own theories make the supply shortage worse.
Meanwhile here in Switzerland where they didn’t put the money printer into overdrive during covid and the inflation is ~3%, the economists of the same school attribute the higher inflation of the US and EU as the cause of excessive money printing. It’s not like they are Austrian economists here, they just don’t have an incentive to lie about it. But the tragedy is that they are pressed to manipulate the supply to match the EUR and USD inflation eventually to not completely kill the export and tourism industry.
It’s all completely broken. And I simply refuse to take part in this charade and opt out by using money that isn’t corruptible by this crooks as much as possible. Even if my government (and I feel as a being a part of it since we have direct democracy) means well, there is no fix for the fiat system they try to control. Because the whole control and planing aspect of it is the root cause of it’s troubles.
Anyway, maybe anything I just wrote doesn’t make a lot of sense since I’m ■■■■■■■ drunk.
This might go a little further than the way fiat money is controlled, If we look at covid for example Barack Obama was warning the world that it could happen since 2008 no one really took him seriously and remained complacent. The logic of the situation is everything will cost more if the situation turns into an emergency, so research into a vaccine costed a lot. Generally I’d say it is bad management of issues that cost a lot to resolve.
Not only were there medical costs there was the cost of public and business bailouts, the hospitality industry totally shut down, we’re talking airlines, hotels, restaurants, street vendors, taxis, completely shut down for a year, the costs of this must have been unprecedented.
Now if we throw bad money management into this we end up in the situation we see today.
I was thinking something that everyone could visit, not just the rich. It would be something like Disney World or a super massive holiday resort with amazing activities and sights nobody in the world can compete with. They could make it a great location for the average family or the billionaire to visit for a couple of weeks. One selling point could even be a simple as having a massive stage and throughout the year they have popular music artists performing there I’m sure many would attend and change some of their money to Bitcoin and have a great couple of weeks.
Travel agencies and airlines would welcome such an idea as it would help move business forward. If the volume of people visiting is a lot then a special bitcoin taxi service could be created. Bukele just has to ride the wave of excitement about Bitcoin, keep it about fun and make sure tourists have a memorable visit they will never forget.
If the money is there they could have famous chef’s setting up restaurants there which would give more people a reason to go. There’s lots of possibilities.
Its only business, not charity. Rich have the crypto for nonsense things and they will give it to you. Why would you want poor people too? They already have better things to spend their money on. If you want to be charitable, nobody holds you. You can give to poors any moment.
You completely misunderstood what I wrote due to your false belief on Bitcoin.
When you visit USA you exchange your currency to Dollars
When you visit UK you exchange your currency to Pounds.
When you visit Bitcoin City you change your money to Bitcoin.
A low cost/economy hotel will still cost as much as an low cost/economy hotel, the only difference is they will pay in BTC. Just as everything else will want payment in BTC.
Just because BTC is the currency used that does not mean it is overpriced it just means BTC is the payment method.
You’re not going to quit on this “BTC is only investment/gambling for rich people” belief are you? For your info anyone rich or poor can buy £29.99 worth of BTC and use it for an online transaction if the retailer accepts it. BTC is not exclusive to only rich people it can be purchased by anyone who has a smart phone or computer device. A burger will still cost about £5.00 but payment is required in BTC.
TLDR: Bitcoin City will be like a new country, you need BTC to buy anything there, so for example a typical family can take £2,500 in fiat money, exchange it for BTC and then pay for their 2 week stay in Bitcoin City and have a great time. Note that £2,500 in fiat is about the amount a family will pay for a typical holiday anywhere in the world these days.
But rich can afford more bitcoin than poor. Even when it means losing 50% of what they exchanged. They will make more because of their position and capabilities with owning stuff that produces stuff.
This isn’t the point. If a family can afford £2,500 fiat money to be used on a holiday then they would have to exchange that fiat money to BTC and pay for their holiday. Flight, accommodation. meals, are paid in BTC before the holiday as a package sold by a travel agent.
So the point isn’t for only rich people to visit, everyone can visit and expect the same prices for everything at Bitcoin City as they would expect at a holiday resort, the ONLY difference is that they are paying in BTC.
It would be like my supermarket suddenly saying they accept Bitcoin, A loaf of bread will still be £1.20, I will just be paying that £1.20 fiat value in BTC and then the supermarket might want to keep the BTC and invest it. I don’t have to be rich or poor to use BTC.
In my case I rent out my GPU’s processing power for payment in BTC, so it might suit someone like me who has a BTC income to spend it at a retailer who accepts BTC, my weekly shop will have a fiat value and a BTC value which were equal to each other at the time of purchase.
You can go ahead and believe it’s not a currency if you like, people will still use it as a currency if that’s what a retailer has requested. They will just log onto a crypto exchange, buy the amount of BTC needed for the transaction for example £50.00 worth, and then forward it in BTC to the retailer and receive their goods/services.
Why, when you can pay £1.20 and keep BTC because you believe its value will rise.
Thats the problem with wide adoption of BTC, people are not using it as often as they could, because they treat is as investment that they get rid of only when it gives them huge profit, or they dont ever get rid of it, for anything. And if they will see current exchange rate, and they bought BTC on top, they will not use it as it would be realizing loss.
I get what you’re saying but the economy is bad at present and will take a while to go back to normal. Anyone holding BTC for investment reasons could be waiting a couple of years for the BTC price to reach £35,000 and higher.
I’m sure this is the case if you are someone investing in BTC, however if you are taking the time to book an appointment with a travel agent and book family tickets to this Bitcoin City then then cost is £2,500, because El Salvador want BTC then anyone wanting to visit will have to exchange their fiat for BTC and pay.
Think through what you’re saying if one is inside a travel agent then you are committed to paying for a holiday right?? not an investment. The only real question is what is the fee for changing £2,500 into BTC. Either way, if the holiday destination wants BTC or Cash then anyone wanting to go there will still pay £2,500 in fiat value.
If they are keen to visit Bitcoin City they can keep the BTC they already have and take £2,500 of their fiat money and buy more BTC to pay for their visit to BTC city.
Or 75000 or 100000 or 1000 but no one knows for sure when the next crypto exchange (or other construct) fails due to being run by shady people.
Wrong, the dictator of El Salvador sees BTC as a means to get people who have BTC and cannot exchange it to come to his ‘casino/amusement park’ and spend it there. It will be good for the country so in a way some money will trickle down into investments in a better energy grid or other stuff. But most of it will be in teh hands of BTC investors who can’t wait to pay as much taxes as possible. I think not a lot will trickle down.
That’s the idea get people who don’t want to spend BTC in their own country to come over there. Like how the Cayman Islands do this so “poor people” can spend money there with minimal taxation.
If one doesn’t want to spend or use BTC, I’m not sure why they would want to go to a place named Bitcoin City. Think through what your saying. BTC is also a currency and will be used as such.
If a BTC City is created El Salvador will pay taxes around the world to other governments so their products can be listed as a destination at travel agencies around the world. Also Bitcoin city would have to join ABTA to operate in UK which means they will have to adhere to standards. I assume other countries have travel authorities similar to ABTA.
I could open a business and only accept BTC, the fact I’m doing this might be seen as an investment, I could run the business for 5 years build up a good stack of BTC and then wait for the value to increase over a few years. This is a valid business plan which someone can do on a massive scale.
I will point out that anyone who thinks BTC “freezes” its value is soft in the head.
Oh, I can buy this 1 BTC for $20,000 and in 40 years it’ll still be sitting there worth $20,000.
No, it won’t. It will still be sitting there, but 4 hours after deposit, it could literally be worth less than the penny needed to physically cash its new value out, much less 40 years later.
Only ones promoting the use of BTC are scammers, or dreamers who think the scam can be controlled in their favor.
Anyone promoting BTC, NFT’s, or any other such “decentralized coin of the people!!!” belong nowhere but on an ignore list.
There is no argument simply because you don’t have one, no explanation, nothing, just “BTC is a scam”. if you don’t like it stay away from it and stay off threads like this.
Don’t worry the world will move on without you. No one has to stop because you say so.
Then ignore us without making a song and dance about it.
And dictators can dictate what people can do. That includes software they use and prices they pay. Who will stop dictators, when they have a lot more power than people?
