Mallers joins Tether.. and Tether has recently "come back to bitcoin" on lightning. This is an attack on Bitcoin. Mallers is the latest SBF.
Discussion
Shame but it certainly looks like
He's built up so much trust in the community. Even regular slots on CNBC..
WAT.
That seems crazy aggressive man
I know, I know. I can't rationalise it in any other way.
this shit is gonna happen. Many of them will fail.
If I were going to bet, I'd say the ones run by legit bitcoiners are less likely to fail than others.
I have no reason to trust Tether, Strike, or whatever other company, but what do you mean exactly when you say this is an attack on Bitcoin? Genuinely interested
There's a culture growing in the Bitcoin space of trusting third party celebrities/companies to buy your Bitcoin for you. Saylor first, now Mallers. Both represent Bitcoin IOU purchases through stock in a company. They're not offering any productive output - just buying Bitcoin with debt and selling shareholders stock. It undermines the value proposition of Bitcoin, and creates a 'paper' economy. If you watch Tether buying up US treasuries, they're further enabling a paper economy (US debt). Paper is Fiat that can eventually become fractional reserve banking backed by Bitcoin and eventually backed by nothing and we do 1971 again.. then most people have little to no understanding of Bitcoin or holding a seedphrase and have learnt to trust third parties and hand it over.
Thanks for articulating your thoughts, these are real concerns indeed. I see, perhaps naively, the whole debt-fueled Bitcoin treasury strategy essentially as an arbitrage opportunity being exploited by those who are in a position to do so, but I certainly cannot dismiss the risks that these centralizing actors present for the emergence of Bitcoin as the basis for a true sound money system that replaces the rotten fiat world we live in.
Youāre right of course.
But as long as there is money to be made people will find ways to make it.
Iām a bit more ambivalent about the whole thing. The fact is weāre seeing a scare asset being monetised and pulled into the global financial ecosystem for the first time in anyoneās lifetime. We have no way of predicting how this plays out but I trust the bitcoin protocol and I believe in its value proposition. Right now Iām happy to buy more and watch.
Sure. I think theirs a huge difference between 'adoption' and how it's adopted though. And if it just ends up as centralised paper, then we're back to where we started.
Its not an attack on Bitcoin and Jack Mallers is not the latest SBF. For that role pick Vitalik or Brad Garlinghouse or Charles Hoskinson or a similar dipshit.
Jack is true and legendary #Bitcoin OG who has build a great service for all Plebs to be able to accumulate more sats.
He pays Strike employees in Bitcoin.
He lives and breathes Bitcoin and thats visible in each of his talks.
Tether is a strong Bitcoin holder and recently they announced building tech on #LightningNetwork.
Their business model, offering a stable coin pegged to USD requires them to buy US treasuries.
Not sure how you came to your conclusion ...
As for the KYC, those are regions' regulation that they need to comply with to be able to operate.
I am not surprised, I already wrote sometime ago that the U.S. government, the IMF, Michael Saylor, and Tether is advancing a clear vision: replacing physical dollars with digital dollars as the global reserve currency and primary medium of exchange.
ššš
https://yakihonne.com/article/btcyourmind@nostr.com/le9bW9qsw_qJ_td02SkGh