Cryptocurrency: Chivo "Wallet", El Salvador Bitcoins Missing, Algorand, BCH

[grarpamp]

> https://www.newscientist.com/article/2302383-hundreds-of-salvadorans-claim-money-is-vanishing-from-bitcoin-accounts/

https://duckduckgo.com/?q="chivo+wallet"

https://bitcoinist.com/from-the-ground-devastating-problems-with-the-chivo-wallet/

https://coingeek.com/shocker-bitcoin-in-el-salvador-is-fake/
https://www.siliconrepublic.com/enterprise/el-salvador-bitcoin-digital-wallet-chivo-offline
https://finance.yahoo.com/news/el-salvador-develop-blockchain-infrastructure-084104876.html
https://cryptosrus.com/did-you-know-el-salvadors-chivo-app-runs-on-algorand/

https://chivowallet.com/
https://wallet.chivo.com/

"Chivo Wallet" appears to be GovWare, not opensource,
and supposedly uses Lightning L2 Network which has
its own issues, but may be using something else under
the hood as well... Algorand.

And is likely running on malware infested shitphones,
likely by many clueless people unfortunately.

Not your platform, not your wallet, not your keys, not your bitcoin.

Quality opensource true bitcoin wallets exist,
Salvadoreans should be using those instead,
leaving Chivo only to be used for the "dollar".

If they want something "Bitcoin" that scales
to their size at least for today, they should
be using Bitcoin_Cash-BCH. However at least
one of the most popular BCH wallets is not
opensource, which is a big PR problem,
same as many BTC wallets are not opensource
either.





Editorial 17 December 2021
Kurt Wuckert Jr

Meet Juan. Juan is a Salvadoran everyman: the representative on
Chivowallet.com showing just how disruptive he can be by using
bitcoin* while living on about $4,000 per year working hard factory or
agricultural labor.

Bitcoin on mobile phone

Like many Salvadorans, Juan is concerned about the purchasing power of
the local currency. Actually, no, he probably isn’t because El
Salvador uses U.S. dollars, and despite some of the very real problems
with U.S. fiat, the dollar is a welcome cornerstone of stability in a
country where the President is cited for bringing the military into
the chambers of their legislature to make sure they know who’s boss!
Freedom is a laser-eyed, fascist military manFreedom is a laser-eyed,
fascist military man, right guys?

While internet service is uncommon everywhere except the capital,
murder, assault, rape, armed robbery and other violent crimes are
quite common. Gang activity, such as extortion, violent street crime,
as well as narcotics and arms trafficking, is widespread. Due to the
lack of resources, local police often fail to respond effectively to
serious criminal incidents. So what is Salvadoran President Nayib
Bukele focusing on? BITCOIN*!

Bitcoin on mobile phone

Tired of missing out on big gainz, Juan uses bitcoin* with the Chivo
wallet! Well, kind of. He’s actually using Lightning Network* when he
spends an average of $8.00 on a typical meal in the capital of El
Salvador. Actually, probably not that either given that most of the
country is rural and lacks basic infrastructure and smartphones are
still quite uncommon outside the capital.

You see, BTC doesn’t work for poor people since MasterCard
re-engineered it through their Silicon Valley incubators.
Bitcoin on twitterJust ask Blockstream executives!

In reality, Chivo Wallet only pretends to use bitcoin* or Lightning
Network* while actually setting up a custodial payments account on
their centralized Lightning Network* node and settling using an
internal proprietary process that actually negates the use of the
blockchain at all.

It’s ok though because he is still holding bitcoin* to protect himself
from inflation in his poverty-stricken nation, right? Well, with wages
and cost of living the way they are, Juan probably isn’t able to save
anyways. He just needs a low-friction way to pay his bills and buy
essential items. So, Lightning Network* it is…

Actually, it’s not that either

Chivo Wallet isn’t using BTC or Lightning Network* at all. El
Salvador, while pretending to be BTC maximalists, actually signed a
deal with the Algorand blockchain to handle their national blockchain
infrastructure because BTC and Lightning Network* are both incapable
of handling the traffic of a country the size of El Salvador, and the
hype around “Bitcoin* Beach” and the rest of their marketing nonsense
is little more than a ploy for Bukele to attempt to join the
technocratic elite of what he’s guessing will be the future!

But how do we know this? CryptosRUS reported: “Little do people know
that when El-Salvadorians buy a cup of coffee with Bitcoin* via the
Chivo app, that is being done via Algorand payment rails. There are
different parties involved, but Algorand underpins the app.”

And who are those “different parties?” DCG portfolio companies of
course! BitGo, Bitso and others handle a bunch of the processes while
the blockchain that is actually used for finality is Algorand deployed
at the national level.

    El Salvador is working with @koibanx to leverage #Algorand for
government blockchain infrastructure. Felicidades to the Koibanx team
on their continued progress in #LatAm!

    👉 https://t.co/4G1162TF1D pic.twitter.com/yPrHhcmJBd

    — Algorand (@Algorand) August 31, 2021

So what does this mean?

Well, it means (gasp!) the small blockers have lied to us all again
while hyping up a complete non-story while compromising their morals
and the underpinnings of bitcoin in an attempt to pump their bags to
the detriment of people (like Juan) who could actually use some very
real help in the world!

So, let’s get back to Juan. He can’t really save any money because his
economy is terrible, and due to economic controls and generations of
war, there isn’t a whole lot of hope either. And rather than actually
fighting to bring real economic opportunity, he’s being paraded out
for the benefit of technocratic elites at the hand of the elites that
rule his homeland with an iron first.

I’m sorry, Juan. We really have been trying to help this whole time by
protecting the Bitcoin protocol so that it wouldn’t have to run on
Algorand, Mastercard or any other rails at all. We wanted you to be
able to do peer-to-peer commerce with every sat beholden to proof of
work with instant and reliable transactions and a system that builds
trust by securing your property rights in places where fascist
dictators can’t take them away from you.

We have taken bumps and bruises too, but Bitcoin SV is ready to help
you actually fix your nation’s maliciously broken economy. We just
have to keep working to secure all of our freedom!

Curious about those asterisks?

*They are using Algorand. Cope.