John Dennehy on Nostr: Good morning from El Salvador We are now in Day Three since the government rescinded ...
Good morning from El Salvador
We are now in Day Three since the government rescinded Bitcoin as legal tender, at the request of the IMF
Some updates...
After skipping a few days for the first time since the 'bitcoin-a-day' program began, the govt seems to have made up for it and purchased 5 bitcoin yesterday. No word on what happened earlier in the week, but good to see they are back on track. As far as I can tell, this program will not be affected by the IMF deal, at least not at first, though we shall see
No other updates from on the ground, but in being very vocal in my opposition to removing legal tender status at the behest of the IMF I have learned a lot about the Bitcoin community. One major surprise is how little Bitcoiners seem to know about how the IMF works
This isn't just some loan. This isn't about the law changes El Salvador quietly pushed through earlier this week. This is about power, and how much leverage the IMF now has in determining El Salvador's future. If the govt decided, you know what, we need to update some laws. Great. But, that's not what happened. They are now making law changes cause Daddy IMF wants it, not cause they do. Expect more of the same now. This is the IMF playbook, always has been
Some background on me: I've been strongly opposed to the IMF since 2001 when I first realized thier actual role in the world. For more than two decades I've been protesting them. Literally. My first IMF related arrest was in 2002. I never worked for them, but I worked for the UN and UNICEF for over 10 years and got some insight into the global bureaucracy that the IMF was born out of. I've also travelled the globe--to more than 70 nations--, working as a journalist and seeing with my own eyes how the IMF has shaped the world
When I first heard about Bitcoin, I understand its potential instantly. I literally sold everything I had (which as a nomadic anarchist was not much) and went all in (I lost that entire first purchase when the exchange was hacked and later, the UK govt seized all my assets cause I was selling p2p bitcoin and they didnt like one of my customers). I understood Bitcoin immediately as a solution because I was already neck deep in the problem, which is best represented by the IMF and how they use 'loans' to control the world and shape our future.
There was only one other time in my life when I dropped everything and went all in. El Salvador in 2021, when they announced Bitcoin as legal tender, and implicitly, gave the finger to the IMF. I've built a life here. My son was born here. Whatever its faults, that this nation was willing to resist the IMF made this place incredibly special to me. Maybe you can understand why this news has hit me so hard
But I digress. I had wrongly assumed that the why & the how of the IMF was widely known among Bitcoiners. I've come to realize over the past few days that most think of the IMF as simply an organization that gives loans to nation states
I'm going to write more in the coming days and weeks about the IMF to try and help people understand how that org works. Any good beginner resources to recommend for those just getting started?
We are now in Day Three since the government rescinded Bitcoin as legal tender, at the request of the IMF
Some updates...
After skipping a few days for the first time since the 'bitcoin-a-day' program began, the govt seems to have made up for it and purchased 5 bitcoin yesterday. No word on what happened earlier in the week, but good to see they are back on track. As far as I can tell, this program will not be affected by the IMF deal, at least not at first, though we shall see
No other updates from on the ground, but in being very vocal in my opposition to removing legal tender status at the behest of the IMF I have learned a lot about the Bitcoin community. One major surprise is how little Bitcoiners seem to know about how the IMF works
This isn't just some loan. This isn't about the law changes El Salvador quietly pushed through earlier this week. This is about power, and how much leverage the IMF now has in determining El Salvador's future. If the govt decided, you know what, we need to update some laws. Great. But, that's not what happened. They are now making law changes cause Daddy IMF wants it, not cause they do. Expect more of the same now. This is the IMF playbook, always has been
Some background on me: I've been strongly opposed to the IMF since 2001 when I first realized thier actual role in the world. For more than two decades I've been protesting them. Literally. My first IMF related arrest was in 2002. I never worked for them, but I worked for the UN and UNICEF for over 10 years and got some insight into the global bureaucracy that the IMF was born out of. I've also travelled the globe--to more than 70 nations--, working as a journalist and seeing with my own eyes how the IMF has shaped the world
When I first heard about Bitcoin, I understand its potential instantly. I literally sold everything I had (which as a nomadic anarchist was not much) and went all in (I lost that entire first purchase when the exchange was hacked and later, the UK govt seized all my assets cause I was selling p2p bitcoin and they didnt like one of my customers). I understood Bitcoin immediately as a solution because I was already neck deep in the problem, which is best represented by the IMF and how they use 'loans' to control the world and shape our future.
There was only one other time in my life when I dropped everything and went all in. El Salvador in 2021, when they announced Bitcoin as legal tender, and implicitly, gave the finger to the IMF. I've built a life here. My son was born here. Whatever its faults, that this nation was willing to resist the IMF made this place incredibly special to me. Maybe you can understand why this news has hit me so hard
But I digress. I had wrongly assumed that the why & the how of the IMF was widely known among Bitcoiners. I've come to realize over the past few days that most think of the IMF as simply an organization that gives loans to nation states
I'm going to write more in the coming days and weeks about the IMF to try and help people understand how that org works. Any good beginner resources to recommend for those just getting started?