Community like: Maybe Bitcoin makes sense for El Salvador. Wish them the best. But the moment Monero becomes a mandated state currency, without first seeing organic demand from the people, I know the project will have failed. Politicians have no place at the table.
If you still don’t “get” Monero, we encourage you to take a moment and ask its supporters what they see in the project. You may hear some interesting stories.
The El Salvador Bitcoin law carries significant risks & opportunities. The State is antithetical to Bitcoin; surveillance & running Bitcoin w/ corporate partners rather than P2P & open source. Possible large-scale Bitcoin economy helping people in a semi-failed State.
Seth Simmons XMR Enthusiast states: PoW is essential for a decentralized currency that has proper distribution without requiring trust in the network validators. PoS is interesting but has yet to be proven at scale and has many issues with how wealth is distributed.
The only reason a CBDC can be made that requires little energy usage is that there is a central, “trusted” validator and authority in the network — the US gov. That also means they will have 100% visibility into TXs, 100% censorship/seizure ability, and negative interest etc.
This talk of “wasteful” energy usage of PoW in cryptocurrency and the odd timing of multiple ransomware ransoms being paid in Bitcoin are not coincidental at all. These are false flags paving the way for a central, surveilled, censored CBDC.
In response to Elizabeth Warren: “Bitcoin requires so much computing activity that it eats up more energy than entire countries. One of the easiest and least disruptive things we can do to fight the Climate Crisis is to crack down on environmentally wasteful cryptocurrencies.”
Seth Simmons expressed: False flags or boogeyman (like vague and never materializing threats of terrorism in the past) are a great tactic to keep the populace in fear and willing to give up liberty for safety. Don’t bend the knee.
In response to: “The president of El Salvador Nayib Bukele on Twitter spaces right talking about the Bitcoin bill that’s about to pass The government is going to create a Bitcoin wallet for merchants (opt-in, can use any wallet) Accepting Bitcoin is a mandate by law”
Seth Simmons Expressed: Not going to lie, this is pretty nuts! Hopeful for two things once this is live: Transparency of Bitcoin does not cause issues for citizens. Custodial government wallet is not widely used definitely going to be keeping a close eye on this moving forward.
Thus, we can see Monero community are more confident that they are better than Bitcoin! They are not bothered about Volcanoes!
