Let's repeat it... again and again. People from El Salvador do not own Bitcoin when they use the Chivo app provided by the government. That app is a way to bypass international sanctions in order to not to use any fiat currency, mainly because El Salvador is in a massive debt crisis and no one lend them. The Chivo app converts tokens of Bitcoin to their currency, exactly like any crypto exchange that you guys are used to, with the exception that people can't export those Bitcoins to their personal wallets, so their money is with the government at all times. The government is the bank with that Chivo app. Salvadorians used the app initially just because the government gave them extra cash as part of their propaganda campaign. Once they got their free cash they went back to do business as usual, without any shitty coin. Shop owners have reported delays in the network that made the app unusable. They don't use it at all. On top of that El Salvador started that shit campaign when Bitcoin was way higher(in dollars) than it is now, so they have lost a substancial amount of their national funds. It is a train wreck what is happening with Bitcoin in El Salvador. Stop pointing it as an example. It has been a failure. Point somewhere else if you want people to believe in that model.
This video was published when Bitcoin was at 30k. So you can imagine that now it is way worse. They speak to local economists and regular citizens, hopefully you guys get a good translation to understand the massive hole that El Salvador is in.
ROFLMAO. Bitcoin City LOL. Bitcoin graveyard. You should reread on ET what all the bitcoin diehards wrote about the brilliant futur of bitcoin. Saving their country with bitcoin resulted in a failed, bankrupt country thanks to bitcoin. Use bitcoin to keep your buying power. Looks more like BANG powder. LOL.
Australia. https://en.m.wikipedia.org/wiki/Poseidon_bubble Then just recently.... The 18 Minutes of Trading Chaos That Broke the Nickel Market When the commodity’s price went vertical last week, the metals industry plunged into turmoil not seen since the Tin Crisis of 1985. https://www.bloomberg.com/news/arti...t-squeeze-how-price-surges-halted-lme-trading The open-outcry trading ring at the London Metal Exchange in February, several days before the nickel price spike. Photographer: Chris J. Ratcliffe/Bloomberg By Jack Farchy, Alfred Cang, and Mark Burton14 March 2022 It was 5:42 a.m. on March 8 in London when the nickel market broke. At that time of day, bleary-eyed traders are typically just glancing at prices as they swig coffee on their way to the office. On this day, however, metal traders across the city were glued to a screen, watching the price action on the electronic market, which was already open to accommodate Asian trading. Nickel prices usually move a few hundred dollars per ton in a day. For most of the past decade, they’d traded between $10,000 and $20,000. Yet the day before, the market had started to unravel, with prices rising by a stunning 66% to $48,078. Now, the traders watched with a mixture of horror and grim fascination as the price went vertical. Already at an all-time high by 5:42 a.m., it lurched higher in stomach-churning leaps, soaring $30,000 in a matter of minutes. Just after 6 a.m., the price of nickel passed $100,000 a ton......... Then another occasion Silver... https://priceonomics.com/how-the-hunt-brothers-cornered-the-silver-market/ How the Hunt Brothers Cornered the Silver Market and Then Lost it All
"...The LME made a near-unprecedented decision. It decided to cancel all the trades that took place on Tuesday morning—$3.9 billion of them, according to a Bloomberg calculation. Exchanges sometimes cancel trades when technology glitches or “fat fingers” cause one-off mistakes. But it’s extremely unusual for an exchange to cancel whole sessions of trading after the fact. Crucially, the decision meant traders wouldn’t need to pay margin calls on the basis of the $80,000 nickel price. Effectively, it rewound the market to the moment when prices closed on Monday at $48,078...." And then these guys were like "hey remember those trades you made a fortune on?...Yeah...Well... We decided to cancel those, take your money, and give it back to our buddies who rightfully have an advantage in the market" Cringe-worthy I've had that done to me by a broker
The Chinese hold a majority stake in LME..... LME Says It Saved Nickel Market From $20 Billion ‘Death Spiral’ Jack Farchy and Mark Burton, Bloomberg News 29 November 2022 Nickel chips ready for shipment at the Vale Copper Cliff mine in Sudbury, Ontario, Canada, on Wednesday, June 1, 2022. Nickel is the key ingredient in the stainless steel used in everyday appliances, but it's also critical for the transition away from fossil fuels, since it's used in the batteries automakers need to electrify the world’s car fleet. , Bloomberg (Bloomberg) -- The London Metal Exchange has defended its controversial decision to cancel billions of dollars of nickel trades in March as necessary to avoid a $20 billion margin call that would have sent the market into a “death spiral” and threatened the exchange’s own survival. The LME on Monday provided its most detailed account yet of the historic short squeeze this year when prices soared 250% in little over 24 hours, in a filing outlining its defense against lawsuits from Elliott Investment Management and Jane Street. The document -- which describes a growing sense of panic and mounting defaults among members well before the worst of the spike -- describes why the LME took the unprecedented decision to unwind hours worth of trading, but may also reignite questions from its critics about why it didn’t act sooner. If the prices reached during the canceled trading on March 8 had been allowed to stand, the nickel market would have faced a margin call of $19.75 billion, ten times higher than the previous record level, the exchange said. At least seven clearing members would have gone into default, and the crisis had the potential to create a “death spiral,” according to Adrian Farnham, the chief executive officer of the LME’s clearinghouse at the time. In that scenario, LME Clear would have incurred a loss of $2.6 billion, and would have had to seek contributions of at least $1.22 billion from the remaining clearing members. That in turn would probably have caused a further five clearing members to default, the LME said in the filing, “resulting in the LME being unable to function as a venue for non-ferrous metals markets, and posing a significant systemic risk to the wider financial system.” Elliott and Jane Street are seeking a total of nearly $500 million in damages from the LME and its clearinghouse, arguing that the exchange acted improperly in its decision to cancel the March 8 trades. “The LME maintains that Elliott’s and Jane Street’s grounds for complaint have no merit and are based on a fundamental misunderstanding of the situation on 8 March and the decisions taken by the LME,” an LME spokesperson said. “All the actions taken on 8 March were lawful and made in the interest of the market as a whole. The LME will continue to vigorously defend these proceedings.” Missed Calls The LME’s defense reveals how much stress the market was under even on March 7, the day before the market was suspended, when prices rose 66%. Three members missed initial margin calls that were due for payment by 9 a.m. that day, and one remained unpaid, according to the LME. By 1:15 p.m. in London on March 7, the LME had made nine intraday margin calls totaling about $7 billion, and LME Clear “was concerned that it would not be feasible for Members to meet further intraday margin calls”. As a result, LME Clear decided to stop making intraday margin calls -- a decision that was “extremely unusual and a departure from internal policy,” according to the filing. Yet when the LME’s special committee held a call at 4 p.m. on March 7, it concluded that the market was still orderly, and allowed it to reopen as usual the following night at 1 a.m. At 5:53 a.m. on March 8, Farnham was informed that six members had not made overnight margin payments worth $2 billion -- or one third of the total due -- that were due by 9 a.m. Between 5:33 a.m. and 8:18 a.m., seven members approached the LME to say that they would have difficulty posting margin. At about 7:30 a.m., LME and LME Clear executives held a call at which they agreed that the market had become disorderly and decided to suspend trading. At 9 a.m., a further call was held at which the decision was taken to cancel all trades that had taken place on March 8. Responding to the suggestion that it had acted to favor Tsingshan Holding Group Co., whose massive short position was the focus of the nickel market squeeze, the LME said it had not known about the situation. “It has emerged that underlying the unprecedented price convulsions on 8 March 2022 there very substantial short positions in the over-the-counter (“OTC”) market contributing to market disorder,” the LME said in the filing. “On 8 March, the LME was not aware of the large short positions in the OTC market.” ©2022 Bloomberg L.P.