SOB: Digging Into El Salvador's Bitcoin Bill

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4.7 • 698 Ratings

🗓️ 31 July 2021

⏱️ 50 minutes

🔗️ Recording | iTunes | RSS

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Summary

El Salvador’s decision to make bitcoin legal tender shocked the world. Soon, the dust will settle and catchy headlines will become real, lived experiences for Salvadorans. Join hosts Adam B. Levine, Andreas M. Antonopoulos and Stephanie Murphy for a read-through and thoughtful conversation of El Salvador’s bitcoin legislation in full. The hosts discuss the highs and lows of the bill and potential risks to the country, its citizens and bitcoin globally. Though many had predicted governmental adoption of bitcoin would come, none had predicted it would happen so soon. The rest of the world has watched attentively as El Salvador embarks on a nation-scale trial run of bitcoin as legal tender. This unprecedented circumstance brings an abundance of technical and social challenges. What will the great successes be with this experiment? Where can it go wrong? And how will the Lightning Network factor in? Most worryingly, will El Salvadore’s trust fund be the world’s biggest honeypot? The bitcoin bill is set to go in effect very soon. Will El Salvador be able to address these concerns in time? Links from the episode: Bitcoin as Legal Tender? Why El Salvador’s Plan Isn’t as Crazy as You Think (Adam's Opinion piece) Bitcoin Neutrality (Andreas's original 2013 talk) Today's show featured Andreas M. Antonopoulos, Stephanie Murphy and Adam B. Levine. This episode was edited by Jonas, with music by Jared Rubens and Gurty Beats. Image credit: Wilson Edilberto Santana Suarez/Unsplash, modified by Speaking of Bitcoin See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Transcript

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0:00.0	Consensus emerges from the interactions of what I've called in the past, the five constituencies
0:06.2	of consensus, which includes developers, miners, exchanges, merchants, and wallets, meaning
0:12.0	users.
0:13.2	And now it's the six constituencies of consensus.
0:16.0	Developers, miners, exchanges, merchants, wallets in the government of El Salvador.
0:28.5	Hey folks, I'm Adam B. Levine, and this is speaking of Bitcoin. Last month, the nation of El Salvador was surprised when their president, Naubu Kelly, announced at a Bitcoin conference
0:33.0	that his would be the first country in history to make Bitcoin legal tender. Now that the dust is
0:38.5	settled, we're going to talk about it. On today's show, we'll dig into the bill itself, some
0:42.4	critiques of specific clauses, the role Bitcoin Beach, an organization has played, and the intersection
0:47.4	with the swiftly growing lightning network. We're also going to draw back the lens and look at big
0:52.0	picture implications, putting it all in context with the journey so far.
0:56.3	It's going to be a hell of a show.
0:57.6	As always, I'm joined by the other host of the show, Stephanie Murphy.
1:00.7	Hi.
1:01.6	And Andreas M. Antonopoulos.
1:03.5	Hello.
1:04.5	Jonathan is out this week.
1:06.5	So this was announced over a weekend in Miami and then passed into law the following week.
1:11.4	That's incredible on a couple of fronts, but it's resulted in some critiques as well.
1:16.2	Before we talk about that, Stephanie, let's dive into the bill itself.
1:20.6	Actually, as legislation goes, I have to say I found this remarkably digestible.
1:24.9	It was like a two-page bill, which is like in the United States.
	...

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