Bitcoin is the first successful internet money based on peer-to-peer technology; whereby no central bank or authority is involved in the transaction and production of the Bitcoin currency. It was created by an anonymous individual/group under the name, Satoshi Nakamoto. The source code is available publicly as an open source project, anybody can look at it and be part of the developmental process.
Bukele’s response came in the wake of Hanke’s criticism of the idea of supplying mining. BTC and the creation of Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. City with the energy of dormant volcanoes.
The president of El Salvador, Nayib Bukele, and the professor from John Hopkins University Applied Economics Steve Hanke, starred in a heated debate yesterday afternoon on Twitter, this after the recent drop in the prices of Bitcoin and plans for the Central American country to create its own city specifically dedicated to digital digital technologies are these electronic tools that have the ability to generate, store or even process data. currency.
Bukele and Hanke fight over plans forBitcoin City
The dispute came about after a comment posted by Hanke on his official account an account is essentially a whose purpose is to track the financial activities of a specific asset/ of Twitter, in which he pointed out that the plans announced by Bukele for the creation and financing of theBitcoin City could be considered political demagoguery, and that they were only aimed at boosting the ego of the Salvadoran ruler:
“Bitcoin City proposed by @nayibbukele is as ready as Florida is for snow. The announced power source for the city is a dormant volcano. This is more attention-grabbing antics from a narcissistic president who is full of hot air.”
. @nayibbukele ‘s proposed Bitcoin City is as prepared as Florida is for snow. The advertised power source for the City is an inactive volcano. This is just more attention-grabbing antics from a narcissistic president who is full of hot air. https://t.co/J53p6NJgHN
– Steve Hanke (@steve_hanke) January 7, 2022
However, in response to Hanke’s remarks, Bukele took advantage of the space and highlighted an important aspect highlighted by the economist that lent itself to errors, and called him an “idiot” for basing his criticism on that idea. It was then that the Salvadoran president responded:
“This guy… Of course it’s a dormant volcano, what an idiot! Most geothermal energy is extracted from nearby wells of INACTIVE VOLCANOES! Why would you build a city underneath an ACTIVE VOLCANO?”
El Salvador and mining a process where blocks are added to a blockchain, verifying transactions. It is also the process through which new bitcoin or some altcoins are created. Bitcoin with volcanic energy
Following the formalization of Bitcoin as legal tender in the Central American country, one of the most ambitious plans announced in recent times was to harness geothermal energy derived from local volcanoes to fund cryptocurrency-related cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. activities, whereby El Salvador could begin to generate its own BTC to add to your reserves.
Amid debates about mining-related pollution Bitcoin, in June 2021, the government of El Salvador requested the geothermal energy company LaGeo to offer services to companies and individuals interested in carrying out this practice with electricity generated by renewable sources.
Since then, the country has also been a focus of interest for companies and entities interested in carrying out these activities in a clean way, precisely because of the large carbon footprints generated by mining operations. Bitcoin at the present time.
Debates amid falling prices
Another aspect that has also aroused some discomfort is the recent fall seen in the price of Bitcoin in the last few weeks, which at the time of publishing is trading below USD $42,000 per unit, losing more than 10% of its price in these seven days.
This situation in the markets has lent itself to mockery and criticism, especially of the Salvadoran president, since the volatility a statistical measure of dispersion of returns, measured by using the standard deviation or variance between returns from that same security or market index. and the fall in the prices of the Bitcoin would be generating losses in the nation’s balance sheets after the investments made in recent months. The latter is used by critics to discredit the legalization of digital currency currency is a medium of exchange that defines value. and all the plans promoted around this fact.
Despite the uncertainty that exists at the moment, it has been a pleasant surprise to see that Goldman Sachs still project a target price for Bitcoin above USD $100,000, followed by other traditional institutions who argue that the digital currency could revalue significantly during this 2022. This thesis also contrasts with the perspective that we could be in a bear someone who believes that prices in a given market will decline over an extended period. Such a person might be referred to as “bearish.” market an area or arena, online or offline, in which commercial dealings are conducted. with an undetermined extension, although with much better prices than those seen in 2018.
- Government of El Salvador drafts 20 bills to give legal framework to Bitcoin Bonds
- USD $30,000 “could be the new USD $3,000 in 2018” for Bitcoin, says Bloomberg
- Banco Goldman Sachs predicts a price of Bitcoin at USD $100,000
Source: Twitter, Finbold
Version by Angel Di Matteo / DiarioBitcoin
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