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Rumblestiltskin@lemmy.ml

Fed Chair Jerome Powell on 60 Minutes: The US is on an unsustainable economic path (youtu.be)

submitted 9 months ago by makeasnek@lemmy.ml to c/economics@lemmy.ml

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[–] opticalbeaver@mstdn.social 4 points 9 months ago (1 children)

@makeasnek @PeepinGoodArgs This is cope. Even El Salvador couldn't use Bitcoin as currency, had to layer Lightning on top of it to make their situation work for them.

Bitcoin is turning 16 this year, there is no more mystery to the damn coin!

[–] makeasnek@lemmy.ml 0 points 9 months ago* (last edited 9 months ago) (1 children)

Lightning is an international open-source protocol, not something El Salvador made. It's a layer on top of Bitcoin which makes transactions settle instantly for pennies in fees while using the underlying Bitcoin blockchain for security. Similar to how venmo is a layer on top of the existing banking system. El Salvador has no say in how Bitcoin is administered.

[–] opticalbeaver@mstdn.social 1 points 9 months ago

@makeasnek The administration or lack of it is not what makes Bitcoin useless as a monetary currency. Bitcoin is useful for many other things but that's not one of them.