IMF Press release for El Salvador. This is insane. Big loss for Bitcoin in El Salvador.
This is nothing like the "shops just don't have to accept Bitcoin anymore" that everybody thought it was. Read this.
Discussion
Saw Max defending this - the whole thing reeks of capitulation.
I've been losing respect for max over the past two years. Starting to see they're on the hook. They know very well how imf involvement always ends. They just have too much invested there that they have to tow the line. Sad to see. I think they forgot the STAY HUMBLE part when max started proclaiming bitcoin is God. nostr:nprofile1qqsvt0qa6adsn2j3ewsquzcn0u0wradr5e3v67fj3f8txxgpen6n48cprfmhxue69uhkummnw3ezumt9wdekzem9wp6hx6pwd9hsztthwden5te0d3hxg6tnvdejuer4vd4kgmnn9ehhyee0dehhxarjwfjkccte9a49vetx29ux7ksppamhxue69uhks6tswd68ytnr0gghhulj nostr:nprofile1qqsqs90ljllqxangyszpk68z5w0nu0y4szzjvsuqxvr7404zgz3tkagpz4mhxue69uhhyetvv9ujuerpd46hxtnfduhsxt2mzj
Fumble! 🏈👐🏻🧼🫧
Any idea what the motivation is here?
WTF is this!
NGU is the yin and yang of bitcoin. We just stand strong on principles
Would be funny if Bukele took the IMF money and bought corn…
But I guess unlikely. Has Bukele made any statement?
I think that's what the verbiage is trying to prevent. It can't take the loan and go crazy buying corn. From their perspective, they're already mining and have a nice little stockpile of corn, plus one of the world's largest gold deposits ever discovered.
He's not a Bitcoin fundamentalist, he's a pragmatist and for his people.
Well... 
Juries out, but I think he takes the money and expands mining for both Bitcoin and Gold.
There are clauses which seem to restrict the el salvadorian government from buying any more btc
Prosperity through usury
“IMF staff thank the Salvadorean authorities for the excellent collaboration and candid dialogue over the past months in the development of their economic reform program aimed at continuing to improve the prosperity of El Salvador and all of its people. The IMF Board is expected to consider this program for approval by early-February once the agreed prior actions have been implemented.”
WTF well that is good. so much bullish vibes... i needed this to remind myself that we are early and we have not won anything yet.
The IMF is a corrupt cabal of racketeers with no respect for the sovereignty of smaller nations, and keeping everyone hooked on fiat is the source of their power. Sucks to see El Salvador take a step backwards, hopefully its only a temporary regression
Are we also starting a new season of watching Political class fumble at the goalline?
BBC take. The LinkedIn folks are crowing victory.
Sounds to me like it will limit the government's ability to buy more/as much btc, but doesn't change much else- btc acceptance was already voluntary and growing, and there are thousands of wallets to choose from. El Salvador's government may be smarter than most, but I still prefer that individuals continue to get in before governments, and regardless, they still have a head start on other countries. Barring any extreme actions, if its citizens are stacking sats and wealth, the country will be fine.
People of El Salvador already had a tasting of bitcoin, good luck unwinding that!
It was an underwhelming minority
Exactly, they have essentially unadopted Bitcoin. Huge blow imho, and I don't at all get the cope from ppl on Bitcoin twitter ("This is fine")
I already can see all these MSM headlines "El Salvador stops reckless Bitcoin experiment"
"..has proven to be a failure"
"..coming back to fiscal responsiblity"
...
etc etc
Whats remarkable is that the IMF shot themselves in the foot by including own goals!
basically.... things are going well, so we are going to stop..... what??
I thought the volcano bonds were doing great, why the need for a loan?
Financial terrorist by the IMF
Here's the post from nostr:npub1pq2ll9l7qdmxsfqyrd5w9gul8c7ftqy9yepcqvc8a2l2ys9zhd6sk42rew on X:
Max and Stacy are shills and celebrities.
not serious people.
Oof. That said, Chivo wallet being unwound is probably good. It was a shitshow.
Does this suck? Yes. Absolutely. Does Bitcoin care? No. It can't. It's software. Therefore, our mission hasn't changed.
nostr:note1vlkzk4sam03dw6v44xgdgrzx4v0jkcmpu74yjtmrhmtnn33wgm8s6jecn6
So bad is basically:
-shops don't have to accept bitcoin
-all taxes have to be paid in dollars.
Not great, not horrible either. Something I'm missing?
Imf getting their foot in the door. Look how that ALWAYS plays out
No people virtue signaling. Forcing people to learn or accept bitcoin probably went the way you would expect. I get a taste of that when i try to orange pill at Thanksgiving.
I agree with all that. Only part that was concerning to me was the “transparency, regulation, and supervision of digital assets will be enhanced to safeguard financial stability…” 🫣😬 The people I bet are going to misdirect some of their frustration with that part. If they even care about that like we know they should 🫤🤷♂️
the devil is in the detail on that quote
The note about the public sector would be worrying if they could actually enforce it. But they can't because Bitcoin is P2P. Just kicking the can down the road to the inevitable. The IMF is at the behest El Salvador because of Bitcoin. This is the IMF holding on for dear life to the dollar. El Salvador can use the money to grow their operation even more while the dollar dies even more slowly. I'm still optimistic.
So glad i didn't pull the trigger early like so many and move there. I told my wife, better to let it play out for a while. They took the bait. Co-opted
Another hero falls. Statists in disbelief that the state continues to fail to save them.
Bitcoiners stanning for Bukele because he introduced legal tender and SBR, both completely illegitimate, got rugged. This is good for Bitcoin.
I heard that the Chivo wallet might’ve been a bit buggy and not as good as it could be anyway. Opening the door for more free market wallets to be competitive with one another right? Might end up being better for Bitcoin. Some might, but all the citizens aren’t just going to sell all their Bitcoin and switch just because of taxes and one less wallet option when theres a ton of other good options out there
It's not a huge loss. Not great, but still a Bitcoin friendly country. According to that fragment most policies are on the line of detaching government involvement with Bitcoin, but not from individuals. That's the important part.
yes in most part. not accepting legal tender for taxes is troubling
lol
Seemingly bent the knee to get more Dollars.
which may not be bad for Bitcoin adoption there if they invest it well
I'm not concerned. If by legal tender, we mean forced to accept it, then legal tender sucks anyway. Voluntary cooperation is much more in line wit bitcoin's ethos, IMHO.
Securing a shit load of fiat for a reasonable interest rate without selling corn is rad.
Maybe now they can mine their $3T gold deposits, drop heavier investments into BTC, and pay off their IMF loan slowly as their cost basis on the interest shrinks to zero against their bitcoin holdings.
Win win. Not taking this deal would be ridiculous.
Ok, I was wrong. This is actually halarious.