THELOGICALINDIAN - How awkward As added capacity about JPMorgan s The Bitcoinization of El Salvador address appear to ablaze the absoluteness of the bearings settles Traditional organizations dont accept a clue that the Lightning Network exists and is up and active Added so Bitcoin is acknowledged breakable in El Salvador because and alone because El Zonte is a active and breath archetype of the Lightning Networks practicality
With an blank that big, it could be argued that aggregate on that address is invalid. However, we’re activity to booty allegation and acknowledge to the tidbits that Bloomberg published. Booty into annual that the abounding argument is not yet accessible for accessible burning and that we at Bitcoinist already covered a preview of it:
Yeah, you’re declining to see absolutely a lot, JPMorgan. And you’re activity accessible with your abridgement of knowledge.
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What Do We Know About “The Bitcoinization of El Salvador”?
In a contempo cheep that sparked this article, Avanti’s Caitlin Long abreast us that the JPMorgan address was “written by its LatAm analysis team.”
And Bloomberg alike gives us some of the names of the bodies responsible:
And then, they hit us with the abominable actuality that Bitcoiners are HODLing:
Are they suggesting that the Bitcoin bazaar lacks liquidity? Because it doesn’t. Tesla tested this already with an bulk no Salvadorean will anytime reach. And JPMorgan ’s LatAm aggregation knows this. However, they still say that the non-existent illiquidity is, “potentially a cogent limitation on its abeyant as a average of exchange.” Two “potential” in a row denote a abridgement of confidence, but that’s neither actuality nor there.
Let’s get to it, what are these JPMorgan bodies aggravating to say?
Ok, that would be accurate if all of the affairs took abode on-chain. They won’t. Because El Salvador is application the Lightning Network.
JPMorgan Actually Thinks People Will Choose Dollars Over Bitcoin
The abutting point of “The Bitcoinization of El Salvador” we’re activity to claiming is the best antic one. According to Bloomberg, the address suggests that:
Even admitting JPMorgan is not absolutely adage the words, the abstraction that the bodies of El Salvador will adopt the US Dollar to the soundest bill anytime fabricated is there. That ability appear at the beginning, bodies will acceptable access the bearings anxiously and accept what they know, the US Dollar. Give them abundant time and the accomplished citizenry will aimlessly amount out which of the two currencies is the hardest. And they will accompany the HODLers.
JPMorgan ’s Expert Witness Also Ignores The Lightning Network
To be fair, in the commodity it’s not bright if it’s Bloomberg or JPMorgan ‘s address that brought this to the table. However, they quoted this gem:
That’s because “almost any token” is centralized, Mr. Quigley. And that includes Tether and Ethereum. If you accept to do things in a decentralized way, there are trade-offs you accept to make, but that’s beside the point. With the Lightning Arrangement into the picture, Bitcoin is as fast and reliable as all those tokens. And the arrangement runs over what’s arguably the alone decentralized arrangement there is.
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The question, nevertheless, is, why don’t Mr. Quigley, Bloomberg, and JPMorgan accede the actuality of the Lightning Network? It’s not hidden. It’s appropriate there, at the bald centermost of the El Salvador story.
