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Topic: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻 - page 129. (Read 43185 times)

legendary
Activity: 2618
Merit: 1505
Yes, all this is from the area called expectation and reality, but we are here to understand how the adoption of bitcoin by individual states will eventually help the development of the blockchain ecosystem. I don't know what is better to have at least some kind of protection in the form of a double signature like BitGo or to store bitcoin by one person as it happens with Michael Saylor and his company MicroStrategy where there are two main storage addresses https://www.blockchain.com/ru/btc/address/1FzWLkAahHooV3kzTgyx6qsswXJ6sCXkSR and https://www.blockchain.com/btc/address/1P5ZEDWTKTFGxQjZphgWPQUpe554WKDfHQ isn't that why Saylor conducts all interviews from the same place and he has every reason to comply with security.
legendary
Activity: 2912
Merit: 6403
Blackjack.fun
As the article points out, and as logic would indicate, were it to be true, El Salvador would be running an unnecessary risk of asset seizure, were they to be subject to sanctions by the US at any point in time, or any other form of problems the custodial company could fall under.

You just have to love this shit, the whole thing it's so ridiculous you can't even get mad at Bukele anymore.

He shouts at the evil FMI on Twitter, then he goes on all four and begs for another loan.
He says Bitcoins bonds are the future, he quietly issues 500 million is $ bond right before Christmas to pay the government debt, all the while constructing a 4 million pet hospital from "profits"
He lashes on the US for that and this while all the time just like Maduro counting profits from hundreds of Citgo stations and stuffing his money in the US he plants Batms to get money from people working there, he partners with a company based in the US for the lighting payments, he stores the bitcoins of "the people" of Salvador with a US company.

This is so ridiculous on so many levels.
Just out of curiosity did he tweeted again that he has bought the last dip?
legendary
Activity: 2618
Merit: 1505
<...> As the article points out, and as logic would indicate, were it to be true, El Salvador would be running an unnecessary risk of asset seizure, were they to be subject to sanctions by the US at any point in time, or any other form of problems the custodial company could fall under.

There is though no official confirmation nor denial of the above though from El Salvador to date.

See: https://www-criptonoticias-com.translate.goog/comunidad/quien-custodia-fondos-bitcoin-el-salvador-dicen-empresa-eeuu/?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=es
https://twitter.com/ODELL/status/1476942900563005440

Yes, this is a rather strange step for a country that has decided to legalize the crypt and thereby challenging, including the banking system, although on the other hand, there are three private keys in the BitGo online wallet, two of which are with the owner and only one is stored on the server, so BitGo does not have access to your bitcoins, well, in theory, of course, it is possible to use BitGo was chosen by El Salvador for security reasons, including. I just don't have any other explanation for how it's organized, provided it's true.



legendary
Activity: 2338
Merit: 10802
There are lies, damned lies and statistics. MTwain
Although not included as part of the alleged chivo wallet arquitecture, yet later related, the below referenced article points to BitGo as being the one taking custody of El Salvador’s bitcoins.

As the article points out, and as logic would indicate, were it to be true, El Salvador would be running an unnecessary risk of asset seizure, were they to be subject to sanctions by the US at any point in time, or any other form of problems the custodial company could fall under.

There is though no official confirmation nor denial of the above though from El Salvador to date.

See: https://www-criptonoticias-com.translate.goog/comunidad/quien-custodia-fondos-bitcoin-el-salvador-dicen-empresa-eeuu/?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=es
https://twitter.com/ODELL/status/1476942900563005440

<...> Just out of curiosity did he tweeted again that he has bought the last dip?
4/12/2021 was the last reference on his Twitter to buying the dip.
newbie
Activity: 23
Merit: 0
Yes, indeed this is great news. And now there are other countries like the US, Canada and the UK who have bitcoins to be used.
legendary
Activity: 2618
Merit: 1505
The Bitcoin Fund of El Salvador is as closed as the chivo wallet, however, at least fifty cases of fraud have already been reported of the loss of bitcoins from the wallets of chiva users in the amount of more than $96,000, so opacity leads to the possibility of abuse.

After all, people there mostly have, as they say, not so large amounts in bitcoins, and the average loss is $1925, and I think this is a significant amount for the citizens of El Salvador.


legendary
Activity: 2338
Merit: 10802
There are lies, damned lies and statistics. MTwain
<...> what is their total BTC stash now ?
According to https://bitcointreasuries.net/, 1241 BTCs. There are other treasury tracking pages I've seen that lack the latest +21 BTC update.

I’ve tried to find a site that keeps track of the details (at least date of purchase and number of BTCs on that date) to get an overview on the underlying purchases, but I’ve come out empty handed so far. We could track it here and backtrack the purchases, but I’d rather find a site that already does that.
member
Activity: 402
Merit: 45
On this occasion, the purchase made by El Salvador/@Bukele is more modest than on prior occasions, and it lacks the buy the dip narrative, moving on to a more magic number emotionally driven one:


The above amounts to 21 BTCs (give or take some Sats), and the intent was to make the purchase at 21:21:21 on the 21/12/21, playing along with the 21 number in the rounded figure of El Salvador’s 21000 km2 surface (21 041 km2 really).

Maybe someone can derive some additional info from the receipt, which is not similar to any I’ve seen around.


what is their total BTC stash now ?
legendary
Activity: 2030
Merit: 1573
CLEAN non GPL infringing code made in Rust lang
If this country keeps this as State policy, it will become the wealthiest of its region, Dubai 2.0 or something Smiley

This was an unique chance in history to do so, others can copy but the first gets the most benefits, just like those who trusted Bitcoin in the early years did.
legendary
Activity: 2338
Merit: 10802
There are lies, damned lies and statistics. MTwain
On this occasion, the purchase made by El Salvador/@Bukele is more modest than on prior occasions, and it lacks the buy the dip narrative, moving on to a more magic number emotionally driven one:


The above amounts to 21 BTCs (give or take some Sats), and the intent was to make the purchase at 21:21:21 on the 21/12/21, playing along with the 21 number in the rounded figure of El Salvador’s 21000 km2 surface (21 041 km2 really).

Maybe someone can derive some additional info from the receipt, which is not similar to any I’ve seen around.
legendary
Activity: 2618
Merit: 1505
Well, unlike the closed information about the bitcoin fund of El Salvador, everything regarding the issue of future bitcoin bonds, the developer of the Mou says that everything from the software to the design of the bond will be open. It's interesting to see what happens in the end.

https://finance.yahoo.com/news/behind-scenes-el-salvador-bitcoin-192739561.html?fr=sycsrp_catchall
legendary
Activity: 2338
Merit: 10802
There are lies, damned lies and statistics. MTwain
<…>
Theoretically, those bitcoins come from the 150M $ Trust that was established to support the Chivo Ecosystem. I haven’t read anything to differ from this statement, although each purchase they’ve made tends to ignore referencing the origin of the used funds. The Trust is managed (1) by the BANDESAL, the Banc of Development of El Salvador.

A couple of months ago, I read an article (2) stating that the said bank denied claims to let people know how the bank was managing the purchases bitcoins, including the addresses and where they were purchased from. All this under an alleged banking secrecy. I haven’t read anything that alters this position for a more appealing transparency act. I figure that the exact details of how exactly the bitcoins are being custodied will fall under the same secrecy veil ...

(1)   https://www-asamblea-gob-sv.translate.goog/node/11510?_x_tr_sl=es&_x_tr_tl=en&_x_tr_hl=es
(2)   https://www-efe-com.translate.goog/efe/espana/economia/el-banco-estatal-de-salvador-niega-informacion-sobre-operaciones-con-bitcoin/10003-4654951?_x_tr_sl=es&_x_tr_tl=en&_x_tr_hl=es
tyz
legendary
Activity: 3360
Merit: 1533
Does anyone actually know if the Bitcoin purchased by El Salvador are insured somehow? Someone in the government must ultimately have control over the private keys. Probably several via multi-sig. But what happens if the government is voted out, or all the people who know the keys are killed (attack or assassination), or if corrupt people know these keys? Or if there is a coup d'état? All not so unrealistic in a country in Central or South America.
legendary
Activity: 3234
Merit: 1214
Casinopunkz - Anonymous Crypto Casino
Now I'm expecting some tweets about the mining infrastructure that is being getting developed on El Salvador. President of El Salvador have made a good tweet about the gold/bitcoin market that is making a difference. Making it a legal tender has benefited till date, very beginning itself president faced hard criticism. Now this isn't a big thing. Probably in the future this tweet will be remembered.
sr. member
Activity: 958
Merit: 265
Indeed good news and a great step were taken by the government. It's something which was waiting for a long time. However, it's not late now.
However it's still incomplete and the legislation bill must be submitted to Congress for its approval and make this a part of the legislated process, to implement it in the country.
legendary
Activity: 2618
Merit: 1505
It has only been a month and a half since the announcement of the initiative to build a clinic for animals Chivo Pets, which should be built with funds received from the use of bitcoin in El Salvador using the chivo wallet. And now the real fruits of using bitcoin are already visible, which will eventually begin to benefit those who need it, and therefore the whole community.

legendary
Activity: 2618
Merit: 1505
Salvadoran President Nayib Bukele responded to criticism from stockbroker Peter Schiff, and compared the country's gold reserves to investing in bitcoins. Nayib Bukele said his country has 44,106 ounces of gold in its reserves worth $79 million, which has fallen in price by 0.37% over the past year.If El Salvador had sold its gold and bought bitcoins last year, these bitcoins would now be worth $125 million.


sr. member
Activity: 2030
Merit: 356
maybe this is a very good thing with the adoption of bitcoin from the country of El Salvador where they openly want to adopt bitcoin en masse for their country and of course this would be a very good thing because it could potentially increase the price of bitcoin back to stability in the market global stocks considering that currently bitcoin really needs recognition or adoption from developing countries for bitcoin's survival in the long term so this can be positive if the adoption is actually realized

El Salvador has taken this initiative and they should be appreciated for this. This is not a small step to make bitcoin a legal tender while the rest of the world or in most of the world governments are trying to stop the spread and usage of bitcoin and cryptocurrencies.
They may face new challenges and difficulties but eventually, their economy will be strengthened.
legendary
Activity: 2618
Merit: 1505
According to ecologist (winner of The Goldman Environmental Prize) Ricardo Navarro, the use of geothermal volcanic energy for bitcoin mining will cost more than burning oil.
"The use of geothermal energy is still expensive, otherwise we would have done it a long time ago. As a result of the President's initiative, we will simply buy more oil. Steam and groundwater are required to generate geothermal energy, while the country is experiencing a shortage of water resources," said Ricardo Navarro, El Salvador's leading ecologist.
https://www.telegraph.co.uk/world-news/2021/12/06/el-salvadors-plan-power-bitcoin-volcano-will-end-environmental/

It is a strange statement if the geothermal station is already working and, as we have seen, mining equipment is already being installed on it.   



legendary
Activity: 2618
Merit: 1505
Well, yet another "buy the dip" type purchase from El Salvador’s government, announced by Bukele, for 150 BTCs (at 48.670$, so currently at a loss on the books). Justin Sun matched the sum in a two-stage purchase, all providing Twitter updated feeds in a conversation between the two.

Not very keen myself on this type of Twitter conversations, as it does seems somewhat distant to that of the masses, and more in line with spoiled kid’s playground domains.

See: https://twitter.com/nayibbukele/status/1467000621354135555


In response to Salvador's purchase of 150 BTC's, Justin Sun followed his example and bought 100 BTC's, to which Nayib Bukele says that he lacks another 50 BTC's to match and he does it and buys another 50 BTC well, in the end, a draw turns out. Smiley

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