Bubblesofearth wrote:The point about the El Salvador link wasn't political but technological, i.e. that few people are using BTC. If people don't use a technology then it's failed in its purpose.
Gold can be used in some places around the world, including some US states, to buy stuff. Do you consider gold to be currency?
I would be VERY dubious about claims that "Almost no-one in El Salvador uses Bitcoin - not even in tourism does it seem to be an attraction."
How does ANYONE establish the figures to prove or disprove that claim.
Forget for a moment the fact that we may both believe that bitcoin use is not the majority of transactions in El Salvador. How would you set about establishing the number of BTC transactions?
I can tell you what academic studies have done, which indeed shows a picture of only modest use.
They have assumed that every bitcoin transaction in El Salvador uses the CHIVO wallet. They could also get banking data of BTC conversion to USD.
First point of contention. The majority of people or businesses in El Salvador don't have bank accounts. Historically it's a cash based economy.
Second point: The entire movement grew out of a tourist resort calling itself "Bitcoin Beach" with it's own wallet.
https://play.google.com/store/apps/deta ... l=en&gl=US
https://apps.apple.com/ng/app/blink-bit ... 1531383905
You can download it yourself. Go on, do so, even though you will never use it.
Imagine that I am feeling generous and send 30,000 satt's. Are you in El Salvador because you have that wallet?
Now imagine that you do use it. Are you in El Salvador when you buy your Coffee in London or Lugano?
Ok, so imagine that you are a tourist in El Salvador and use the same wallet.
How is ANYONE going to know that you spent money in El Salvador rather than elsewhere? Well if the person or establishment you pay is using a Chivo wallet or a bank in El Salvador they will. But not if they are using another Blink (Bitcoin Beach) wallet!
The transaction data ISN'T there to back any claims about geographic or jurisdiction use. The only link is that nobody other than El Salvador citizens are allowed the Chivo wallet, but such people can use other wallets instead.
A few more questions.
1) did you know any of this.
2) do you think that the economist that you quoted does or cares?
Is it not impossible that tourists visiting El Salvador might enjoy the ability to spend their BTC? According to your economist it doesn't happen! Very VERY dubious claims.
Statistics of tourism also also call her claims into question. There seems to have been a tourism uptick.
https://fas.usda.gov/data/el-salvador-f ... tutional-4
I think that I'll leave the subject of El Salvador there. Maybe in 5 years time we will be better able to judge the success or failure of their legal tender laws, though to be honest we would have to agree what either looked like or meant.