Replies (65)
Saw Max defending this - the whole thing reeks of capitulation.
yes, paying taxes with fiat only legal tender is a big disappointment
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?
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.
So sad Bukele bent the knee.
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?
who's controlling IMF?
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!
Sad
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 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.
Juries out, but I think he takes the money and expands mining for both Bitcoin and Gold.
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
Where are the Herbert's in all this?
Why am I not surprised at all?
Whats remarkable is that the IMF shot themselves in the foot by including own goals!
Grifters, charlatans and corrupt lackies
I thought the volcano bonds were doing great, why the need for a loan?
Financial terrorist by the IMF
Paying golf
It was an underwhelming minority
There are clauses which seem to restrict the el salvadorian government from buying any more btc
Bye bye legal tender 👋
basically.... things are going well, so we are going to stop..... what??
Here's the post from
@Stacy Herbert on X:
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.
View quoted note →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?
It closes Legal Tender loopholes in first world countries.
I didn't realize there were such loopholes. Thought it was only legal tender in El Salvador.
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.
Well...
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
Imf getting their foot in the door. Look how that ALWAYS plays out
Money.
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.
@Max Keiser @Stacy HerbertNo 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.
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.
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 🫤🤷♂️
Apparently they're not allowed to
lol
Seemingly bent the knee to get more Dollars.
Max and Stacy are shills and celebrities.
not serious people.
which may not be bad for Bitcoin adoption there if they invest it well
yes in most part. not accepting legal tender for taxes is troubling
the devil is in the detail on that quote
It is defeat. Will Bukele accept the terms?
US Dollar has remained the primary legal tender. Bitcoin was added
some compromise was and is likely needed to stay in the IMF program
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.
Sjors Provoost
Looks like three changes:
1) Legal reforms will make acceptance of Bitcoin by the private sector voluntary.
2) Taxes will only be paid in U.S. dollars and
3) the government’s participation in the crypto e-wallet (Chivo) will be gradually unwound.
4) For the public sector, engagement in Bitcoin-related economic activities and transactions in and purchases of Bitcoin will be confined
(1) and (3) seem fine, you could see them as bootstrapping measures. Now let's see if companies keep accepting it.
(2) is dubious, the treasury could just exchange BTC to USD to manage the volatility. But is this really about US dollar hegemony feeling threatened, or something more "mundane" such as:
a) the IMF doesn't trust the El Salvador government to handle this competently; or
b) a desire to keep surveilling money flows by forcing them through the fiat banking system
(4) "confined" is a vert flexible term, stay humble, stack sats in a confined manner!
View quoted note →
Thoughts on
@Sjors Provoost's interpretation?
Ok, I was wrong. This is actually halarious.
View quoted note →
Carl B Menger
Dear IMF, thanks for the liquidity to buy the #Bitcoin dip. Yours Nayib, President of El Salvador 🇸🇻
