I was supportive of El Salvador at the time when I should have been against it... To be fair, El Salvador provided guarantees as part of the law to compensate/convert to US $ any bitcoin payment received by a business within a specific time, i.e. 10-30 minutes, iow, businesses had the choice to get paid in US $ This is all app-based through the Chivo wallet, very easy and instant, part of the infrastructure, ATM's for physical US $ cash and all
Great responses. I now agree that there shouldn’t be a government mandate to accept BTC as payment. And as long as the IMF doesn’t require El Salvador to sell the BTC already purchased I’ll dismiss my accusation of deep state manipulation.
Now I got the exact details https://microsoft.gcs-web.com/static-files/412cc216-34d8-411e-bd96-71d59e4312c0 An overwhelming majority is against it, it is not a bunch of guys, more than 5 billion votes.
This is just to assess putting bitcoin in the treasury, not even outright purchase. It was not even close. I heard on Twitter spaces this cannot be proposed again to Microsoft for 5 years per SEC rule(?) I heard on the same Twitter spaces that Amazon is next to have this same proposal, it's the same group of activist shareholders
BlackRock owns 7% of Microsoft so those numbers imply that they didn’t use their votes in favor of buying bitcoin. I guess I’ve got something to ponder today.
The board already recommended weeks ago to the shareholders to vote no It had very little chance. The bulk of the votes are from proxy companies (don't know the correct term) they are the ones voting in behalf of the funds Vanguard, and others and those follow the recommendation of the board most of the time
So a bank telling the loan taker not to go to the casino with the loan is creepy? Sounds reasonable to me... With loans there are always strings attached, one is to behave fairly responsibly.
El Salvador's bitcoin wallet to be sold or discontinued after deal with IMF, official says https://finance.yahoo.com/news/el-salvadors-bitcoin-wallet-sold-151849574.html SAN SALVADOR (Reuters) - El Salvador's official digital bitcoin wallet Chivo will be sold or discontinued, an official said on Thursday, a day after the Central American country struck an agreement with the International Monetary Fund (IMF). Stacy Herbert, director of the national bitcoin office, said the cryptocurrency would remain a legal tender and that the government would continue to buy it, possibly at an accelerated pace, for its strategic reserves. On Wednesday, El Salvador struck a $1.4 billion loan deal with the IMF after agreeing that it would scale back its bitcoin policies. In 2021, the country became the first to make the cryptocurrency a legal tender.
Chivo wallet is a dangerous precedent, imho it's a good decision for El Salvador to shut it down or sell it to a private corporation From what I understand, the Chivo wallet is only available to El Salvador citizens... but the danger is a sovereign nation state should not be running a monetary infrastructure network that can bypass international controls The Chivo wallet has inter-connectivity to the bitcoin network, lightning for sure, possibly the mainnet also, but it also has inter-connectivity to the crypto USD (USDT) A registered corporation can be audited or subpoenaed, but a sovereign nation running this opens a pandora's box and potential for abuse Imagine if another nation state followed this, and another one and another one, they could utilize international trades, even for oil... https://www.elitetrader.com/et/threads/el-salvador-to-host-44-countries-to-discuss-bitcoin.367127/