EL

DanNotTheMann

I'm a BTC maxi but it's going to be a long time until it replaces USD as local medium of exchange for plebs. Try doing a road trip for example in any country around the world, (other than EL Salvador perhaps), and paying for all your daily needs with BTC, (or gold, or silver, for that matter), it's near on impossible. The local currency and/or the USD will be accepted in most countries though.

unsane_sandwiches

7097556EL3 computer file 93

millennialminer

This is a good point, thanks for bringing this up. So the vision is that BTC will be the global reserve currency, at some point in the future, we'll be able to purchase goods and services with BTC like we do with our local currency as of now, ofc not the base layer, mostly L2/lightning, as we see in EL Salvador now. OR The local currencies will be backed by BTC, like how it was during the gold standard. By the time that happens, BTC will probably be adopted by multiple nations, and the price would be over $10M/BTC or more (ofc I could be absolutely wrong). Now, whoever understands hard money and game theory (I am not an expert), will stack as much as possible now, will lower their time preference as much as possible, just live a minimalist life and wait for the game theory to play out, so that once the time comes when we can use BTC as easily as our local currency, we'll do so. There is also another angle to this, that self custody BTC now will also empower an individual where they don't have to be dependent on govts or any central entity completely. Also, no centralized entity will have as much power as they have now as BTC separates money from state control and gives power back to the people. There are many more debatable topics surrounding this, as most people don't understand money and how it has changed forms over the last centuries, how most powerful nations fell due to their leader's diluting hard money for personal gain and greed. I shall stop here.

MinimalGravitas

> One other consideration is that whenever an EIP gets pushed through, I assume it must be implemented through every client before it takes effect? Yea, that's exactly why upgrades take so long. Also testing takes for ever because nodes run 1 of 5 EL clients and 1 of 5 CL clients, so that's 25 possible combinations... and all of them are written in different programming languages, and built by different teams from all over the world... Like you say, the tradeoff for decentralization is the time and effort it takes to coordinate!

MinimalGravitas

> isn't ETH getting more centralized in this manner? Correct me if Im wrong but last I heard geth is now something like 85% share It was at 85% a few weeks ago, but it's falling rapidly and is now down to 72%: https://clientdiversity.org/ This figure should drop quite a bit further as big staking operators like Coinbase have announced they are going to diversify away from Geth as an execution client: https://www.coinbase.com/nl/cloud/discover/insights-analysis/execution-client-diversity Also, it's worth noting that that's only talking about the execution layer ('EL' - which manages transactions). The consensus layer ('CL' - which determines validity and inclusion of proposed blocks) is already much more decentralized, with the most popular client only at about 37%. > (and yes noted all others have 2 or less today) Exactly this, Ethereum's decentralization of clients isn't ideal, but it is infinitely better than every network that relies solely on a single client, built by a single team. Having a single point of failure is exactly the thing which decentralization is supposed to protect against. Once Geth dominance drops below 2/3 that risk will be gone from EL as well as CL.

Secure-Rich3501

Last point makes the most sense. $30 is a lot for third worlders... Second worlders and a small population of first worlders... Apparently the 110,000? And why only 3 million? The chivo wallet with 3.1 score just says over a million downloads. Would be nice to have more accurate numbers... Chain analysis can tell a lot and they probably have ideas of what exchanges might be used by that population? And if the government is giving out Bitcoin maybe they have a greater grasp on the numbers... Again, I don't believe El Salvador has 150 billion worth of bitcoin. I think you're off by 3 zeros. 3,000 * 52,000... Over 150 million... 28.74 billion USD (2021) GDP IN EL SALVADOR

HSuke

While it's true that Ethereum CL failure is not as bad as EL failure, it can lead to reorgs and mass validator slashing. You're not supposed to be making transactions while there's an ongoing CL failure.

Guilty-bnb

EL SALVADOR !! Is once again a beautiful Country for tourists and gang free for the safety of Salvadorians not to mention you can use much of your BTC for your vacations

crazypetealive

Not downplaying your point, but you may want to learn a bit of geography. EL Salvador is Central America not South America.

Fonickz

EL Salvador will forever remain historic in the history of Bitcoin

DiamondNo5743

Bitcoin saved EL Salvador ass. It was a massive risk one I personally wouldn’t have but desperate time call for desperate measures. The biggest problem with bitcoin are all the fees. For a poor country these fees add up and are significant even if to us it’s negligible. A large part of the experiment was to bring crypto adoption to the country and hope to create a new investment lane. In that they have succeeded that are alternative chains that are far cheaper and faster to use for day to day transactions that bitcoin is not suitable for.

BiggusDickus-

Could someone EL5 what actually happened here? Was this person using a hardware wallet and approved a bad transaction? Did this person go to a bogus DEX? For those of us that are pure idiots? What did this guy do wrong?

R4ID

>When people talk about Ethereum having multiple clients they mean there are different options to choose from. CL=Consensus layer client EL= Execution later client. I'm not 100% familiar with all the options/choices but I knew that much at least is their abbreviations. >Does XRP have multiple clients in that way, or did you just mean there are multiple nodes, but all running the same software? They are not all running the same software and there are multiple nodes. (3 nodes to be specific) stock, Hub, and validator. each one has sub category's that do different things, some can specialize others can choose to be broad. They dont all run the same software but it is the same language.

R4ID

The" client" is simply a node with an instance of Eth verifying data and cross referencing the systems rules while securing the network. so for ETh IIRC its the CL and the EL client that do this. The XRP ledger has nodes which run both of these tasks at the same time(and more) namely a stock node. they can act as partial historical nodes, they also broadcast transactions and also listen to new transactions that are broadcasted at the same time. While doing this they also elect validator nodes to represent them on certain matters and relay the data from hub nodes to other clusters. each one of these things is its own "client" because each of them relay data and confirm it against the protocols rules, and vote to keep the networks secure at the same time. https://xrpl.org/blog/2021/xrpl-node-configurator.html

MinimalGravitas

Sure, here's some examples: [This](https://optimism.easscan.org/attestation/view/0x4b653b80b9ea2192acb0d53a78200337b9b07d5b47f8b8dc503802d7499306e7) is the attestation stating that I am a badgeholder for round 3. You can see I recieved it because I was a badgeholder in the previous round. [This](https://optimism.easscan.org/schema/view/0xfdcfdad2dbe7489e0ce56b260348b7f14e8365a8a325aef9834818c00d46b31b) is the general schema for all RetroPGF 3 badges, so you can see everyone who participated. [This](https://optimism.easscan.org/attestation/view/0x86d665bb1b0de56b1b17802fac87bcef2b9e7c925e886610f73692b511afe128) was my first trial version of a 'list' (a way we grouped together applications and suggested allocations for them). You can also see that I revoked this one, showing other participants not to use these recommendations. [This](https://optimism.easscan.org/attestation/view/0xc117d7c35a16ca2816dada0b48debb31abe3320672011bc54d967595cfba2e61) is my second (final) version of the list for EL/CL client teams and relays, which you can see is not revoked. [This](https://optimism.easscan.org/address/0x7899d9b1181cbB427b0b1BE0684C096C260F7474) is my attestation profile, where you can see a couple of other uses we put the system to: giving 'praise' and noting contributions to the co-granting fund (basically donations to boost the amount given to projects recieving grants from Optimism).

seb7mad

How so? It’s a trustless protocol and everything happens on-chain, it doesn’t promise high returns and it certainly doesn’t pay yield using “new investors” money. What exactly about restaking/EL sounds like a ponzi scheme?

Bunny_Baller_888

BTC down right now and whales dumped back in Nov. 2023. Do you forsee another potential BTC dump between now and the halving of April 2024? Or do you see after the flashdump to buy more crypto at discounts? Today's News: BTC post their BTC ETF Ad Black Rocks application for BTC ETF approved by SEC Hong Kong also filled for an ETF application Argentina approved BTC in contact deals EL Salvador offers citizenship to foreign BTC investors

KingKained24

There is a future where BTC is money. It will probably start with poor countries with high inflation. Like Argentina, EL Salvador, Venezuela maybe Turkiye and most certainly many African nations. I don't think I will ever stop holding BTC though I sometimes dream of timing halving cycles.

breakboyzz

Yeah but, why is it cheaper to get into the USA than EL-SAL-VA-DOR. That’s an absurd amount of money to become a citizen of a 3rd world country. It’s a goofball number.

MT-Capital

EL Salvador COIN probably

Less_Cap1539

We have one have thing in common though. EL. It’s just that I’m going *extra long* and they are *exit liquidity*

IllustriousLawyer656

Great choice. 12 words is more than fine. Also checkout Blockstream Jade as they also offer similar features. https://youtu.be/z5EL7Hi6JtM?si=yYjast0TEcTCP52h

IllustriousLawyer656

https://youtu.be/z5EL7Hi6JtM?si=NqHtR2MPp11JtvgH

benjaminchodroff

EL=execution layer CL=consensus layer These used to be in the same Eth client (typically geth) but were split post Shanghai PoS into separate distinct layers. It’s quite incredible what Ethereum is pulling off - at scale, while at supersonic flight. I think they will succeed. I personally do hope that BIP 300 and 301 make drivechain a success in Bitcoin ecosystem. It doesn’t change Bitcoin but could help address the valid concerns you pointed out. It’s a long road, but possible. Let’s see :)

goobergal97

What does EL/CL complexity standfor? I'd love a resource to read on that. There is risk in an evolving protocol like ethereum, however for me personally I sleep easy seeing how well the development team was able to research and upgrade to POS in a decentralized manner. It was an extremely difficult task to pull off. That bitcoin can't change even if a good portion of the community wants to adds risk to bitcoin when there is genuinely something wrong. Bitcoin's economic model with the block reward is only going to work for a few more halvenings. Miners will be incentivized to attack the network after a certain point due to the rising cost of securing the network combined with the falling block reward. I'm posting a real resource on this from real academic researchers, don't take my word for it, at least read the abstract and if it's compelling take a glance at the paper. https://www.cs.princeton.edu/~arvindn/publications/mining_CCS.pdf Here's the abstract. > Bitcoin provides two incentives for miners: block rewards and transaction fees. The former accounts for the vast ma- jority of miner revenues at the beginning of the system, but it is expected to transition to the latter as the block rewards dwindle. There has been an implicit belief that whether miners are paid by block rewards or transaction fees does not affect the security of the block chain. We show that this is not the case. Our key insight is that with only transaction fees, the variance of the block reward is very high due to the exponentially distributed block arrival time, and it becomes attractive to fork a “wealthy” block to “steal” the rewards therein. We show that this results in an equilibrium with undesirable properties for Bitcoin’s security and performance, and even non-equilibria in some circumstances. We also revisit selfish mining and show that it can be made profitable for a miner with an arbitrarily low hash power share, and who is arbitrarily poorly connected within the network. Our results are derived from theoretical analysis and confirmed by a new Bitcoin mining simulator that may be of independent interest. We discuss the troubling implications of our results for Bitcoin’s future security and draw lessons for the design of new cryptocurrencies. I'm like the opposite of you lol, I have a soft spot for BTC and hold some still but favor ETH far more at this point. I sincerely wish that BTC had added smart contract functionality back in the day, bitcoin should have be capturing a lot of this DEFI value imo.

benjaminchodroff

I see Bitcoin as superior to Ethereum in that it does one thing and does it incredibly well: stores value. Ethereum is far riskier because it has many more ways to fail: EVM attack surface, EL/CL complexity, evolving protocol and ecosystem engineering... let alone all the FUD that naturally comes out of the ETH space due to the amount of "bad things" any actor can create purposefully or accidentally. Bitcoin's stock to flow, absolute scarcity, and the fact that literally it couldn't change even if a good portion of the community wanted it to is going to drive the BTC price far higher. Bitcoin's unique backstory means that nothing in the future could ever truly replace it without an insider advantage. If I recommend a single token to a new retail user, it's Bitcoin. I feel safe in recommending it given how little it does, and how great it does it. Lightning protocol will allow many more users to join in this revolution. However, Ethereum has a bright future as the world's decentralized computer. It has certainly captured the vast majority of liquidity, developer mind-share, and best ecosystem support. I do not see this going away in the next cycle. As Bitcoin's price rises, so with the rest of the DeFi ecosystem and Ethereum stands to benefit significantly. I'd be very wary of most other tokens, although even a half-decent scam token can make a few useful idiots stupidly rich. If there is a single token I recommend to a new wholesale user, it's Ethereum. Stablecoins (and soon to be all forms of regulated payment tokens - Deposit Tokens and CBDC) are likely to accelerate Ethereum and the layer2 solutions. Will ETH market cap flip BTC? I personally doubt it, but who knows. Will a ETH killer finally succeed in this next halving cycle? I equally doubt it, but ETH has a heavier innovation crown to bear in comparison to Bitcoin. Fair disclosure: I stand to benefit either way. I'm a BTC maxi in denial, with a soft spot for ETH DeFi love.

DBRiMatt

A country to do what EL Salvador did, but better!

Yellowflash274

The only Crypto friendly Government in the world is EL Salvador rest are all CBDC maxis

hoya_doing

So close ma friend, but not quite. You see, last name has to come first. Elon Musk will be Musk Elon so it'll be MEL, not EMU. **MEL** = **M EL** = **M**usk **EL**on

Valdorff

> Yes, says right there on lido.fi/scorecard Actually... this risk isn't there. The closest is "Node operators are disincentivized from acting maliciously" but the focus is on obeying withdrawals. EL/MEV theft is not discussed. That said - I absolutely adore their scorecard. Beats the everliving pants off anything RP have for one-stop risk clarity. > Of course you did, but it's easier to suggest malice on your competitors' part instead I'm not saying Lido NOs are malicious. In fact, since they _haven't_ taken the 6x larger paycheck since the merge, there's some damn strong evidence that they're trustworthy. I _am_ saying that the system relies on trust. If one of their NOs kept all of the MEV, it would affect the APR of stETH by about 1/3 (the EL share) of 1/29th (the amount held by one NO). This is a bit over 1% of APR. It would also demonstrate that the NO coming out most ahead is the one doing the inappropriate thing and would make it more challenging to continue the social contract. > base the entire security and tokenomics on its market value As I've previously noted to you, rETH security does not depend on RPL market value.

MinimalGravitas

> Someone put 0x686f77206d7563682069732074686520666973683f ( **"how much is the fish?"** ) as extra-data in the EL Holesky genesis.json, and not in the CL genesis.ssz > Misconfiguration, network failed to launch. *https://twitter.com/protolambda/status/1702691543629328474* And the reference for those that aren't well versed in German techno/happy-hardcore... https://youtu.be/cbB3iGRHtqA?feature=shared&t=40

Bitcoin_Maximalist

The fact that you love him is clearly visibly because you want him to study Bitcoin. Good brother. https://www.youtube.com/watch?v=8Mhu6dxj7qk&list=FLDpqF5SBL-UGRWe6EL7ySuA&index=11

Extremely_Peaceful

Leave him alone. Keep your family and finance separate. That said: https://www.youtube.com/watch?v=8Mhu6dxj7qk&list=FLDpqF5SBL-UGRWe6EL7ySuA&index=11

BoomBoomTucki

EL Salvador should teach their kids about MOONS, too

AdZealousideal3461

Wow wow 1 Billion dollars in EL Salvador is so much and could have solved many burning Crisis. Embracing technology is good but not cutting own bellies. Hope he gets good return.

anthony_blues

EL Salvador gov is full supporter of decentralised technology and crypto even I gues they were the first who give the equal status of crypto currency to their fiat currency they are so liberal towards crypto currency

Every_Hunt_160

Bitcoin *can* be a daily use coin with the lightning network The issue isn’t the fees for Bitcoin. It’s adoption. The volatility doesn’t help its case as well. In EL Savador most businesses don’t want to accept Bitcoins anymore after seeing its price fall 70% from when they first rolled out Bitcoin in 2021. All these are way bigger issues than gas fees.

Impossible-Injury932

That's my new street name "EL" for Exit Liquidity, funny as chit , best.

Every_Hunt_160

Bitcoin adoption and hype in EL Savador is exactly as OP said: it’s just the foreigners who are not citizens that are the ones making a lot of noise, the locals don’t really benefit much from it

Every_Hunt_160

People on cc/sub: EL Salvador is going to be rich! All their citizens have benefitted from Bitcoin adoption! Reality: OP’s post

DingDongWhoDis

The Bank of Italy partnered with Algorand for surities/banking guarantees. The National Bank of Australia launched a stable coin on ALGO. EL Salvador is developing blockchain infrastructure on ALGO. Nigeria is said to be looking to record IP on ALGO, and Algorand is involved [with India](https://www.prnewswire.com/in/news-releases/algorand-foundation-announces-broad-reaching-partnerships-in-india-to-grow-web3-301740349.html). Related, might as well mention Travel X plane tickets in Argentina already booking over a million tickets, and honorable mention of [HesabPay migrating to Algorand. ](https://www.algorand.foundation/news/hesabpay)

Impossible-Injury932

Yep, it happened to me and continues. My rap name is EL , as in exit liquidity.

vattenj

Even if it is regarded as a currency, foreign currency exchange profit still need to pay capital gain tax. You must live a country like EL Salvador which recognize it as legal tender to avoid that

simplicity92

wow. Finally someone got a full crypto licensed. But EL Salvador is one of the only country who recognize BTC as legal tender

Fun_Evening_2487

EL Salvador could definitely make something of Bitcoin.

SuperbCantaloupe1929

Another source : https://twitter.com/BitcoinMagazine/status/1683847962554773505?t=av8ox-7feTgQUSzO2EL-9g&s=19

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bkcrypt0

Exactly. I'm tracking real estate focused tokens here if interested (don't own any so not shilling): [https://coinmarketcap.com/watchlist/61e6d3b4f7d6ba1fefb728b9](https://coinmarketcap.com/watchlist/61e6d3b4f7d6ba1fefb728b9) Includes PRO, LA, EL and RET at the moment.

ElegantComedian8804

You obviously don't have to respond as its personal, but hsre goes anyways: do you not have any fiat/cash (even 5%), set aside for emergencies (medical, domestic) etc.... If you live outside of EL Salvador obviously

Faults93

https://www.binance.com/en/activity/referral-entry/CPA?ref=CPA_00EL7OSYCA

ThisIsTheGwei

I finally bit the bullet and spun up some validators using [eth-docker.](https://eth-docker.net/) The process took a weekend to learn (command line naive, never used Linux, not in tech, etc.). I work full-time 50-75 hrs/week. Maintenance for my validators have been maybe 5 minutes/week. I literally just look for updates for EL/CL clients and run the update command if necessary. It takes less than a minute to update and restart. Otherwise everything is on autopilot. Occasional power outage issues which resolves with a reset (autostart EL/CL on login). I bought a UPS as well and learned how to program it to safely shut down if there's a power outage and power back up once power is restored. I bought a NUC, 2TB SSD, some ram, and a USB keyboard/mouse, spent maybe $1000. It's already paid itself off rather easily. Nothing but profit from here given minimal electricity usage and already fast internet (fiber). The time taken to invest in the validators will probably pay off very well in a few years.

Bkwrzdub

> ) or the vending machine blasting Michael saylor mantras? NO!!! make the mummy's voicebox Saylor!!! LO-EFFING-EL!

badfishbeefcake

is there another county who followed EL Salvador steps?

Giga79

Check out the Eigenlayer. If you're familiar with merge mining, it is essentially the same thing only for POS. The issue with paying nodes is they have nothing at stake, and very low requirements. If you can spin up 1000 nodes using one machine and generate more money than by running 1 validator, that's what you'll do and this does nothing to improve throughput or decentralization. Using Eigenlayer you're able to use your L1 ETH stake as collateral for validating other networks in parallel with ETH, only by signing on for some additional slashing criteria. This solves the nothing at stake issue. If you're *maliciously* re-staking into an L2 or an archival node you will lose substantial amounts of money. This opens the door for any/all insecure networks to lease Ethereum's validators at very low cost, and is the best option for a fully decentralized L2. If the market values specific nodes at all they can very easily put a price on them this way. It will be the most efficient path. You can incentivize a validator with an additional *0.05%* likely. Archival nodes will be very useful (necessary) but very expensive to maintain, I expect the market (or Rollup's) will come up with an incentive via EL once the base layer starts purging data. Running a node is not altruistic today either. It is the only way to verify your transaction made it into the blockchain untampered. Don't trust, verify. This is moot for most people but if you want to use any cryptocurrency *trustlessly* you must run your own nodes, it serves you more than anyone else in the network.

Knotley-Hunt-Brick

They should just use low volatile p2p like LTC, Doge BTC as reserve currency is for flexible countries like EL SAVADOR.

King_Esot3ric

What a dumb fucking article full of FUD. They base their entire argument on that graph, and then at the end of the article state that the graph is an estimate and probably not accurate… EL OH EL

Head-Search-4301

EL SALVADOR is your safe heaven fiendo.

Positive-Gazelle2603

lol get out of reddit and visit EL Salvador an you will see

Responsible_Cod_1453

EL Mao what's best it will pass coz it's more money for the government

ThrillingTurtle

FADE IN: EXT. NEW YORK CITY - DAY The city is bustling with people going about their day. Suddenly, the sky darkens, and a giant shadow covers the city. The camera pans up to reveal Elon Musk, AKA Doge Daddy, on a giant spaceship shaped like a Doge coin. DOGE DADDY: "Attention, citizens of Earth! Your crypto overlords have arrived!" Cut to Satoshi Nakamoto, AKA Satoshi Nakamoto, in a secret underground bunker. He receives an alert on his computer. SATOSHI NAKAMOTO: "It's happening." Cut to Vitalik Buterin, AKA The Prodigy, sitting in front of a computer screen, analyzing the situation. THE PRODIGY: "We need to act fast. Musk is summoning an army of Doge shills to promote his latest scam coin." Cut to Michael Saylor, AKA Michael Whaler, in his office, holding a massive bag of Bitcoin. MICHAEL WHALER: "I'm ready to hold the line." Cut to Nayib Bukele, AKA El Presidente, standing at the edge of a volcano, ready to unleash his powers. EL PRESIDENTE: "This is going to get hot." Cut to Gary Gensler (Pre 2022), AKA The Educator, addressing a crowd of people about the dangers of crypto. THE EDUCATOR: "We need to educate the public about the risks involved in investing in cryptocurrency." Suddenly, the scene is interrupted by a news report. NEWS ANCHOR: "In other news, Warren Buffett, AKA The Veteran, has acquired a significant stake in several crypto companies." Cut to Warren Buffett, AKA The Veteran, sitting in his office. THE VETERAN: "I've been around long enough to know a good investment when I see one." Cut to Jim Cramer, AKA Zoltar, watching the news report. ZOLTAR: "I see great things in the future of crypto." Cut to Sam Bankman-Fried, AKA The Fraudster, walking into a bank with a briefcase full of cash. BANK TELLER: "How can I help you?" THE FRAUDSTER: "I'd like to make a deposit." Suddenly, the bank explodes, and The Fraudster disappears. Cut back to the heroes preparing for battle. SATOSHI NAKAMOTO: "We need to stop them before it's too late." THE PRODIGY: "I have a plan." MICHAEL WHALER: "Let's do this." EL PRESIDENTE: "It's time to unleash the power of the volcano." THE EDUCATOR: "Let's educate the world about the dangers of these villains." Cut to the villains, preparing for battle. DOGE DADDY: "Let's show these plebs the power of the Doge army." THE VETERAN: "I've been waiting for a challenge like this." ZOLTAR: "I see victory in our future." THE REGULATOR: "I will enforce the rules of the land." The heroes and villains face off in an epic battle, with each side unleashing their powers. Satoshi Nakamoto's unknown abilities are revealed, and he single-handedly takes down Doge Daddy's spaceship. The Prodigy solves the blockchain trilemma, weakening The Veteran's immortality. Michael Whaler holds the line against The Fraudster's disappearing act, and El Presidente unleashes a massive eruption from the volcano, taking down Zoltar. The Educator convinces the public to stop investing in crypto, causing The Regulator to lose his powers. In the end, the heroes emerge victorious, and the villains are brought to justice. Satoshi Nakamoto reveals that he had been working behind the scenes, gathering information on the villains and their plans. He thanks the heroes for their bravery and teamwork in stopping the villains' evil plans. As the heroes celebrate their victory, The Educator suggests they continue working together to educate the public about the risks and benefits of cryptocurrency. They all agree to work together and ensure that crypto is used responsibly and for the greater good. FADE OUT.

Tasigur1

[Who can relate to this? xD](https://encrypted-tbn0.gstatic.com/images?q=tbn:ANd9GcRHNvBjWzijJpM2rvj8-0oZl-fC2EL2AeS40n0DZUYf9A&s)

cantreadcantspell

partial withdrawals are automated, provided you've set an EL withdrawal address. full withdrawals are automated after you issue an exit message.

Parush9

Could be good timing for them could learn thing or two from EL Salvador who went balls deep during last run & still doing well .

Treckhide

Move to EL Salvador. Easy.

No_Composer_2618

Its only after adopting BTC,EL Salvador started to be in headlines consistently.

gloriousexecution

A few years from now EL salvador will be one of the richest countries just by holding BTC.

reed5point0

Sure thing. You're using CDC as a reference which is one of the main contributors to getting the COSMOS IBC launched so I'll start there with tokens also on the IBC. > AKT - AKASH - Akash is a decentralized cloud computing platform that allows developers to deploy and manage applications in a serverless environment. It is built on top of the blockchain technology and enables users to rent out their unused computing resources in exchange for the platform's native token, AKT. > > Sentinel - DVPN -DVPN stands for "Decentralized Virtual Private Network". It is a type of VPN that uses blockchain technology and peer-to-peer networking to provide users with a secure, private, and decentralized way to access the internet. > >Jackal - JKL - Jackal Protocol is a blockchain and storage network designed to make cloud storage safer. Let's branch out to some cooler ones that use NFTs and other Data. These could be independent L1 networks, or tokens on ETH (ERC20) >VeChain - VET - VeChain's main utility is its ability to provide users with real-time information about the location, condition, and history of goods as they move through the supply chain. This is achieved through the use of digital identifiers, called "VeChain IDs", which are attached to physical products and track their movement and status on the blockchain. > >Chainlink - LINK - Chainlink provides a solution to this limitation by allowing smart contracts to securely access and utilize off-chain data and systems, such as weather data, stock prices, and payment systems. This is achieved through a decentralized network of nodes, called "oracles", that retrieve and verify data from multiple sources and then deliver it to the smart contract in a tamper-proof manner. > >LTO Network - LTO - "EL Tio" -LTO Network's solution for land rights management is based on the concept of "legal transfer objects" or LTOs. LTOs are digital representations of physical objects, such as land parcels, that can be used to securely and transparently manage ownership and transfer rights. In the context of land registry, LTOs can be used to record and verify the ownership and transfer of land parcels, as well as any liens, encumbrances, or other legal restrictions. LTOs can also be used to automate the process of title registration and transfer, reducing the time and cost associated with traditional land registry systems. LTOs on Chain land rights are created through a process of "anchoring" or linking digital data to physical assets. This is achieved through a combination of digital signatures, cryptographic hashes, and timestamps, which provide a secure and tamper-proof record of ownership and transfer rights. > >TLDR; On Chain Land Deeds

sashei

Hey there, I'm from DeFi Kingdoms, and would like to take a few minutes to address some of the things you mentioned in your thread and in the comments. First, about the initial launch: DeFi Kingdoms originally had many early investors from within the Harmony One ecosystem when they launched on 23rd August 2021. In fact, the developers were too busy launching the initial interface and many bought only after the initial price increase of JEWEL - there's enough blockchain proof of that. The initial liquidity was the agreement with a 3rd party investor, which has been addressed many times already. The investor was not allowed to withdraw the LP at any point, but was allowed to trade any staking rewards in return for the risk of providing the initial liquidity - since if the project would have failed, the investor would have lost his investment. The LP are still staked and untouched. Regarding the mining quest exploit: yes, there was an unintended workaround of moving locked tokens that allowed players to unlock more tokens than they would have by questing normally. However, different than your post claims, no team-member was involved in the exploit. Furthermore, the amount of tokens that was being unlocked by this workaround was a fraction of what was being unlocked via the actual gameplay (through the yield farm and the questing). Again, there is plenty of blockchain data to support this. Also, Frisky Fox was involved in Lootswap before he started DeFi Kingdoms, but he left before things went down with Lootswap and was not involved in any scams. Now, to the state of the project now. It is certainly not in shambles, and development is flourishing with one of the best communities in crypto space. DFK is having thousands of active users doing millions of transactions on DFK Chain and Klaytn. We released our PvP minigame DFK Duels almost a year ago, and just last month released a PvE Sandbox alpha-preview of our upcoming PvP feature. Originally DeFi Kingdoms launched as a DEX with a gamefied interface. Over the last years we developed and launched many features: our Hero NFTs, Summoning, a variety of Quests, Pet Hatching, DFK Duels, Alchemist, Dark Summoning and many more. And even more exciting features are coming soon - a full list of all our releases can be found in our roadmap https://docs.defikingdoms.com/roadmap. We've not only been busy adding features to the game itself, but have always been trying to pioneer things in the crypto space. For example, together with the great support from Ava Labs we launched the first subnet on the Avalanche Chain, which hosted our first expansion and enabled our players to experience DeFi Kingdoms Multichain. After the Harmony Bridge Exploit, we moved our original world Serendale to Klaytn at the end of last year, which is one of the fasted growing Asian blockchains, focusing on gaming in particular. We've partnered with Synapse and LayerZero to enable seamless bridging of ingame tokens, Pets and Heroes between chains. We've been working closely together with many partners in the crypto space: Coinbase, Covalent, Dappradar, Blockpit, Rome, Liquify, Kaika, Swapscanner, POKT and more; and other projects like LE7EL or Ethlas decided to integrate our assets into their games, and our community built interactive games that use our assets on their own like Fight Klub. I invite anyone to check us out and to join our Discord server and see for themselves - we have an amazing community and urge anyone to see for themselves.

Elie0_0

If so, EL Salvador is the place to go for Crypto

SimbaTheWeasel

She poorly worded her post. I think she’s only basing judgement on how each country is treating crypto. I doubt she actually believes that EL Salvador’s government is better than the US

SimbaTheWeasel

EL Salvador is riddled with high amounts of crime and murder per year. Still a lot of 3rd world problems going on over there that’ll take time to progress from

Parush9

IMF did all they could to stop EL Salvador. Can’t believe despite all the shit they had to deal internally they are slowly making progress everyday.

coinmarshal

MicroStrategy and EL Salvador, the 2 are something else. They are the hero of the space

scabbymonkey

I am planning this myself. DCA no matter what the price is for the next 10yrs at least. Maybe less. I am heading to El Salvador this summer to take a look around. See if I like it. Then move to a bitcoin friendly country ( like El Salvador ) and just move a little at a time. There will be no US or EL Salvador taxes as I self custody. I will only pay taxes on my SSI and 401K if its still available.

Imaginary-Adagio2231

Texas gonna be EL Salvador of USA

Dragonfruit1375

how's her English? i guess there would be non-native EL speakers here too

nusk0

I'm surprised by this. Will this be the first EL Salvador embassy in the US?

No_Dream5562

Its not about the amount of BTC Salvador holding,it’s about the precedent EL Salvador is setting which goes entirely against IMF and other global financial institutions

No_Dream5562

EL Salvador writing history

bullishonthebit

Weren't these the guys that told EL Salvador "no!" .

HomieApathy

Article focuses on UK, CAR, UAE, EL SAL & BRA,

PenNo7343

Correct you says right bro EL Salvador made this not government

FldLima

After california man, get ready for EL Paso Man

BTCPriest

Taxing bitcoin is not sustainable in the long run. You don't pay taxes on currency exchange either. The more countries make bitcoin legal tender the clearer it gets: Bitcoin is money. And it actually already is currency. So from my point of view it's not taxable actually. It will be interesting to see how the IMF acts mid-term and long-term with more countries to join EL Salvador's footsteps. If I understand it correctly, the IMF had to hold bitcoin to stick to their mandate already. If they don't it's a breach of contract and they could get sued. Tl;dr: In the long run I don't see bitcoin be taxed. It's a usual currency exchange.

OisinT

Am I correct that the EL element of Shanghai will allow for those of us who staked ETH for BETH (etc.) Can convert back to ETH? Last few weeks have been a but bum clenching with BETH on Binance given all the FUD.

AESTHTK

I see Aptos as genuine EL innovation, and it would make an excellent L2. Why they chose to roll it as an L1 and try to do consensus as well only they (and their VCs) will ever know.

AESTHTK

Don’t worry, apparently that was never meant to even be an EL and they never actually gave up on it and it was always meant to actually have been sidechains the whole time! You just aren’t paying enough attention. I suggest you go read some more outdated research papers. https://twitter.com/iohk_charles/status/1608288782297571330

Dogwise

Bitcoin will hit $100,000 in 2022 PREDICTED BY: EL SALVADORAN PRESIDENT NAYIB BUKELE, JAN. 1 2022

C_J_King

Seriously… I think captions could easily be different. It’s a STORE OF VALUE It’s INFLATION PROTECTION Look at EL SALVADOR! All the while, slowly becoming the lonely man on the hill. Hell, even Michael Saylor is selling. Bitcoin is the Netscape of blockchain.

Vladimus44

>If bitcoin doesn't go back up, those losses will be realized and even greater than they currently are so yeah that's not a good argument. Yep. Which is why this is called a paper loss and not a loss. Because it hasn't been realized yet. It's not an "arguement". It's a basic understanding of definitions and words. Which you clearly struggle with. >Also TOURISM? REALLY? WHEN EL SALVADOR CENTRAL BANK THEMSELVES STATED THEIR GROWTH WAS FOR THE EXACT REASONS I LISTED >HOLY FUCK YOU ARE DUMB Yea. No question. You are extremely emotionally unstable and definitely crazy.

MinimalGravitas

> As if any of them would ever run another code than the eth foundation makes There are 5 main Execution layer clients: Besu, Geth, Nethermind, Open Ethereum and Erigon; and 4 main Consensus layer clients: Prysm, Lighthouse, Nimbus and Teku. They are made by different teams, based in different countries and written in different programming languages. **None of them are produced by the Ethereum Foundation.** A node operator ones one EL client paired with one CL client (for example I use Nimbus and Besu), so there's a total of 20 different combinations. Your ignorant claims just illustrate that you haven't even bothered looking into the things you're so confidently railing against.

bbrreett4

I am thinking soon to have a decent size house in the EL Salvador.

Mono_420

Ethereum devs agreed on the scope of the Shanghai upgrade today. It’s going to be: - staked ETH withdrawals - big EOF implementation - warm coinbase - push0 - limit and meter initcode - time based EL forking Nice.

FlyBloke

People put money into china being the next financial state… ha let’s go EL Bitcoin!

ShowerWide7800

You got this all wrong COMPADRE... the fact that they are not in jail will make future frauds all the more EL GRANDE.

rocasv

ok, I AM SALVADORIAN, LIVING IN EL SALVADOR, so people outside stop taking Sh17 and let me tell you OUR STORY: \- Yes, Homicide rate indeed is almost at 0, unlike other places, El Salvador is a very small country, If someone is killed, chances are we will know and we will see it, Besides, Twitter is now the #1 tool for live crime news. \- How did this happen? NOT RELATED TO BITCOIN AT ALL. Its related to security and a heavy hand on criminals. What happened exactly? He dismantle the network for this criminals, as well as impunity, before, people where afraid to report a crime, cause chances were you were going to get killed by the gang cause the judge (paid judge) will let the criminals free. So, Now judges are now under a magnifier and everything is being watch. As well as the massive part of the gangs was arrested, YES, for years the police knew who they were and where they lived, but they were unable to act cause well... Mafias, political mafias, judge mafias, etc. Now people is not afraid of reporting a crime, right now people is using cameras A LOT, they record the criminals, report them and within 24 hours they are in jain (NO JOKE) you can check Twitter and the Nayib Bukele hashtag. All this cause a snow ball effect running down in this order: \- being part of gangs were declared to be crime by itself, so now the police can caught them all without an arrest order. \--- people started (just a bit) to lose the fear and started reporting gang members. \--- Judges were notified they will be audited on their gang cases \----- more gang members arrested (including top of the estructure members) and All their assets were taken by the state \------- gangs stopped getting money since their structure was weakened and they were a bit afraid of getting caught. People notices this and started reporting gang members all over the country. \--------- Police reports they have like 40K gang members in jail. This is were everything goes crazy, People started getting cameras to have proof and and start twitting the videos. ---> since police is way less stressed now (most criminals in jail) they are able to track criminals REALLY FAST and with all their force, almost 95% of twitter reports end up being arrested by the evening, the they started arresting every violent acts, even traffic fights are follow and arrested by the end of the day. Current situation: Well, YES, We Salvadorians, ALL are enjoying peace! finally! Still some minor issues, its impossible to be 0 crime, But they whole country feels super safe, thieves and remains gangs are in fear, so they are not committing crimes, instead they are hiding. You dont believe? COME, check it out by yourself! I bet you a Bitcoin. ​ Sadly, is very likely Nayib is killed by the US Government, They are declared enemies since he passed the Bitcoin law last year. many US Gov members already threaten him already. ​ AND this is the "El Salvador Lecture" done by a local Salvadorian.

Every_Hunt_160

Now would be the best time for these nations to buy Unfortunately they would be too afraid and will only start adoption in the bull run like EL Savador. Remember there were several Latin American countries that were supposed to start buying Bitcoin right after El Savador adopted it, and now when BTC is over 70% down nobody is touching it with a ten feet pole.

weirdlybeardy

This is already a fuck up. They’re lightweight following in EL SALVADOR’S footsteps.

partymsl

Relative to EL Salvadors other assets this loss is not much at all. As said BTC is not that big in their reserves.

yourmom_fat_as_hippo

I know this is going to be downvoted so badly. We all are in this echo chamber, and hence, we don't realise that the decision of El-salvador to accept BTC as legal tender is as bad as an abrupt decision taken by any country to ban cryptocurrency. It was done without considering the people's opinion on the matter. Though, it's good for crypto and we are happy, the decision of taking a decision without proper consultation was very bad. Multiple sources and surveys have shown that 78% of EL-salvadorians think that government should stop spending public money on Bitcoin. link: [https://cointelegraph.com/news/77-1-of-salvadorans-surveyed-think-the-gov-t-should-stop-spending-public-money-on-bitcoin](https://cointelegraph.com/news/77-1-of-salvadorans-surveyed-think-the-gov-t-should-stop-spending-public-money-on-bitcoin) >Although there was no direct causal link between the adoption of Bitcoin and the country’s economic situation, 95% of survey respondents say their lives “stayed the same” or “\[have\] gotten worse” since Bitcoin became legal tender.