LIVE: President Trump Delivers Remarks at Bitcoin Conference in Nashville
(rumble.com)
₿ DECENTRALIZE THE FROG 🐸
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Trump talked about a country that emptied its prisons, and sent their criminals here. That’s Venezuela, not El Salvador, where the criminals are in prison. Venezuela bragged about it, saying how their crime is down (because they shipped their criminals to USA).
Trump even mentioned Venezuela by name, in his RNC speech, saying something jokingly (I can’t remember verbatim) about maybe having the RNC in Venezuela one day, if it’s reformed.
Bukele jumped on X right after the RNC speech, because he thought Trump was talking about him, and then people like Max K ran with that… But it seemed to me, watching the speech live, that he was talking about Venezuela.
El Salvador has Net reverse immigration because things are going so well.
The problem with El Salvador's implementation of BTC is they are using the custodial Lightning Network and onboarding people through that. They essentially have a BTC-LN central bank/node and all wallets are connected through it like bank accounts.
Isn’t lightning supposed to be better?
What if nations adopted BTC-LN for their people, like an account. But er can also have personal cold storage?
There was once a financial expert who said the government through the CAFR pulls in about $50,000 a year each person. Sort of like Alaska oil payouts. Everytime a citizen is born, not to an anchor baby, they get a BTC-LN account.
Folks in Nashville said we need reparations for inflation. It was a bankers war.
If you actually look into how LN works, it's essentially a fractional reserve banking system that overlays the BTC layer 1 network which enables all the same problems of the legacy financial system that Bitcoin originally solved.
The way they want LN to work is a pipe dream though. It has so many technical problems like channel liquidity and adds so many layers of complexity that makes it so you HAVE to use custodial services unless you want to run your own infrastructure which basically requires a computer science degree. It also introduces risks such as:
There's more but like I said it gets really complicated. I've been using crypto since 2016 and I don't want to touch LN with a 100-foot pole.