Oddbean new post about login | logout I suppose that's the attraction of El Salvador. they have nothing to lose from making it currency, and in the process just provided a lot of regulatory clarity. For all those builders who want to make something without waiting for more clarity for the US, it makes sense to move already. How robust is their legal system for continuing the clarity. Will the US continue to have the best legal system for administering abstract property rights. Or do supreme court justices get threatened here or there.
Idk you’re not really saying anything to me rn. They are a sovereign nation, this is not a question. Bitcoin is legal tender in their nation. Thus, it is a foreign currency to ppl outside of ES. No different than me using pesos right now in Mexico. I wouldn’t pay capital gains on the peso if it outperforms the dollar. But no one wants to touch this topic bc they don’t want to rustle feathers or scare off other billionaires, but they are going to adopt btc regardless to protect their wealth.
Yea this is a hot topic as no one wants admit that btc is a legit contender for the dollar hegemony. I think Saylor understands this dilemma but it’s not a fight to be fought at the moment, troyan horse of saying store of value or property wink wink Anyway it’s in the title “Bitcoin: A peer to peer electronic cash system”
Yeah that seems to be the case lol. Giant elephant in the room may lead to real consequences to us though. If the US is worried, they should be adding btc to the balance sheet rather than pretending reality is not reality. It’s already forex. The shot was already heard around the world.
They know that already and paying cap gain taxes makes no sense whatsoever. If trump doesn’t win or falls through with his promise to create the btc reserve, the US is cooked. Time to move to Latam lol
Yeah Trump really needs to win. This is also probably why he’s bullish on btc now too, he doesn’t want the capital and human capital leaving. Politics nattering
the 400 year time limit for empires is expiring in the next 50 years tho, i think that it's basically a given that the next empreror is gonna be a nero it is time for a new centre of the world, but i think that is also a doomed project because very likely we are coming to the end of an interglacial and things are gonna get a lot colder soon, and there could well even be a global scale catastrophe that cuts the human population down, right down, with the magnetic field weakening due to a change in galactic field orientation in our vicinity (the 25000 year cycle, every 12000 is Great Flood scale) i think the most important thing in the next 50 years for our species is keeping our computers working and our archives in one piece because without that it's gonna be hard to thrive if this next cycle is another millennium of cold like the Dryas
it also brings me back around to how Bukele is doing that "speculative arbitrage" that Saylor mentions with the legal system. the Goliath, Federal Reserve, can't give up their old power to embrace a new tech, but by doing so, it just gives David (ES) the ability to exploit the faster,better technology system which siphons innovation into ES.