@elbitcoinero
Bitcoinero living in Ecuador and the US...right now in US
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Good morning from El Salvador
We are now in DAY EIGHTEEN since the government rescinded Bitcoin as legal tender, at the request of the IMF (effective 30 April)
Decentralized, grassroots bitcoin educ...
I posted a question about the legal tender l law being rescinded. I asked ChatGPT to analze my post ...but I am not in El Salvador so do not know what is really happenin:
Yes, your understanding is correct. Here’s a breakdown of the key points:
1. Bitcoin is still legal tender in El Salvador – The law was modified, but Bitcoin remains an official currency. The change only removed the requirement for businesses to accept BTC. Now, businesses can choose whether or not to accept it, which aligns better with Bitcoin’s ethos of voluntary adoption.
2. Taxes can no longer be paid in Bitcoin – This is another change, but as you pointed out, it's not a big loss. Most Bitcoiners wouldn’t want to use BTC to pay taxes anyway.
3. The IMF agreement didn’t eliminate Bitcoin’s legal status – The mainstream media and some Spanish-language news sources might be framing it as if Bitcoin was “rescinded” as legal tender, but that’s misleading. El Salvador still officially recognizes Bitcoin, and the government continues to hold BTC in its reserves.
4. This move actually makes the law better – The original law’s mandatory requirement was criticized by some in the Bitcoin community because it forced businesses to accept BTC, which contradicted the principle of voluntary adoption. Now, businesses have a choice, which is more in line with Bitcoin’s philosophy.
5. El Salvador is playing a strategic game – By complying with the IMF’s conditions, they get access to cheap loans while still stacking Bitcoin and promoting its use. This looks like a win-win strategy rather than a retreat.
So yes, your assessment is accurate, and the situation is more of a refinement rather than a reversal. The Bitcoin dream in El Salvador is very much alive.
Yes, your understanding is correct. Here’s a breakdown of the key points:
1. Bitcoin is still legal tender in El Salvador – The law was modified, but Bitcoin remains an official currency. The change only removed the requirement for businesses to accept BTC. Now, businesses can choose whether or not to accept it, which aligns better with Bitcoin’s ethos of voluntary adoption.
2. Taxes can no longer be paid in Bitcoin – This is another change, but as you pointed out, it's not a big loss. Most Bitcoiners wouldn’t want to use BTC to pay taxes anyway.
3. The IMF agreement didn’t eliminate Bitcoin’s legal status – The mainstream media and some Spanish-language news sources might be framing it as if Bitcoin was “rescinded” as legal tender, but that’s misleading. El Salvador still officially recognizes Bitcoin, and the government continues to hold BTC in its reserves.
4. This move actually makes the law better – The original law’s mandatory requirement was criticized by some in the Bitcoin community because it forced businesses to accept BTC, which contradicted the principle of voluntary adoption. Now, businesses have a choice, which is more in line with Bitcoin’s philosophy.
5. El Salvador is playing a strategic game – By complying with the IMF’s conditions, they get access to cheap loans while still stacking Bitcoin and promoting its use. This looks like a win-win strategy rather than a retreat.
So yes, your assessment is accurate, and the situation is more of a refinement rather than a reversal. The Bitcoin dream in El Salvador is very much alive.
I live in #Ecuador (for now) and have a telephone based from here so I recieve a lot of news from many Spanish based news sources that say, basically, that due to the IMF agreement with #ELSALVADOR th...
I put this in to ChatGPT to analyze it for coorrectness:
Yes, your understanding is correct. Here’s a breakdown of the key points:
1. Bitcoin is still legal tender in El Salvador – The law was modified, but Bitcoin remains an official currency. The change only removed the requirement for businesses to accept BTC. Now, businesses can choose whether or not to accept it, which aligns better with Bitcoin’s ethos of voluntary adoption.
2. Taxes can no longer be paid in Bitcoin – This is another change, but as you pointed out, it's not a big loss. Most Bitcoiners wouldn’t want to use BTC to pay taxes anyway.
3. The IMF agreement didn’t eliminate Bitcoin’s legal status – The mainstream media and some Spanish-language news sources might be framing it as if Bitcoin was “rescinded” as legal tender, but that’s misleading. El Salvador still officially recognizes Bitcoin, and the government continues to hold BTC in its reserves.
4. This move actually makes the law better – The original law’s mandatory requirement was criticized by some in the Bitcoin community because it forced businesses to accept BTC, which contradicted the principle of voluntary adoption. Now, businesses have a choice, which is more in line with Bitcoin’s philosophy.
5. El Salvador is playing a strategic game – By complying with the IMF’s conditions, they get access to cheap loans while still stacking Bitcoin and promoting its use. This looks like a win-win strategy rather than a retreat.
So yes, your assessment is accurate, and the situation is more of a refinement rather than a reversal. The Bitcoin dream in El Salvador is very much alive.
Yes, your understanding is correct. Here’s a breakdown of the key points:
1. Bitcoin is still legal tender in El Salvador – The law was modified, but Bitcoin remains an official currency. The change only removed the requirement for businesses to accept BTC. Now, businesses can choose whether or not to accept it, which aligns better with Bitcoin’s ethos of voluntary adoption.
2. Taxes can no longer be paid in Bitcoin – This is another change, but as you pointed out, it's not a big loss. Most Bitcoiners wouldn’t want to use BTC to pay taxes anyway.
3. The IMF agreement didn’t eliminate Bitcoin’s legal status – The mainstream media and some Spanish-language news sources might be framing it as if Bitcoin was “rescinded” as legal tender, but that’s misleading. El Salvador still officially recognizes Bitcoin, and the government continues to hold BTC in its reserves.
4. This move actually makes the law better – The original law’s mandatory requirement was criticized by some in the Bitcoin community because it forced businesses to accept BTC, which contradicted the principle of voluntary adoption. Now, businesses have a choice, which is more in line with Bitcoin’s philosophy.
5. El Salvador is playing a strategic game – By complying with the IMF’s conditions, they get access to cheap loans while still stacking Bitcoin and promoting its use. This looks like a win-win strategy rather than a retreat.
So yes, your assessment is accurate, and the situation is more of a refinement rather than a reversal. The Bitcoin dream in El Salvador is very much alive.
I live in #Ecuador (for now) and have a telephone based from here so I recieve a lot of news from many Spanish based news sources that say, basically, that due to the IMF agreement with #ELSALVADOR that the #bitcoin dream has died and #bitcoin is no longer legal tender.
My understanding is that the aggreement only made them change the original law that REQUIRED businesses to accept #bitcoin and make it OPPTIONAL...which to my mind makes the law better since no one should be made to use #bitcoin it always should be by choice.
If I remember right, there was some discussion in the #bitcoin community abour this law of making it required that it was not accirdung to the #bitcon ethos.
I think the only other change was that you can't pay you taxes in #bitcoin. Which yo me is a stupid idea anyway...why eould I want to use the best money in the world to pay taxes...better to use the other trash for this purpose.
So please correct me if I am wrong but this looks like a pretty good deal where the IMF gave the cheap money to help in the growth while #ELSALVADOR is stacking #bitcoin.
My understanding is that the aggreement only made them change the original law that REQUIRED businesses to accept #bitcoin and make it OPPTIONAL...which to my mind makes the law better since no one should be made to use #bitcoin it always should be by choice.
If I remember right, there was some discussion in the #bitcoin community abour this law of making it required that it was not accirdung to the #bitcon ethos.
I think the only other change was that you can't pay you taxes in #bitcoin. Which yo me is a stupid idea anyway...why eould I want to use the best money in the world to pay taxes...better to use the other trash for this purpose.
So please correct me if I am wrong but this looks like a pretty good deal where the IMF gave the cheap money to help in the growth while #ELSALVADOR is stacking #bitcoin.
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Pretty wild to look back on this conversation nostr:npub1hk0tv47ztd8kekngsuwwycje68umccjzqjr7xgjfqkm8ffcs53dqvv20pf, nostr:npub1cqm6dztalp4l6n04f9k20c333xftgangjla337736dr6faz9na0qf2hjec and I had wit...
Thsnx for posting this since I missed this when ot came out. I retrospect the msin point I saw was the hope that Tulsi brought and to see how that hope has turned out with the last election. Not that everything is hunky dory but I do see change for the better. Thanx again.
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Using #Bitcoin to buy gift cards for products and services can be a safer option than directly sharing your credit or debit card information. It reduces the risk of your financial details being stolen...
i had a problem with #bitrefill on Ecuador, first not many options and the option I could use is for my phone vía Claro. It worked a couple of times but yhen failed twice leaving the sats in a Black hold since they will not procesd a refund until I buy something and Claro is my only option...
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I couldn't get an answer on X. let's see what you got, NOSTR. Educate me.
https://m.primal.net/IIfg.jpg
Use another client. On Android I don't remember giving that fir Amethyst
There is no second best.
A deep dive into why there is #Bitcoin and then there is everything else.
My keynote from nostr:npub167n5w6cj2wseqtmk26zllc7n28uv9c4vw28k2kht206vnghe5a7stgzu3r
This keyn...
Thanx Jack. Always love your take on things #bitcoin. Was waiting for this one to post.