Those who have enough technical know how to use tether will feel the most rugged by #btc appreciating rapidly.
They were one degree away from real money and they chose a gov copy shitcoin instead.
Discussion
Help me understand why some of the best Bitcoiners (IMO) are supportive of Tether.
Adam Back & Max Keiser for example.
I don’t think they are scammers. I just don’t. But they do support Tether & Bitfinex.
Thoughts?
"Scammers" might be a bit harsh but they are definitely both compromised by financial incentives.
Maybe. Maybe. Jury is still out for me.
Because they understand people in emerging markets need dollars to make ends meet. Simple as that. Tether hate only makes sense in the west.
This is a very valid point. I’ve given up on talking about BTC in the US as many just get confused because banks & Venmo are working for them. 🫡
"Tether hate" makes sense anywhere people don't want to get rugged.
Bernie Madoff's scheme worked too, until it didn't. Tether is no different.
People needing to exit a currency that is hyper inflating so they can afford to buy food next week is a tad bit different than what people investing with Bernie Madoff were doing.
It’s just tone deaf and strange to anyone that is experiencing hyperinflation. None of these ppl are gonna forego supporting themselves and their families because they saw a mean note about tether being a shitcoin
If they need a currency that's free from fiat manipulations they need Bitcoin. Using tether may *seem* like a useful solution but one day they'll find they absolutely cannot support their families because the IOU they were hoping to redeem for value has cratered to zero.
They can’t afford the volatility of bitcoin that’s why they use dollars.
Whenever the dollar in its many forms stops meeting their needs that’s when they will move on from it.
They just use the tool that works. Bitcoin doesn’t work (yet) for them.
If they can't afford the volatility then they REALLY can't afford to get completely rugged, which is what's inevitably going to happen.
See attached. Try to put yourself in Venezuelan shoes. nostr:note1ttvf5v3nayrpt8d9wghwu6wfpj6cm7zf7er4zmws8deeead3l5js7qrhf6
Exactly.
I think we all agree that holding mid to long term savings in tether is not a good ides. Short term it has a lot of utility for a lot of ppl
They will feel the volatility of bitcoin every day.
They may go years or even decades without getting rugged if at all
Time preference is positive. We are all gonna die one day.
Making the moral distinction between "investors trying to get rich" vs "poor person trying to eacape inflation" is true but not relevant. The real comparison I'm making here is that both sets of users found out/are going to find out the hard way that they may be left holding the bag when they try to redeem their IOU.
I'm not trying to criticize EITHER "investor trying to get rich" OR "poor person trying to escape inflation". I'm just saying that both would have benefitted from purchasing a bearer-asset like Bitcoin instead of an IOU they were hoping a third party would redeem.
I understand your point.
It should tell you something that people are willing to risk getting rugged in order to get dollars in tether form. That’s how valuable it is for them. They are not under the impression that this is some perfect money. Just means to an end. They would probably agree with you it is a shitcoin
Most don't understand it well enough to form that opinion