El Salvador's Bitcoin use grows but headaches persist

Re:El Salvador's Bitcoin use grows but headaches persist by WJW on Thursday October 07, 2021 @05:04PM (#28792059)

Lack of imagination.

Step 1: Buy a lot of bitcoin.

Step 2: Convince/bribe the President of El Salvador to make bitcoin the legal tender.

Step 3: Bitcoin goes up because "OMG legal tender status" even though it is in a super minor country that was de facto using the USD as currency anyway.

Step 4: Sell your bitcoin at a profit due to the events of step 3.

Step 5: Who cares about what happens after step 4.

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Re:El Salvador's Bitcoin use grows but headaches persist by fleddr on Thursday October 07, 2021 @06:30PM (#28792922)

The El Salvador plan has done absolutely nothing for Bitcoin's price, so I guess the plan (which you made up) failed.

BTC price swings occurs due to institutional buying (or selling) which are generally triggered by macro conditions. Nothing else triggers it because the market cap is too large to move on minor news.

Finally, an opportunistic Bitcoin trader wants Bitcoin to go down, not up. So that they can buy more.

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Re:El Salvador's Bitcoin use grows but headaches persist by zitterbewegung on Friday October 08, 2021 @06:27AM (#28797642)

I meant for the country as a whole not traders that would use non public information.

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