Imagine your president being a 40yo cryptobro version of Trump. No wonder people are leaving
this post was submitted on 18 Mar 2024
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He's winning against the gangs though - every Salvadorean I know supports him.
Talk to families of unjustified imprisoned people or to the people itself. His 'fixing' was done by basically imprisoning everyone, which just happened to be close to any suspect gang member. There where even cases where a mailman was imprisoned because he just happenend to deliver a parcel during a raid.
Yes, he fixed the gang problem for now. But at a high price – the loss of a fair justice system. He imprisoned 1.2 % of the total population in just 2 years.
I know that freedom vs security is a fine balance and once security suffers significantly, you are willing to give up quiet a lot of freedom. But since he just imprisoned everyone and their relatives, its only a temporary fix – unless he wants to imprison them for life.
I don’t think you understand how completely gangs had effectively taken over El Salvador until recently. Despite the obvious issues that you’ve pointed out, the situation is genuinely miles better than it was before for the vast majority of the population who were simply trying to live their lives.
Thats what I meant with 'if security gets really low, you are willing to sacrifice a lot of freedom'
My major complaint is, that he doesnt have a plan for the time after they will eventually get out of prison.
Considering how strict he is, doubt they're getting out of prison soon.
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Talk to families of unjustified imprisoned people or to the people itself.
Do you actually know & speak to people in El Salvador? Pretty much everyone I know there (family/friends) are ecstatic that there are no more gang members running around unchecked. The country is safer now then it has been in years.
Nothing is perfect of course, poverty is still a major issue, but not having to deal with gang members every time you ride the bus, go out shopping, even just drive around, it's a huge deal over there.
Sure I get what you're saying but for most people there it's been a positive development.
But since he just imprisoned everyone and their relatives, its only a temporary fix – unless he wants to imprison them for life.
True.. to be honest I suspect those people are imprisoned for life. No one expects gang members to be let out of prison while Bukele is still running the country, that's going to be something that gets revisited when/if he's out of office. It's a massive human rights issue but at least for now the majority of Salvadorans consider it a net positive.
The funny thing is that this article is about bitcoin & most Salvadorans don't particularly care about that at all, it's just kind of a headline that isn't going to win/lose Bukele any support in the short term at least.
You seem to underestimate the gang problem. I was in Ilobasco a few years ago and my family that lives there urged me not to go outside past 7pm because I can be a target or even kidnapped. Like wtf why do the gangs get to dictate curfew in 2017? Past nightfall you have to turn the lights off so people in the streets can't peek into your house through the metal guard rails on all the windows. It was eye opening to say the least. Since Nuevas Ideas I have only heard good things and good changes to the area from my family. There were so many people associated to the gangs that I have little sympathy for those 'innocently accused'. I would rather a few loosely incorporated get caught than let the gangs do what they want freely.
Until it's you who get wrongfully put in jail, but I get the point. I think everyone agree it's better now and also they should do everything they can to speed up the release of innocent people.
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Since every Bitcoin transaction is traceable, it makes it easier to see where the money goes...
And also stealable with a single passcode. Which they totally didn't give the president's nephew, no sirree
Bukele and his government is nothing like Trumps. He doesn't want El Salvador to use USD as the standard currency, that's it..
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I have very mixed feelings about Bukele but nobody is leaving because of him. Salvadorian emigration has slowed greatly under him and many people are actually moving back.
Sadly, that's also the exact description of who Canada is most likely to elect as their next leader too. "bitcoin millhouse" we call him.
Tbh we want a Bukele in my south American country. Crime is running rampant
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El Salvador Will Keep Putting $71,000 into the President's Swiss Bank Account Daily
FTFY
It's tragic for the people of his country that they are being essentially forced into participating in a pyramid scheme
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Quadrupling down at this point, right? I feel like this will not end well for him.
He will be alright, the country not so much.
I have a hunch he is personally in charge of a large number of coins to guarantee his safety...or escape lol
Isn't current price of Bitcoin 71000usd?
Yes. It's absolutely insane, and this guy's history with it is doubly insane. Read up a bit and prepare to feel super duper sad for the people in that country.
Whatever your thoughts on cryptocurrency might be, this is borderline gambling addiction.
Just put the whole economy on black.
No, red!
NO, BLACK!
...El Salvador has decided to transfer a large chunk of its bitcoin holdings to a cold wallet and store it in a physical vault
What are we up to now, like Ocean's 15 or something?
Then why do they tell everyone about it?
Seems like a way to pump the price up just by press and not actually wanting to anything.
All the hallmarks of a pump and dump scheme.
Politics got to be transparent you know
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And what happens if the government needs that money and Bitcoin price is down?
I don't see how putting national reserves on such an inestable "asset" would be a good idea.
Worse, what happens if cybercriminals are able to successfully steal a large number of the countries bitcoin, or if they somehow lose access to their bitcoin wallet(s)?
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And then some hacker will get into that wallet and empty it.
The presidency will act all shocked at the news pretending they did everything to secure it...
"some" hacker.
Totally not involved with the government at all.
Totally not tipped off about how to access it and where to put it.
Totally just some random hacker that managed to make off with all of that government money. Oh well, we tried nothing and we're all out of ideas.
Apologies citizens, your money is truly gone.
It's kinda hilarious that the soft dictatorship and prison state that makes even America look like a prison abolitionist paradise isn't what's going to sink this idiot, it'll be the fucking bitcoins
If this is legit and not corruption and bitcoin eventually takes off to ungodly levels, imagine the biggest bet in history paying off and their country turns around as an economic powerhouse. Risky and stupid but would make a good movie.
The only thing keeping them a powerhouse would be a number on a computer that can be stolen. Question is, would people try to steal from a nation rich enough to be a powerhouse and how sophisticated would those theft attempts be?
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Venture capitalist Tim Draper believes that bitcoin will transform El Salvador into one of the wealthiest nations in the world
Or one of the poorest? To the moooon 🔻
El Salvador needs to offload bags of BTC, loud and clear
Publicity stunt amount.
What does ‘unaffordable with fiat currencies’ even mean? This guy knows you can divide BTC right?
The headline said 1BTC, so I take it to mean "until the price of 1BTC is too high to buy with real money". They're not saying they'll buy $66000 worth of bitcoin per day indefinitely, just 1 whole bitcoin per day, regardless of how the price fluctuates, for as long as that's viable.
El Salvador doesn't have its own currency; they use USD and recently bitcoin. I don't know enough to say whether this makes sense.
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Yeah, I haven't been able to parse what that phrase means in a real sense.
Is that bill cipher in the flag?
Even if bitcoin wasn't just a pyramid scheme and all but right now there are 900 new bitcoins each day, after the next halfing around the corner it's still 450/day. So each day there will be more new bitcoin then he would buy in 1 year. Even the easiest numbers don't add up even if he is just a 40yr cryptobro Trump version.
It has zero purpose as currency support, but makes great sense for money laundering. Whose wallet do you think those bitcoins will end up in?
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cool, here's the plan:
- see el salvador announcement
- buy one bitcoin
- wait for el salvador to buy a few bitcoins
- bitcoin price skyrockets to a few million
- sell your one 50k worth bitcoin for 500k dollars
- profit1!1!1!1!
Say he achieves his goal (which doesnt make any sense but lets ignore that), what then? The day they need to encash it and they start selling the price will crash
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