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A comment on El Salvador expected to default as Bitcoin plummets. Parent comment

Re:El Salvador expected to default as Bitcoin plummets by JohnJamesRambo on Wednesday May 11, 2022 @08:05AM (#31338682)
Bukele showed up in the latter stages of a bull market and thought he was a genius that had discovered a money making machine. Just like Saylor and Elon. It happens every cycle. They will all be tested. No one gets through the door easily. The genius was ignoring recency bias and buying BTC at the bottom at 3k in 2018 and selling your coins to Elon last year.

The amount Bukele bought is tiny. Bitcoin and crypto are a threat to the IMF system. They aren’t going to like it when you do that. To survive without the IMF, you would have to go all in at a generational bottom. That did not happen.

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Re:El Salvador expected to default as Bitcoin plummets by el-salvador on Wednesday May 11, 2022 @11:18AM (#31341240)
> Bitcoin and crypto are a threat to the IMF system. They aren’t going to like it when you do that. To survive without the IMF, you would have to go all in at a generational bottom. That did not happen.

In the large scale, El Salvador's BTC fund is not that big.

I mean, El Salvador has more IMF shares than Bitcoins in their fund.

- El Salvador Bitcoin: 74 million USD [2]

- El Salvador IMF shares: 402 million USD (207 million SDRs) [1]

[1] https://www.imf.org/en/About/executive-board/members-quotas

[2] https://nayibtracker.com/

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Re:El Salvador expected to default as Bitcoin plummets by arinlen on Wednesday May 11, 2022 @02:10PM (#31343696)
> Bitcoin and crypto are a threat to the IMF system. They aren’t going to like it when you do that. To survive without the IMF, you would have to go all in at a generational bottom. That did not happen.

I see this conspiracy theory thrown somewhat often, but it has the same substance than any qanon-type "they" story.

Meanwhile, supporters of this conspiracy theory fail to explain why adopting a highly volatile and manipulation-prone asset as a nation's legal tender is not a completely brain-dead belief, as it fails any of the basic properties of money.

Another detail that btc conspiracy theorists fail to mention is how every single concern expressed by the IMF regarding El Salvador's Bitcoin push was already proven right.

But crypto-bros hand-wave around the subject and it never ceases to be fool-proof.

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Re:El Salvador expected to default as Bitcoin plummets by matheusmoreira on Wednesday May 11, 2022 @12:18PM (#31342071)
> Bitcoin and crypto are a threat to the IMF system.

Can you elaborate on this?

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