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Re:No, your cryptocurrency cannot work by goldcountry on Monday September 06, 2021 @03:28PM (#28437064)
Well apparently the people of El Salvador would beg to differ.
Re:No, your cryptocurrency cannot work by frankbreetz on Monday September 06, 2021 @03:30PM (#28437093)
i think you mean the president of El Salvador would disagree. it is quite an unpopular policy amounst the people of El Salvador.
Re:No, your cryptocurrency cannot work by delaaxe on Monday September 06, 2021 @03:40PM (#28437185)
So unpopular that people are protesting in the streets https://twitter.com/Crypto_Daily/status/1432715470902284306/...
Re:No, your cryptocurrency cannot work by frankbreetz on Monday September 06, 2021 @03:52PM (#28437309)
This is more what I was referring to, I haven't heard of any protests.

https://www.reuters.com/technology/majority-salvadorans-do-n...

Re:No, your cryptocurrency cannot work by beardog on Monday September 06, 2021 @03:46PM (#28437249)
The gdp per capita of El Salvador is $3798 USD which is about $10.40/day.[1]

To have a bitcoin transaction mined within roughly an hour on sep 6 2021 costs $11.44[2], making bitcoin unusable for many Salvadorans, especially for small transactions. Yes, lightning network and centralized payment platforms exist on top of Bitcoin, but these defeat the purpose of bitcoin and add complexity.

1 https://data.worldbank.org/indicator/NY.GDP.PCAP.CD?location... 2 https://bitcoinfees.co/

Re:No, your cryptocurrency cannot work by xur17 on Monday September 06, 2021 @04:10PM (#28437515)
> Yes, lightning network and centralized payment platforms exist on top of Bitcoin, but these defeat the purpose of bitcoin and add complexity.

It's important to note that the "centralization" of lightning (a statement that I somewhat disagree with, but can understand the basis of) doesn't mean that other parties can steal your money. You the sender decide what route your payment takes, and as such the worst a participant can do is block your payment from arriving at the destination. And, if this occurs, you can just find another route, or open a direct channel to the node you are trying to send to.

Re:No, your cryptocurrency cannot work by frankenst1 on Monday September 06, 2021 @04:04PM (#28437450)
I would assume that the ability to receive remittances at practically zero fees without any intermediaries and a monetary supply that can't be censored or controlled by the government is more valuable to the people of El Salvador than the fact that they are transferring Bitcoins over a layer 2 network (Lightning Network) instead of the much slower and more expensive layer 1 network (Bitcoin blockchain).