If there was a convenient way to short Bukele’s gamble on Bitcoin, I would take the trade. Nothing personal against him or Saylor, I just see it as a great proxy short on Bitcoin. I’ve read the remittances are 25% of GDP. Using your numbers, the fees are around 7% for Western Union and Moneygram. That seems a bit high. I’ve used Moneygram to send money overseas and it is very cheap (flat fee up to a certain amount) and fast (hours), much faster than a bank wire (days). Adopting (mandating) Bitcoin as legal tender is a drastic way to cut fees on remittances. I’m sure there was a better solution.
There's a few things that are not always clarified and only the ones interested are aware No one is forced to hodl bitcoin after receiving it in El Salvador It is written in the El Salvador Bitcoin law that anyone can convert to US $ within 10 (or 30?) minutes I read majority of Salvadoreans choose to convert and hold US $ on the Chivo wallet (much to the dismay of the Bitcoiners) The partnership with Strike app is the key to converting from btc to USD and that's the only time Strike makes money by taking a few basis points spread (don't know the exact number, but it's not a whole %age point from what I remember) Without conversion, sending LN BTC to LN BTC, only the network fee is paid which can be as low as a fraction of a US cent (measured in satoshis) ------------- More on Strike app. I have the app, I deposited $600 last year on the app, it's still the same amount I can convert it to btc at anytime, but I hold $ funds on the app as emergency if I forget my wallet somewhere and only have my phone as source of funds Jack Mallers (Strike app CEO) has explained that with the Strike app available in some countries and being tested in Europe, a person in the US can send $ instantly to anywhere in the world with no fee It's using the lightning network as rails and does not rely on banking system infrastructure I've shown a video that Strike app has partnered with NCR and soon, any bitcoin LN wallet can pay at Whole Foods, CVS, Macy's, Walmart, McDonalds, Chipotle and many others If I use my Strike app US $ balance, I'll be able to pay at the above without ever touching the banking network infrastructure same as the bitcoin LN wallets ----------- What are all these jargons mean? A new monetary network has been created not by government, nor by central banks --------- I do not see how the Western Union or Moneygram fees can be eliminated from the 10's of billions of $ worth of global remittances without cryptos since the whole world operates on the banking network infrastructure
If a more efficient way of sending money appears, I will definitely use it. Currently I use Walmart to send money domestically to family in Hawaii, usually not more than $2000 per transfer, for a small $16 fee. The funds are immediately available, and it is a bank-less transaction and very convenient as they can pick up the cash at their location when shopping. In the case of larger amounts I deposit directly into their account via a credit union network for free. Again, very convenient and the funds are instantly available. I don’t see how Bitcoin can be an improvement over these methods. I also make monthly international transfers to Korea and I use Moneygram for that. It is much more convenient and quicker than bank wires. Korea has tight capital controls and all Moneygram centers there are located within and controlled by banks that are quasi government entities reporting income, collecting taxes, etc. The relationship of the parties involved in the transfer has to be disclosed as well as the purpose of the funds sent to make sure the money is not income to the recipient. It is a low level interrogation by a bank employee. It would be interesting to know if all that can be bypassed by using Bitcoin, and what the legal ramifications would be if the transfers were later discovered. Hmm….
I don't know if this is the right thread, but: https://futurism.com/the-byte/dogecoin-creator-crypto-investors DOGECOIN CREATOR SAYS THAT 70 PERCENT OF CRYPTO INVESTORS ARE COMPLETE MORONS
I think that's part of the struggle with a working-class Salvadorean that is only able to send $100 or a few hundred $ to families in El Salvador and a remittance fee of $10 or higher is too high a percentage of the amount. It's also the reason sending $20 or less is not practical Since I signed up last year with the Strike app, they've been in "testing" stage with countries in Europe and I see that is still the case now with only Argentina that is supported besides El Salvador I think as you said there's regulatory stuff that need to be cleared with each location and a country with strict capital controls may never get supported Strike is the "last mile" fiat endpoint provider that allows it to be possible for the sender and receiver to not even touch btc or even be aware of it. Strike converts fiat to LN BTC and transports value over the LN and converts to fiat again on the receiving end The LN is replacing the traditional Visa/MC or banking network infrastructure that exists now On the Block (formerly square) earnings call, Jack Dorsey mentioned unlocking global payments using Bitcoin so I think it's possible they are trying to do the same thing that Strike is currently working on
Yes, Pekelo, this is a good thread for anything crypto assets related Unfortunately for the Dogecoin creator, he abandoned his Doge project very shortly after creating it As you're aware, he could have been a billionaire last year or at the very least 9 figures millionaire Wouldn't you agree that he's the complete moron?
I think you're right! Doge actually pumped several times so he would have been a millionaire in 2017/18 but this current price is just insane, if he did not abandon the project, there is no way he doesn't have at least a 9 figure net worth And the bonus is the freakin' liquidity since all the major exchanges, Coinbase, Binance, Robinhood, Kraken listed Doge to rekt the retail public. Sad
Was it this kind? https://i.chzbgr.com/full/8818420736/hBF565DAF/waitress-won-a-toy-yoda-not-a-toyota