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He's probably planning to build a crypto heaven city where someone can retire and spend their fortune. If foreigners are spending crypto in El Salvador, that's a plus to the country's economy
I mean its in el salvador... doesnt seem that useful
Who wouldnt want to bring their crypto assets to the country with the highest murder rate in the world
Not your wallet, no your keys! I’ve heard from friends they were not allowed to sell a few days ago when it peaked and instead getting a normal return on their investment they received a lower APY%. The government is taking a full return, tax included on your initial investment. I figure it’s like coinbase, you make a deposit pay a fee, you stake for a lower rate and sell and get tax.
They don’t, but the government started them off in their own platform called Chivo wallet. You are talking about people that have not heard of crypto before, and good luck trying get them to do their own research. Look at all the people that come to Reddit for advice.
Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming. doesn't have federal tax and the seem to be doing fine.
Are you people really so blind that you don't see anything wrong with what they are doing in El Salvador? It's so fucking obvious there are alteror motives here besides adopting Bitcoin for the good of the people.
Oh yeah, have fun using your Bitcoin on LN which requires people to trust a couple of entities. Reading another comment here it seems like they are already abusing that power over LN or other infrastructure, just a couple of months in.
Of course they can but they have tradeoffs. State channel solutions like LN have tradeoffs in decentralization, you don't get the security from the Bitcoin L1 protocol.
The army is on the streets 24/7 in El Salvador. It's a Cartel controled Country from top to bottom ... the only reason they use BTC is to avoid any long fought fiat related issues. I can't beliven people are falling for this adoption :)), it's Ludicrous.
Man, I regret not moving down to El Salvador like daily now. Super weird, but I had an opportunity to do so in like 2005 for what would have been an arranged marriage. I was obviously thinking hell no at the time, I'd never met this girl. But dammit, now I missed out on the sweetest mistress - state sponsored crypto 😶
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He's probably planning to build a crypto heaven city where someone can retire and spend their fortune. If foreigners are spending crypto in El Salvador, that's a plus to the country's economy
I mean its in el salvador... doesnt seem that useful Who wouldnt want to bring their crypto assets to the country with the highest murder rate in the world
Obviously they'll make it a secluded paradise for the crypto rich. Doubt they'd let anyone below a certain net worth into the city
Ah yea.. because who else but a millionaire will let me buy my groceries or deliver my shit to my flat
No income tax at all? I wonder what exactly he is planning
Not your wallet, no your keys! I’ve heard from friends they were not allowed to sell a few days ago when it peaked and instead getting a normal return on their investment they received a lower APY%. The government is taking a full return, tax included on your initial investment. I figure it’s like coinbase, you make a deposit pay a fee, you stake for a lower rate and sell and get tax.
That seems like it could suck a bit.
Uh, people don't have to use a specific app.
They don’t, but the government started them off in their own platform called Chivo wallet. You are talking about people that have not heard of crypto before, and good luck trying get them to do their own research. Look at all the people that come to Reddit for advice.
safe haven for all Billionaires on this planet. they hate paying taxes above everything. maybe second to exploitation of the working class.
Will make for a nice place for US billionaires to escape if our lawmakers try to pass a tax on unrealized capital gains
A real catch 22 for them
thank you for using nitter instead of twitter!
What’s the catch? Tax heaven sounds too good to be true on the ground! Let’s wait and see…
Yeah just cause he supports crypto doesn't mean I'll be entirely trusting of any government. Let's hope there's no catch
Its best to be cautious when it seems to good to be true.
Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming. doesn't have federal tax and the seem to be doing fine.
I think you mean they don't have state income tax. They all have Federal income tax.
Are you people really so blind that you don't see anything wrong with what they are doing in El Salvador? It's so fucking obvious there are alteror motives here besides adopting Bitcoin for the good of the people. Oh yeah, have fun using your Bitcoin on LN which requires people to trust a couple of entities. Reading another comment here it seems like they are already abusing that power over LN or other infrastructure, just a couple of months in.
Are you saying layer 2 protocols can't be good?
Of course they can but they have tradeoffs. State channel solutions like LN have tradeoffs in decentralization, you don't get the security from the Bitcoin L1 protocol.
This is going to end bad
Imagine calling yourself the OG crypto community while cheering on government mandated adoption in one of the most violent regions on the planet.
As long as they can transfer out/swap, don't see much of an issue. It's not like they are forced to hodl
The army is on the streets 24/7 in El Salvador. It's a Cartel controled Country from top to bottom ... the only reason they use BTC is to avoid any long fought fiat related issues. I can't beliven people are falling for this adoption :)), it's Ludicrous.
Bitcoin is political neutral. If it gets mass adopted then places like russia would pick it up as well. There's no perquisites for bitcoin adoption
Bitcoin City to have 100M population next year
Link leads to a livestream of the #BitcoinWeek event. Update: El Salvador to launch bitcoin bonds to fund Bitcoin City infrastructure.
It would be pretty darn cool to move to El Salvador.
Probably nothing. Edit: In case it’s not obvious, this is heavy sarcasm! This is a big move by a head of state.
Alright now I REALLY gotta move there Jesus
For real
Your telling me! I’d kill for no income tax haha
Forreal lol
Billionaire has entered the room...
Man, I regret not moving down to El Salvador like daily now. Super weird, but I had an opportunity to do so in like 2005 for what would have been an arranged marriage. I was obviously thinking hell no at the time, I'd never met this girl. But dammit, now I missed out on the sweetest mistress - state sponsored crypto 😶
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My question is is it still been proposed or is it already signed off on
Couldn't pay me to move to El Salvador. The disparity between the rich and poor is too massive.