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"Fading Laser Eyes"

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@acesontop
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I guess it's a month now since El Salvador president came out with the announcement that it's made Bitcoin legal tender in the country and the news was welcomed with applause all over the world, in the crypto space. I was one of those as well...

The fact is that El Salvador is more hype than anything groundbreaking. It's already clear that about 50% of people over there are not excited at all about this new form of currency that they have and need to implement in their payments system and much of them don't even know how to use it.

Paraguay followed up the announcement closely and it seemed to be the second Latin country to make Bitcoin "a currency" in the country. It's nothing more but "fading laser eyes" to their announcement as the bill seems to be nothing more but a mix of bills proposed by the Argentinian and Colombian governments and actually a taxation law, more than a Bitcoin legal adoption.

“I found that 90% of the bill was a literal transcription of two previous, unsuccessful bills, one from the Argentinean Congress and the other from the Colombian Congress. In addition, it had excerpts from a Venezuelan blog and others from a not-so-popular antivirus software site. Those were the last places an informed person would turn to for a project on such an important topic.” -Paraguayan architect and tech enthusiast Juan Pessolani source

image source

I guess that's what happens when you rush to put laser eyes on and you don't really get the tech. When hype and being there among the first ones is frontrunning actual development and understanding. Education is much more important than prime time. Same thing applies to media outlets and their rush to deliver content.

“The draft Bitcoin Law in Paraguay does not encourage innovation, does not establish incentives and does not generate economic development opportunities for society. On the contrary, it creates obstacles and disadvantages for some and benefits for others.” -Paraguayan architect and tech enthusiast Juan Pessolani source

That's not mass adoption for Bitcoin. I know it when I see it. That's just childish behavior from two presidents that just craved for a bit of world recognition and thought they'd be cool if they embrace Bitcoin before others do. I know some of you might hate me on this one, but at this point all the bullishness coming from El Salvador and Paraguay is total crap.

They could have benefited the population better if educating them on crypto and incentivizing them to accept Bitcoin rather than impose it as legal tender. The best thing that can happen for Paraguay is banks no longer creating obstacles for Bitcoin investors in the country.

I am not saying that Bitcoin is dipping due to El Salvador not doing Bitcoin the right way or because the bill drafted by Paraguay is somehow of a plagiarized work, but we're clearly still early when it comes to mass adopting Bitcoin. It doesn't even need much regulation and paperwork. Just make the coin a damn currency. Allow merchants to accept and exchange it and let the digital world develop by itself.

The more we seek for regulation the more we will miss the point with Bitcoin. It will be harder to have access to cryptocurrencies and use them without "registered wallets" and tracked transactions and that's not the point of crypto. I'd better have illegal ways of using crypto, but in tune with what it was designed for than ask for permission to corrupt governments. Bitcoin should be permission less.

It's a thing of the digital but we keep on creating paperwork around it...

Thanks for attention, Adrian

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