Re:El Salvador to airdrop $30 in Bitcoin to up to 6M citizens
by rocqua on Friday June 25, 2021 @08:06AM
(#27629698)
Printing money in bitcoin requires some really weird stuff to happen. Essentially, either you need to scam others with Tether, or you need your apps to literally lie to their users.
Bitcoin was made to be deflationary. That means it was made not to allow anyone to print money. It would have made more sense for them to pick ethereum if they wanted the ability to print money.
Really, the only thing I can imagine is using colored coins in bitcoin, or switching to some other currency later.
Re:El Salvador to airdrop $30 in Bitcoin to up to 6M citizens
by lalaland1125 on Friday June 25, 2021 @11:48AM
(#27632254)
If you look through the technical details this proposal, it 100% allows for money printing.
El Salvador isn't actually giving people Bitcoin. It's giving people records in an SQL database that supposedly correspond to Bitcoin in a government wallet.
The government can just edit that SQL database to print money.
Re:El Salvador to airdrop $30 in Bitcoin to up to 6M citizens
by chucknthem on Tuesday June 29, 2021 @03:09PM
(#27680356)
And become insolvent in a bank run?
There's a not entirely implausible theory that says Bukele is going for Bitcoin specifically because El Salvador uses the US dollar and is thus prevented from taking the typical path of printing more its own currency to "solve" problems. With Tether and various dodgy custom apps in the mix, they can now print money.
https://foreignpolicy.com/2021/06/15/el-salvador-bitcoin-off...