El Salvador’s “Bitcoin City” Is Destined to Fail

El Salvador’s “Bitcoin City” Is Destined to Fail

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  1. **Issues raised**

    *1. Bitcoin City will be built near a volcano.*

    *2. Bitcoin is still not popular in El Salvador.*

    *3. Crypto market is speculative.*

    *4. Bitfinex accused of financial fraud in New York.*

    *5. Bitfinex is unregulated.*

    *6. Max Keiser, Bukele’s friend, is a cult leader.*

    *7. Max Keiser believes that the global financial system will go down in flames.*

    *8. Salvadorians are too poor for the risk associated with Bitcoin’s volatility.*


    1. Additional detailed construction site study needed. Premature to criticize this.

    2. Irrelevant

    3. Irrelevant

    4. Apparently, they did not manage to make the accusations stick particularly much in a court of law.

    5. Bukele, being the president of a sovereign state, has the authority to regulate where applicable and needed. Hence, argument irrelevant.

    6. Concerning Max Keiser: Slanderous. Calumny. Cheap character assassination without offering any evidence whatsoever. Says more about the author than about Max Keiser. The author’s mother is a filthy whore. Now, please, prove otherwise.

    7. So?

    8. This is the only relevant remark:

    The Bitcoin City project must be able to default or go bankrupt without in such case burdening the Salvadorian State Treasury. Therefore, it must be incorporated separately from the Salvadorian State itself. This is perfectly doable as a state-owned corporation. Failing to do so, should be considered seriously negligent.

  2. Spend more time thinking it through. EL Salvador is running the Michael Saylor playbook. The 10 billion in bonds will overprescribe for the same reason. Institutions with bond mandates have 2! Options for investments that even have the possibility of yielding positive after inflation. MICROSTRATEGY And now ES bonds.

    (1 mil was just the example that makes the return 146%apr. I imagine the bond holders don’t have to get 146% per year to be happy, so Bitcoin doesn’t have to continue growing at the same pace)

    100 mil moves the price 1%. So 1/2 of 10 billion will move the price ~50%, so they are up 25% (probably call it 10-15% to be safe) on the investment right off the bat. AND, the US has no choice but to continue to severely devalue the dollar at its fastest pace in decades, meaning the debt continually gets smaller, and now El Salvador has shown the world how to essentially get free money with a speculative attack, others will follow. When others follow, they too will increase the price of Bitcoin and decrease the price of the dollar. (Just like ES copied Saylor and will make the MSTR attack way more profitable. )

    This is an insanely assymetric risk for El Salvador, where they could not only borrow money and pay it back when it’s WAY less valuable, but they also likely get to see a 5-10x on the back of bond holders money.

    This is how suddenly happens. I’m in awe, and also a bit scared.

    Ps. People don’t really believe Microstrategy can pay back that debt if Bitcoin goes to zero. They’ll be happy to take the same exact risk with El Salvador imo

  3. A hundred dollar bond and ten million of them to go around. They want $1 billion to start Bitcoin City. I’m willing to risk three hundred for at least three bonds just for the name (Bitcoin City) which the author ridicules. I love crypto. I’ll do it.

    If everyone in the sub buys three bonds, its done. Who’s with me?

  4. this retard is writing some garbage, then advertising for traffic on the exact same crowd he hates…get this shit out of here and stop clicking on his links..simple as that DED

  5. > That fact is: today’s crypto market, of which Bitcoin consists just over 30% of, is a speculative bubble of epic proportion; made up of equal parts financial fraud, retail hysteria, insane leverage, hopium, FOMO — all fuelled by a global economy overflowing with cheap money…

    Stupid article. What kind of bubble lasts for 10+ years and don’t confuse Bitcoin with the trash and fraud that are shitcoins.

  6. First they ignored Bitcoin, then they made fun of it, then they dismissed it, and now they’re fearful because it may supplant fiat currency in the future which they won’t get a piece of because they can’t charge interest on it.

  7. I’m still going to buy at least one bond just to support the idea. I’m sure there are more “I will die on this hill” Bitcoiners who will do exactly the same.

    OTOH, haters gonna hate. Always.

What do you think?

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