By - Accomplished-Tap3353
This is just new material for the next Tropico game where El Presidente has "crypto currency" powers SMH
One of the work modes should be "buy the dip". I think this would make the modern era more fun in Tropico.
Also add some leveraging work modes via the banks.
It would honestly. Late game Tropico is really boring
I too enjoy spamming 500 identical buildings
Penultimo will be very happy to announce the EPC, the "El Presidente Coin"
El prezidente, we need crypto farms for endless money. Solar power planted crypto farms. Electronics factory will maximize its power. I miss my island.
I’m goin coal baby! Fire up those lines!
Why this dudes beard painted on
The Caribenha music already started playing in my head, El presidente
El Presidente knows the game.
What a legend.
Cabinet member: "Senor Presidente, the market is crashing."
El Presdiente: "Keep Calm and HODL."
Como se dice HODL
Vichos, traigan su manos de diamantes 💎👐
Rélajate y aguanteh
He'll be announcing this as El Salvador's entry into the space race.
TO THE MOON!
It is why he diversified their exposure to Bitcoin with AMC and GME options.
El Salvador is about to have a bigger GDP than the US and China combined.
Hodl Gang in full force
Wait you mean if Biden got a hot tip about a stock he can't day trade from the US Treasury account?
No need. Biden can make a trillion dollar coin. I'm glad no one told Trump that was a presidential power.
He’s become the de facto dictator of El Salvador, so the legislature is just rubber stamping his policies. This Bitcoin debacle is a typical authoritarian vanity project; it’s just about stroking Bukele’s ego, not a serious effort to improve his country’s economy
I read this as BukkakeKoin.
the love just bursts over and over and over
Coin exchange name: BUKK
Unit name: Bukkake
Subunit: 1m Sperm = 1 Guy, 50 Guys = 1 Bukkake, 5 Bukkakes = 1 Party
5 parties = 1 lemon?
Sorry I think you are looking for poopcoin
So that's what they mean by shitcoins
Rule 3400 of the internet: there is coin of it.
This is good for BukeleKoin
I think we're assuming that this is purely a vanity project, and not like an escape route. He could have had a tonne of bitcoin before making it a currency in El Salvador. If he gets kicked out of the country he doesn't have to escape with suitcases full of money, he'd just need his private key.
But then someone would end up making their own BukakkeCoin, with black jack and hookers.
Mostly hookers, probably.
And the BukakkeCoin is then digitally stored, normally on a Japanese server, and the record of it can be exchanged for goods and services.
all the good bits would be blurry then
I read Jack Black and hookers, and it still made sense.
Or learn to play the bukelele...
Or possible partake in some bukakele
>it’s just about stroking Bukele’s ego
well, also about fluffing his offshore bank accounts.
Sooo... El Salvador basically elected WSB?
Look at his Twitter profile, his title is now literally "Dictator of El Salvador"
Is this title self recognized or just atributed by twitter to him?
Its in his bio. Users write that themselves
I just googled it, he did that after some protests against him, he seems to be trolling with that.
More like use funds form the national Bank to invest in Bitcoin, just to enrich himself and his close friends
Don't forget avoiding us sanctions
His Twitter bio now is quite literally “Dictator of El Salvador”
I'm from Honduras next door neighbor of El Salvador, most Salvadorians love him and at no point have any of them referred to him as a dictator in fact they see him as hope for the country many also tell me things have stabilized since he took power. I wouldn't consider him a dictator if his people want him there. I think this is a way for him to branch out and try to make El Salvador a more progressive nation
Man, I'm from El Salvador and let me tell you, Twitter is one thing, word of mouth and on the streets it's very different.
The only thing that stabilized is the fact that there's no power balances, he calls all the shots and it has already been proved an error.
There's no accountability nor transparency for expenses. It's a shit circus and the guy is the clown distracting people while robbing us blind.
Everything I know about him is through word of mouth and news here and there, I don't use social media except to look at pictures of my sister and her baby because they leave in a remote part of Alaska. I hate social media, lately I don't even like reddit that much lol. But trust me it can be WAY worst our president is a proven narco he IS a dictator no question about it.
Oh I know man, your guy sucks too.
It's a shit situation all around.
> most Salvadorians love him and at no point have any of them referred to him as a dictator
Most dictators were elected last century. By the time the people realized they had voted for a dictator, it was already too late.
The fact that he's popular doesn't mean he isn't acting like a dictator
Big brain time
I'm salvadorean, don't be fooled by appearances, Don cerote is a scammer and a narco dictator. Yes, there are some people who love him... but hey... you should never ever love a politician. El Salvador is having a toxic relationship with a deluded being.
He wears a sash like he is in a beauty pageant, that is definitely someone who considers them self a dictator￼
That is not atypical of democratic regimes. Presidential sashes are quite common, just not in the United States.
Bukele’s a dictator though. Just don’t assume that every single thing different from US political traditions is a sign of dictatorship.
IDK, I like the sash argument and am now gonna use it as my sole mark of whether someone is a dictator.
There are people who hate his guts, but they are also mostly the wealthy and the middle class. There are people like me, who are in the middle. I liked how he handled the pandemic, but he seems brash and erratic and while the country needed change his cult of personality is getting old quick
Let me correct your statement: instead of most Salvadoreans, say “my Salvadorean friends” or “my Salvadorean friends and acquaintances” or “the Salvadorean social media I see”. The people you interact with are rarely a random sample, almost always a very biased one. Unless your opinion is based on polling you’ve conducted
Yeah, this whole thing might turn out a PR disaster for BTC.
It was already set on Bitcoin day September 7, no bueno El presidente.
Why do people make things up and post them? What do you gain from this?
The data [on the wikipedia](https://en.wikipedia.org/wiki/List_of_countries_by_intentional_homicide_rate) is not updated, so El Salvador is first when you sort by rate
Latin America should be ruled by Uruguay
No, you are.
It really is amazing just how together they have their shit while surrounded by so many failed states. I don't think you can find a similar example on any other continent.
I need a history lesson on Uruguay apparently.
It's a tonic in the form of a country. Great to travel there when you want a respite from... well, the rest of the world, really. It's a bit like Switzerland in that regard, not getting involved in anyone else's drama.
>Uruguay’s income per capita is the highest in Latin America, at $16,230 a year in 2019, compared to only $11,200 in Argentina.
>The country can also boast legal marijuana, legal abortion, gay marriage and – in contrast to the staunch Catholicism of its neighbours – a society so secularized that Christmas and Easter are referred to as “Family Day” and “Tourism Week”.
Holy shit, how do I emigrate there from the US? Do I have to be rich?
Please don't. We don't want US-Americans down here.
If their income per capita is only $16k, all you have to do is live smartly, put the max they match in your 401k, invest the rest, etc. By 50 or so you should be able to have an early retirement in Uruguay.
I would say Botswana is the best example in sub-Saharan Africa. More or less stable democracy since the early 60s, relatively low levels of corruption, with a middle income GDP per capita that has been steadily growing for decades.
It shouldn't sound strange seeing how often corruption starts funded by US or EU economic interests. A weak state in neocolonial countries is very much profitable to the 1st world.
Yes, we should want our leaders to be less powerful, not more powerful
That's why there were a bunch of protests in El Salvador recently.
The country's monetary fund is now the president's investment fund, and the people who live there are pissed it hasn't translated to a better El Salvador at all.
Because, sadly, El Salvador is a failed state.
Have we gone full circle? From Bitcoin being an unregulated currency free from government interference to now wanting it to be regulated by a federal bank
No, just that a country shouldn't be going full wallstreetbets with the money from their taxpayers duh
That would be too slow, by the time a decision would be made the dip would be already over.
He's trying to turn a profit, for himself. Obviously. Crypto, as it is now, is a hustle. No oversight, too much volatility. It's a get-rich-quick scheme. The vast majority of coin owners are just trying to make their fortune and cash out.
>I’d be all-out pissed if our president (US) started getting involved in such matters, regardless of who it is.
Yeah but what would that actually change? Our last president proved that public outrage means fuckall.
In the US, the executive branch bombs orphanages without consulting the legislature. I wish the executive was buying the dip on crypto instead.
What is up with you strange Crypto fiends that the argument becomes "Dictator good because Crypto. Democratic governance bad cause no crypto" hate to tell you bud but El Salvadors President is likewise guilty of crimes and the abuse of people's rights.
I think his point is simply that morally speaking he'd rather his head of state buy crypto than perform strafing runs on civilians because one doesn't end with dead kids (not directly anyway).
I believe Havok-Trance we putting that argument into context when he explained how El Savador president is also a terrible human being who has performed atrocities.
Has he? I know basically nothing on the dude aside from his decision to adopt bitcoin and now this, but from a quick skim of his wiki page he looks like your run of the mill PoS authoritarian.
Seems like they are easing themselves into a dictatorship though, so I guess we might be seeing some of those atrocities in the near future assuming he follows the playbook.
But isn't he causing deaths in his country by not actually investing in helping out his countrymen?
Who says the POTUS doesn't tell Congress?
Consulting is an improper phrasing. I meant that the legislature is supposed to declare war, but have not done so since WWII, effectively abdicating the responsibility and letting the executive take it over.
And in so many other ways the legislature has abdicated its responsibilities to the executive and judicial branches. It really is simply cowardice. They don't want to be held responsible for making the decisions they are supposed to make.
The US dollar would have to crash and be considered worthless for that to happen. Even then people would probably use copper, silver and gold for currency.
El Salvador is using Bitcoin because their currencies fail, causing hyper inflation. Which is no bueno for the economy.
I thought he already "bought the dip" yesterday? Is he cost averaging or did he actually buy the peak a few days ago?
It’s absolutely based on strategy- he made the gamble when he made it a nationally enforced currency. He’s already all in, so if it fails he’s done. He needs to portray any negative outcome from the moment he enforced it as either temporary or somehow positive. He’s doing just that because he literally cannot afford to be wrong. If he is right about buying the dip- he wins. If he is wrong- he was hosed anyway so it’s not any more of a risk.
That said, the real concern is that large outside entities (dark national holdings or international cartels for example) could artificially crash bitcoin by dumping their holdings to crash the market until El Salvador is completely screwed, then swoop in to dangle a “rescue package” with strings attached.
You mean exactly what the IMF and world bank "hope" are going to happen?
At this point, "investing" in Bitcoin is technically gambling on speculating on what other speculators will do.
And he has zero college education. I am yet to see any economists in his team fully explain how this is an advantage.
I think their president is an active member of r/wallstreetbets
"Don't worry guys I'm a member of /r/stonks, I've got this"
Digital Sales of games are prohibited from now on. Now you all go buy from Gamestop. Also now they sell fruit and coffee.
Calling it now, this all is an elaborate ruse what ends in the prez to bail with whole El Salvador bitcoins with him
In case you wondered what it feels like to have a wallstreetbets bro as a president. Voila!
who thinks this was a good idea. lets put the country currency into a digital coin we don't have control thats gonna work fine
Like Russian roulette with a glock
They already use USD as their currency, so it's not like they had any "control" to start with.
It's not uncommon for countries to do that, though. Pick a stable currency (or a number) and tie your currency to a percentage of the other one. So that other provides your country stability by proxy.
Problem here is that Bitcoin is volatile, so the container of widgets you ship out today costs your buyer 50K, and tomorrow 75K.
True. You run into problems, however, if you’re monetary policy becomes misaligned with the stable country’s. Ecuador dollarised as well I think
They did. In fact I'm convinced that's where all the Sacajawea dollar coins went. *Everyone* was using them when I went.
Not anti-bitcoin/crypto, but using Bitcoin is much more volatile than the USD. Bit coin as a national currency is cool, but el Salvador isn't exactly capable of the widespread technology needed to make this change. From what I gather most small business owners are in trouble
my god...dollar is backed the US government and other government that buy bond/treasuries..
Dollar is million times much safer and stable.
Bitcoin could go to 100K or to $100. why would anybody want their currency on cypto just boggles my mind
He's just doing it so that he can steal the bitcoin later.
I hope /r/technology does not become the new Bitcoin subreddit.
This sub hates crypto, so I don't think you need to worry about that
I find it likely that El Salvador is about to become a test case for just why exactly nations shouldn't adopt decentralized currency.
At the heart of it, governments have absolutely no control over fiscal policy if they can't control their currencies. If you can't control fiscal policy, you can't effectively govern.
This whole situation in El Salvador smacks of someone (i.e., the president) using public coffers to speculate in a risky investment and a) lose everything, which won't matter to him because it's not his money that's invested, or b) get lucky with the volatility and embezzle millions from what should be public coffers.
Your argument is misleading because they already gave up control of ~~fiscal~~ monetary policy when they moved to using the USD in 2001.
That's conflating monetary policy with fiscal policy... You could take Saudi Arabia as an example. Their fiscal policy is still their own, even if that policy is to maintain a fixed exchange to the anchor currency. They're still deciding when to spend, what to tax, when to borrow, etc. They still be control interest rates and all that even though those rates are going to be heavily influenced by the monetary policy of the anchor currency.
You're correct, I got them mixed up because the person I was responding to got them mixed up as well. I believe we were both talking about monetary policy. Thanks for the correction.
Yes, and the fiscal policy situation in El Salvador has been shit for 20 years.
They have far more problems than fiscal policy. USA destabilised the region for decades, you can't expect them to suddenly become Switzerland like with a reasonable fiscal policy.
If maybe US didn't fund contras, terrorists and drug lords for decades for their own gain, Latin America and similar growing economies wouldn't suffer this much.
You guys make it seem like their problems started with BTC/USD and they were an utopia before that.
Maybe, and statistically likely. However, we do have to consider the small posibility, "What if it works out?" What will that do? Will it cause other countries to follow, but they don't get so lucky? Or do those other countries get lucky, but the next wave doesn't? Does China get involved? It's important to consider what else might happen rather than just bank completely on one prediction.
Don’t you mean “El dip”
aka Presidente Nayib "manos de diamante" Bukele
Whenever the guy making the financial decisions for your country is wearing a sash you know you’ll be just fine.
Let’s be comforted by what appears to be an entire bottle of mascara in his beard.
El Salvador will turn in to money laundering banana republic
"Flash crash". The reporter should really google that word up before putting it in a headline.
I'm a Salvadorean and Bukele is basically a dictator, but a good one.
Any Salvadorean that thinks our "democracy" was working prior to Bukele is a liar or benefited from the open corruption.
Prior to Bukele violent gangs literally ran the streets and extorted EVERY small business in the country, besides maybe the city (San Salvador).
Now there is government control through military force, which the people have been begging the government to do for decades. Democracy does not work when the people are living in fear and being extorted by violent gangs.
The Salvadorean legislature is corrupt and incompetent. They don't live in the gang filled streets but instead live in isolated villas on the countryside. They have no clue what the average Salvadorean citizen has to deal with.
So sure, Bukele is a populist dictator. But that's exactly what the country needs right now. The needs of the citizens trump any corrupt and incompetent republican system.
Finally a voice of reason. Using the words "good" and "dictator" around Americans or reddit is a big no no though. The perfect government is a democratic government and its the only path to a healthy country /s.
I'm a Salvadoran American and it's impossible to explain to people here that the American democratic process failed El Salvador and their current government is doing wonders. Most people here can't wrap their heads around the idea of different political paths to a prosperous healthy country.
You will not find a single popular new source saying good things about Bukele here. It's really strange to me.
Looks like they bought the top of the dip
Just the tip.
I'm trying to look for this so called ' [flash crash](https://www.tradingview.com/x/3d1BeyU4/) '
First thing I did as well. "Have I missed something". For a moment I thought that sure, it might have dipped real down for a hour or two, but no. Complete fucking clickbait.
I mean, its a crypto related thread in the technology subreddit. This is probably the worst place on reddit to get any news about cryptocurrency.
Even if you take a 5 day look at it. The word crash is a bit dramatic, more like a slump. It do be click-bait
But in the flip side. If my bread suddenly cost 10% more than it did yesterday I'm going to be pissed, so kinda newsworthy. But not under the same headline.
It's a bold move with either dire consequences or huge payoffs. If it pays off I think it could go down in history as the greatest move ever made by a politician... Or the worst.
Lots of people only seeing one or the other as outcomes, when in reality it's very much both.
If another country joins them. Damn, will the floodgates start opening up?
/r/wallstreetbets post in a few days:
"If you're the president of a South American country and just bought a lot of bitcoin and it's not performing well, what could I diversify it into to make sure my people don't come for my head?"
I would suggest cocaine.
How much time do you think El Presidente spends on r/wallstreetbets ?
Nothing to see here. It's totally normal for currencies to move 10% or more in value every week. Carry on
USD did drop about 10% of its value between 2019 oct and 2019 december...but that was probably the most drastic movement in years.
What is the system of government called where the president gets to day trade with the Treasury's money?
Starring Kate McKinnon as the President of El Salvador.
I'd watch it.
It's almost like bitcoin is an extended series of pump and dumps directed by people with enough capital and influence to make a shitton of money off everyone else, or something. I wonder if there are multiple academic journal articles with papers on this exact topic.
People are so desperate to get rich quick they let other people get rich quick off them
We should stop romanticizing this guy just because we like Bitcoin and he likes Bitcoin. He is anti LGBTQ+ and anti abortion and just all around doesn’t have a track record of being a good person.
I haven’t seen anyone romanticizing him, pretty much 100% of the discussion has been about how stupid his Bitcoin policy is
Lol he’s either going to be a fucking hero or a villain who fucked a country forever
I’m no expert, but I don’t think that’s a responsible way to manage a nation’s finances.
Someone needs to explain gambling to him. Seems like a guy I knew who, when at a roulette table, I saw him lose on red/black, double it if he loses. 15 minutes and $4,000 down later....
This whole crypto thing seems to swing between Dutch Tulip Madness and OG 80’s Wolf-on-Wallstreet style penny stock pump and dump scams.
Crash and burn lmao
This is the way.
He is just doing what his masters in the Drug Cartels are telling him to do
I'm sure his constituents are buying the dip with all that disposable income they have /s
This should end well
This is the dystopian future.
This guy looks like a straight up criminal
All of my team in our El Salvador BPO are buying the dip and excited for this crash.
The problem with crypto in el salvador is that there is zero financial literacy on it. Stock markets are not a common thing in El Salvador and crypto had been around for awhile but bitcoin beach was a project they slowly laid out in small grassroots areas. The other issue is that the people trade in bitcoin and get dollars and the government covers the loss/profit. Which means... it really makes no sense to have bitcoin for gains , except for avoiding the costs when their family sends money from the US . The app has had a LOT of issues. Bitcoin is no an asset, it's extremely volatile and I have yet to see anyone of my econ professors give a clear answer on them. Even hedge fund investors can be hestitant to putting everything into crypto. It's a very complex thing, which should be done if you have money to spare, not when thirty dollars means if you eat that day. The way they are handling bitcoin, and promising great wealth without any real economic analysis makes me extremely nervous. That being said, if they can lower the interest rates behind the USD and recoup the costs then maybe it will be a good exchange. At the moment most people don't understand crypto fully, nor are there real apps that would teach people. This isn't to say there isn't an ability to learn, but honestly crypto is a rich man's game
Isn't their official currency already the bitcoin? You can't buy bitcoin with bitcoin...
Probably a member of r/wallstreetbets
400% chance this guy paints his beard on
Completely unrelated but his facial hair is trimmed to the point of absurdity. There is not one hair out of place. It looks computer generated and makes his cheeks look like they are missing the muscle. You know how someone could be skinny fat? Small yet comprised of lazy fat and totally weak? That's what his cheeks remind me of.
I find it funny because a beard is supposed to be macho but his looks weak. Kind of like the rapper Drake but so much worse.
“ItS nOt meAnT tO be bOUghT lIkE a sToCk”
The El Salvador experiment will end up pretty terribly.
Nayib Bukele's becoming the de facto dictator of El Salvador., like some other dude just said He couldn't care less about the people. He just wants some money money money, put it all in a cold wallet and GTFO when his government collapses.
Decentralization my ass.
this is bad idea as a currency for a poor country...
This guy looks like a mixture between drake and the European dude who forcefully massages people on trains when you go under tunnels. I’m convinced every train has one of those guys, and I’ve never been on a train.
Truly, the dumbest timeline.
Love how bitcoin naysayers never change.... so many years and you always read the same again and again.
Couple of years in the future we'll "crash" to 150k and here they'll be parroting same nonesense.
the question isn't "is it an investment vehicle", the question is "is it a good currency", and the volatility makes the answer "no".
Not just the volatility makes it a bad currency, the built in deflation nature of the cryptos make them bad currencies.
~~Bitcoin is only used for buying drugs~~
~~Bitcoin is only used for gambling~~
Bitcoin is only used by tiny countries!
Once the bitcoin ponzi scheme implodes this dude is going to end up on a spike.
Someone paid 6 million dollars for a Babe Ruth baseball card, can anyone articulate in detail how that isn't a ponzi scheme but Bitcoin is?
Spoiler alert: the only answers are subjective
How stupid is this man exactly?
He's not stupid, he just doesn't give a shit. He basically orchestrated a self-coup over the past year or so: first [bringing soldiers into parliament to coerce the legislatures to pass a loan agreement](https://www.bbc.com/news/world-latin-america-51458947), then firing the [attorney general and supreme court judges](https://en.wikipedia.org/wiki/2021_Salvadoran_political_crisis) who were opposing him.
At this point, he's popular in his home country, and has no real political checks on his power, so he's basically just stroking his own ego while trying to gain support among dumb tech bros abroad through publicity stunts like this
Lol the whole country is becoming a casino.
What a time to be alive!
This guy sounds like someone who lived with their parents until 40 so never had a mortgage and doesn’t understand basic economics.