Seems like the airdroppped $30 BTC is not allowed to be sent outside of the "Chivo" system. This is pretty much the same as what the fiat banking system does in many countries preventing users from freely spending their money in the free market.

Very bearish.
This will cause black markets to form where people wishing to free their "stuck" money will have to find a counterparty on the street who is willing to accept these "stuck" bitcoins in exchange for bitcoins/USD outside of the system.
So a user will send their $30 to the agreed counterparty within the system and then get paid an amount less than $30 outside the system.

In Lebanon these are known as "Lollars".
At the end of the day, these are just the same central bank tricks that fiat systems play on citizens of their own countries.

But we need to be patient to see how this will all shake out in the coming weeks.

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More from @MattAhlborg

8 Sep
1/ Update on #ChivoWallet app functionality today based on our work @bitrefill:

- Receive lightning works but UX is really bad. You have to click "Recibir", then "BTC", and then click dropdown at the top and click "Otras Billeteras" where "Reciber Bitcoin via Lightning" shows.
2/ Send lightning works with a QR code but pasting in invoice gives an error asking for amt even though it should already know the amt.
3/ Send lighting still has a minimum amount of $5 which really needs to be fixed but at least it is throwing a proper error now to inform the users:
Read 6 tweets
7 Sep
Learnings on El Salvador Chivo app functionality so far:

- You can use the original $30 BTC to send off-chain, but you have to send it back and forth in Chivo 3-5 times
- You CAN send #Lightning to Chivo
- You CAN send Lightning FROM Chivo
- on-chain are NOT being batched
Native Segwit is being used.
The lightning invoices generated by Chivo contain the full legal name of the creator of the invoice. This to me seems like a privacy issue that should be dealt with.
Read 10 tweets
1 Sep
1/ Some super interesting #LightningNetwork trends @bitrefill lately...

Emerging markets, not the US or Europe, have been leading the way in lightning adoption.

For example, 92% of all payments coming to us from El Salvador are riding lightning rails this month...
2/ The El Salvador growth is likely due to @Bitcoinbeach and @ln_strike's direct efforts there however, and so we have to concede that the growth has been nurtured along more there.

What's more impressive to me are Brazil and Nigeria's 39% and 33% lightning payment shares...
3/ For Brazil, many users are coming to us through @bluewalletio's integration after having been taught by the @bitcoinheiros community there. This is highly organic growth and is really encouraging to see.

bluewallet.io/marketplace/
Read 10 tweets
21 Aug 20
1/ An absolutely incredible story out of Venezuela today. @theairtm, a @Coinbase funded digital currency exchange, has been elected to redistribute $18M in US government seized corruption funds of the Maduro government back to 62,000 healthcare workers in Venezuela.
2/ @jguaido, leader of the opposition in Venezuela, repeatedly recognized AirTM’s efforts in a press release yesterday and outlined their plans for airdropping censorship-resistant digital dollars onto Venezuelan healthcare workers through their platform.

3/ How will AirTM achieve this you ask? AirTM operates a censorship-resistant P2P exchange from Mexico City where its primarily Venezuelan users haved logged in to trade Bolivars and Bitcoin for digital US Dollars for years.
Read 10 tweets
5 May 20
[1/5] Holy Smokes! Sub-Saharan Africa had its first 10M voume week ever on P2P exchanges, stomping the weekly record set in Dec 2017! The volume is likely a bedrock of utility use with a substantial bump of speculation related to the halvening:
[2/5] Ghana, Kenya, and Central Africa hit new volume records this week and Nigeria nearly did:

usefultulips.org/combined_Sub%2…
[3/5] Nigeria in particular has shown some interesting changes recently as it transitioned from trading at a discount mere months ago to trading at a premium now. I believe this may be related to oil price collapse and corresponding pressure on the Nigeria's currency, the Naira.
Read 5 tweets

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