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posted by martyb on Thursday June 10, @07:35AM   Printer-friendly
from the [bit]coin-of-the-realm? dept.

Bitcoin now legal tender in El Salvador, first nation to adopt cryptocurrency:

On Wednesday, El Salvador’s president signed into law a proposal to adopt bitcoin as legal tender, making the Central American nation the first in the world to officially use the cryptocurrency.

The new law says that companies must accept bitcoin as a form of payment, and the government will allow people to pay taxes with it as well. The exchange rate with the dollar will be set by the market, and exchanges from dollars to bitcoin won’t be subject to capital gains tax. The law was passed by a supermajority vote of the legislature, with 62 of 84 deputies assenting.


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  • (Score: 3, Interesting) by crafoo on Thursday June 10, @10:54AM (7 children)

    by crafoo (6639) on Thursday June 10, @10:54AM (#1143845)

    Everyone knows USD double digit inflation is coming. USD as the de-facto international currency is a real, open question for the first time in decades.

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  • (Score: 2) by JoeMerchant on Thursday June 10, @04:21PM (6 children)

    by JoeMerchant (3937) on Thursday June 10, @04:21PM (#1143921)

    Everyone knows USD double digit inflation is coming.

    Depending on your time-frame, USD double digit inflation has already happened. According to this graph [quickchart.io], from this site, you only need to go back 5 years (from 2021 to 2016) to see a 10% inflation in buying power. More interesting to me is the relatively linear nature of inflation since the first oil crisis - roughly 1972.

    --
    My karma ran over your dogma.
    • (Score: 2) by JoeMerchant on Thursday June 10, @04:24PM (4 children)

      by JoeMerchant (3937) on Thursday June 10, @04:24PM (#1143922)

      Links above are FUBAR, here at least is a naked link to the site:

      https://www.officialdata.org/us/inflation/1800?amount=1#:~:text=Value%20of%20%241%20from%201800,cumulative%20price%20increase%20of%202%2C019.48%25.

      The graph I'm referring to is the green one. Interesting note: on the 1800-present scale, as "bad" as US inflation appears, UK inflation is 4x worse.

      --
      My karma ran over your dogma.
      • (Score: 2) by maxwell demon on Friday June 11, @06:29AM (3 children)

        by maxwell demon (1608) on Friday June 11, @06:29AM (#1144191) Journal

        You still quoted far too much. Here's the clean link:

        https://www.officialdata.org/us/inflation/1800?amount=1 [officialdata.org]

        --
        The Tao of math: The numbers you can count are not the real numbers.
        • (Score: 2) by JoeMerchant on Friday June 11, @12:15PM (2 children)

          by JoeMerchant (3937) on Friday June 11, @12:15PM (#1144225)

          Thanks, and if you change the start date to 1972 you can see the linear trend I was referring to pretty clearly:

          https://www.officialdata.org/us/inflation/1972?amount=1 [officialdata.org]

          A suspicious mind would think that the trend is intentional.

          --
          My karma ran over your dogma.
          • (Score: 2) by maxwell demon on Saturday June 12, @12:17AM (1 child)

            by maxwell demon (1608) on Saturday June 12, @12:17AM (#1144419) Journal

            No need to be suspicious, you can just read their official policy: [federalreserve.gov]

            The Federal Open Market Committee (FOMC) judges that inflation of 2 percent over the longer run, as measured by the annual change in the price index for personal consumption expenditures, is most consistent with the Federal Reserve’s mandate for maximum employment and price stability.

            So yes, this trend is absolutely intentional.

            --
            The Tao of math: The numbers you can count are not the real numbers.
            • (Score: 2) by JoeMerchant on Saturday June 12, @03:55AM

              by JoeMerchant (3937) on Saturday June 12, @03:55AM (#1144485)

              They're manipulating our money, and have been ever since they took the silver out of coins... say it isn't so!!!

              Also, spoiler alert for every worker drone who gets 2% annual raises and less than 2% interest in your savings accounts... you can do the math, can't you?

              --
              My karma ran over your dogma.
    • (Score: 0) by Anonymous Coward on Friday June 11, @05:58PM

      by Anonymous Coward on Friday June 11, @05:58PM (#1144318)

      Well if you pick suitable dates/time frames you'd see some cryptocurrencies having a high inflation rates too... Maybe even higher than double digit. LOL.