Pegging
Honorary Master
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$1.6 billion in to raise the price and $50 billion out a month later. Pump and dump.
Or maybe there is another reason.
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Bitcoin Thread
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Or maybe there is another reason.
McGuywer
Executive Member
Anyone that have a Luno referral/invite code for me?
R25 for you and R25 for me.
R25 for you and R25 for me.
callvm
Well-Known Member
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S863A
McGuywer
Executive Member
It needs to be done before your first transaction.
I am getting:
"This promotion can only be applied before your first transaction"
From:
This is a post about the cryptocurrency situation in El Salvador. I am posting this again because the previous one was removed by a bot. It is not about price, it should not be marked as such.
Twitter post as proof of living in El Salvador: https://nitter.net/samsungsv19/status/1446177713413308428#
A month ago, Bitcoin became another Salvadoran currency. I understand that my previous posts looked like complete FUD, but that's not my intention. I wanted to share how all of this affected Salvadorans, specially for those who barely have money to get a "decent" mobile device.
Adoption is going pretty bad, specially because of identity theft. There have been hundreds of reports about people using the Chivo Wallet to steal money. The government is being quiet about it, and no one is offering a solution to the problem:
https://diario.elmundo.sv/denuncian...les-para-uso-no-autorizado-de-chequera-chivo/
That is not a case of phishing or people authorizing full access to the Chivo Wallet, this is way worst. The Chivo Wallet "has facial recognition", or so they said however it is just storing a picture, any picture. There is no validation whatsoever, and because of that people are no longer using/trusting Bitcoin:
The Chivo Wallet App fails to properly identify people. Salvadorans are not longer trusting Bitcoin
And yes, I know you are going to say that this does not have anything to do with Bitcoin, but you gotta understand the Salvadoran culture: Once something fails, everything associated to it becomes bad. It doesn't make sense, I know, but that's how things really are here, and it is affecting adoption.
Businesses are reporting low adoption. 93.1% of small/medium business are reporting ZERO Cryptocurrency transactions. The free bitcoin bonus was either converted to FIAT or spent in groceries, after that usage crashed.
What about the protests? Did people finally accept the Bitcoin Law passed by the Salvadoran congress?
Not quite.
There were two protests:
September 30th Protest against the Bitcoin Law
A protestor in front of Congress throwing spaguetti. The government has been giving people bags of spaghetti and tuna for months.
More photos of the protests:
https://imgur.com/gallery/Yflx5gi
http://imgur.com/gallery/NRUp3yx
http://imgur.com/gallery/wveAR41
http://imgur.com/gallery/IaP1YGR
http://imgur.com/gallery/ysl1jvC
http://imgur.com/gallery/3HEf4z7
http://imgur.com/gallery/hO23Vil
http://imgur.com/gallery/zu263IQ
http://imgur.com/gallery/61W1rmh
What was President Bukele's response?
Just like Donald Trump, he chose to mock the protests via Twitter:
http://imgur.com/gallery/NhAqko0
Three protests, and instead of listening to the people, he decide to just ignore them, and make fun of them.
Are Salvadorans protesting because they dont understand technology? Are they afraid of changes? Why they don't want free money?
Well, salvadorans are protesting because this whole Bitcoin Law thing has been shady. First of all, remember the "Not your keys, not your money" thing that you see pretty often here? We don't know where the 700 bitcoins that the President Bukele bought are. Who is our broker? How much did we pay for those bitcoins? What about the free 30 dollar bonus? How much did it cost? All information regarding the purchase of Bitcoin is classified.
What about the ATMs? We only know that a known Bitcoin ATM company provided them, but the cost of those 200 ATMs is classified information because of "National Security" (whatever that is).
But hey! El Salvador is mining Bitcoin with vulcanoes!
Yeaaaaaaaaah, about that.... It is true, but it is not a new well, nor new infraestructure. The mining farm is located in a poor town called Berlin, Usulutan. LaGeo is the name of the state-owned company that produces geothermal electricity for the Oriental Region (Usulutan and San Miguel), however due to the mining farm, we are starting to burn more coal to provide enough energy to the region. Electricity costs are rising up, but our President puts profits over people.
Profits over people you say? Covid cases/cases are going up, but Bukele is not restricting movement because that would be a fatal blow to the Chivo Wallet adoption. You see, if people cant go outside they cant go to the Chivo Offices to set up the wallet and learn how to use it. Bukele cares more about profits, and spends his days tweeting about bitcoin prices (Trump would be so proud):
http://imgur.com/gallery/ma4IgAY
What is next? Another protest is scheduled for October 17th, and rumor has it that it will be bigger than the previous one. Will Congress concede and roll back the Law? We dont know.
This is a post about the cryptocurrency situation in El Salvador. I am posting this again because the previous one was removed by a bot. It is not about price, it should not be marked as such.
Twitter post as proof of living in El Salvador: https://nitter.net/samsungsv19/status/1446177713413308428#
A month ago, Bitcoin became another Salvadoran currency. I understand that my previous posts looked like complete FUD, but that's not my intention. I wanted to share how all of this affected Salvadorans, specially for those who barely have money to get a "decent" mobile device.
Adoption is going pretty bad, specially because of identity theft. There have been hundreds of reports about people using the Chivo Wallet to steal money. The government is being quiet about it, and no one is offering a solution to the problem:
https://diario.elmundo.sv/denuncian...les-para-uso-no-autorizado-de-chequera-chivo/
That is not a case of phishing or people authorizing full access to the Chivo Wallet, this is way worst. The Chivo Wallet "has facial recognition", or so they said however it is just storing a picture, any picture. There is no validation whatsoever, and because of that people are no longer using/trusting Bitcoin:
The Chivo Wallet App fails to properly identify people. Salvadorans are not longer trusting Bitcoin
And yes, I know you are going to say that this does not have anything to do with Bitcoin, but you gotta understand the Salvadoran culture: Once something fails, everything associated to it becomes bad. It doesn't make sense, I know, but that's how things really are here, and it is affecting adoption.Businesses are reporting low adoption. 93.1% of small/medium business are reporting ZERO Cryptocurrency transactions. The free bitcoin bonus was either converted to FIAT or spent in groceries, after that usage crashed.
What about the protests? Did people finally accept the Bitcoin Law passed by the Salvadoran congress?
Not quite.
There were two protests:
- September 15th
- September 30th
September 30th Protest against the Bitcoin Law
September 30th Protest against the Bitcoin Law
I didnt post this on Reddit because I will be updating the situation on October 7th, one month after bicoin became legal tenderA protestor in front of Congress throwing spaguetti. The government has been giving people bags of spaghetti and tuna for months.
A protestor in front of Congress throwing spaguetti. The government has been giving people bags of spaguettis and tuna for months.
September 30th protest against the Bitcoin Law in El SalvadorMore photos of the protests:
Salvadorans are not happy with the Bitcoin Law
September 30th protest in El Salvador against the Bitcoin Lawhttps://imgur.com/gallery/Yflx5gi
The President of El Salvador mocked the protest because he thought no one was going to show up.
September 30th protest in El Salvador against the Bitcoin Lawhttp://imgur.com/gallery/NRUp3yx
Several organizations protested against the corruption of the Bukele Administration. He classified all documents related to the purchase of Bitcoins and the 200+ Bitcoin ATM
September 30th protest in El Salvador against the Bitcoin Lawhttp://imgur.com/gallery/wveAR41
Protestor blocked one of the most importan streets in San Salvador
September 30th protest in El Salvador against the Bitcoin Lawhttp://imgur.com/gallery/IaP1YGR
People that were going to join the protest, were held without a warrant for several hours by the Salvadoran Police and the Army, in an attempt to minimize the protest
September 30th protest in El Salvador against the Bitcoin Lawhttp://imgur.com/gallery/ysl1jvC
President Bukele mocked the protest, stating that only 80 people showed up
September 30th protest in El Salvador against the Bitcoin Lawhttp://imgur.com/gallery/3HEf4z7
http://imgur.com/gallery/hO23Vil
http://imgur.com/gallery/zu263IQ
http://imgur.com/gallery/61W1rmh
People are not happy with recent changes made by President Bukele
September 30th protest in El Salvador against the Bitcoin LawWhat was President Bukele's response?
Just like Donald Trump, he chose to mock the protests via Twitter:
http://imgur.com/gallery/NhAqko0
President Bukele tweeted the entire day, trying to minimize the protest by mocking it. Aren't presidents supposed to govern?
September 30th protest in El Salvador against the Bitcoin LawThree protests, and instead of listening to the people, he decide to just ignore them, and make fun of them.
Are Salvadorans protesting because they dont understand technology? Are they afraid of changes? Why they don't want free money?
Well, salvadorans are protesting because this whole Bitcoin Law thing has been shady. First of all, remember the "Not your keys, not your money" thing that you see pretty often here? We don't know where the 700 bitcoins that the President Bukele bought are. Who is our broker? How much did we pay for those bitcoins? What about the free 30 dollar bonus? How much did it cost? All information regarding the purchase of Bitcoin is classified.
What about the ATMs? We only know that a known Bitcoin ATM company provided them, but the cost of those 200 ATMs is classified information because of "National Security" (whatever that is).
But hey! El Salvador is mining Bitcoin with vulcanoes!
Yeaaaaaaaaah, about that.... It is true, but it is not a new well, nor new infraestructure. The mining farm is located in a poor town called Berlin, Usulutan. LaGeo is the name of the state-owned company that produces geothermal electricity for the Oriental Region (Usulutan and San Miguel), however due to the mining farm, we are starting to burn more coal to provide enough energy to the region. Electricity costs are rising up, but our President puts profits over people.
Profits over people you say? Covid cases/cases are going up, but Bukele is not restricting movement because that would be a fatal blow to the Chivo Wallet adoption. You see, if people cant go outside they cant go to the Chivo Offices to set up the wallet and learn how to use it. Bukele cares more about profits, and spends his days tweeting about bitcoin prices (Trump would be so proud):
http://imgur.com/gallery/ma4IgAY
Bonus track: The President of El Salvador cares more about Bitcoin and the Chivo Wallet than the recent surge in COVID cases/deaths. Profits over people, am I right?
What is next? Another protest is scheduled for October 17th, and rumor has it that it will be bigger than the previous one. Will Congress concede and roll back the Law? We dont know.
John Tempus
Executive Member
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Is Bitcoin the only legal tender in El Salvador ? No.
So if people don't want to use it then they don't have to use it. Last I heard having choice is a good thing, not a bad thing. Chivo wallet being buggy or entirely useless does not mean you cannot use a different bitcoin wallet.
Bitcoin is now a secondary official currency in El Salvador. Everyone is acting as if it replaced all other legal tender in El Salvador and you have to use Bitcoin and this is entirely bs.
If no one in El Salvador like bitcoin then they do not have to use it. Vote with choice and their other choice is El Salvador Colon (insert poop joke).
Sensorei
Executive Member
You realise you could have started a new thread and not taken a massive 1000 word dump on the Bitcoin thread with this BS.
Yup. This post either has missed the real reason for the dissatisfaction or is another example of misuse of reports/media coverage to make a (very weak) attack on cryptocurrency.
Not_original
Expert Member
Quick question to the Valr guys, how are you finding it, do you trust the platform so far?
Sensorei
Executive Member
It's backed by Mike Jordaan, one of SA's best CEOs (ex FNB), and Bittrex so I trust them. Liquidity is decent considering it's a local exchange.
enerdude
Expert Member
How a Startup Is Supplying a Whole City With Heat From Bitcoin Mining
MintGreen and Lonsdale Energy plan to use the heat generated by bitcoin mining to supply the city of North Vancouver.
wingnut771
Honorary Master
L-Dog
Executive Member
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- Oct 25, 2017
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SEC likely to allow Bitcoin futures ETF to trade next week: Reports
Financial media giant Bloomberg has reported that the SEC is now ready to approve a Bitcoin exchange-traded fund.
cointelegraph.com
Might not happen that soon but will definitely happen over the next year, Bitcoin to reach $100k+ within the next year (in my opinion)
NarrowBandFtw
Honorary Master
tbh a futures exchange or ETF in crypto only raises eyebrows for me ...SEC likely to allow Bitcoin futures ETF to trade next week: Reports
Financial media giant Bloomberg has reported that the SEC is now ready to approve a Bitcoin exchange-traded fund.
Might not happen that soon but will definitely happen over the next year, Bitcoin to reach $100k+ within the next year (in my opinion)
- the newly minted supply is mathematically perfectly predictable, there's no weather pattern or some such that would upset or greatly increase the yield as is the case with agriculture for example
- there is also plenty in circulation to buy whatever you want right now
- and thirdly, delivery / taking actual custody is essentially instant and cheap as chips, none of that BS about shipping heavy gold and paying for security and insurance blablablablabla
meaning in practical terms there is no point in a crypto futures market other than betting on the future or ... more worryingly ... manipulating the future just like has been done to gold for decades
Institutional players and the mega-whales are already manipulating the crypto markets; just consider the effect a few selectively released statements by Elon Musk had on DOGECOIN. It really is just part of trading and the smaller the market/bigger the major players, the more manipulation goes on all the time. Not necessarily pump-and-dump but after periods of sideways price movement, at some point big investors will need to buy or sell in amounts that are big enough to affect the market. Obviously the timing is selected to give maximum profit which in effect is manipulating the market.
Gtx Gaming
Gtx Gaming
Lambo dealerships luckily open Saturday guys.
NarrowBandFtw
Honorary Master
there is a VAST difference between some select tweets, maybe a whale or two dumping real money vs the bottomless pit that futures markets represent
in the futures market let's take big bank A, call them JP Organ, and big bank B, call them Oldman's Sack
A can create a contract with B to buy 1 quintillion BTC at 0 cents each, or 1 billion dollars each, never ever having either party planning to fulfil the contract, or even having the asset to sell in the first place
that kind of contract will swing the price in a way Musk couldn't even imagine in his wildest dreams, all you need is for A and B to agree on which way they want the price to swing and to collude with each other
when the time comes to honor the contract they just roll it over / create a new one that negates the need to actually settle the old one, all just fake monopoly money ... except the sheer size of it is recorded on a futures market and moves the actual price of the commodity dramatically ... this is the gold price today
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