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So Tether is really moving its operations to El Salvador? Like as in employees and so on? That is a huge deal if so.

On the other hand, I guess Tether has a small base of say engineers (they probably make more profit per engineer than any other company on Earth, even like OpenAI or whatever), and if anything probably pay enormous sums to law firms around the planet to do most of the "work" that matters. And I'm sure it's a *lot* of remote work. So it's maybe not some spectacular achievement for the working prospects of ordinary people here ...

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Discussion

kukks 11mo ago

It's probably just legal status..

waxwing 11mo ago

One's immediate assumption on hearing "Tether is moving its base to El Salvador" is that, I agree. And it still maybe 99% true, but I did see Paolo talking about "building Tether tower" or something. There is at least in my mind some faint hope that he might bring a bit more than nothing, here. After all there *is* some actual Bitcoin business activity here. In dollar amounts it's miniscule of course, but it's significant because the environment is so different here. Still Tether's business and customers are not mostly here (though Tether is *huge* across latin america generally).

cryptowolf 11mo ago

Is tether safe? How does USDC compare?

waxwing 11mo ago

I don't consider either of them safe, at all.

But some people use these things as a lifeline (if admittedly far more use them ignorant of the risk).

cryptowolf 11mo ago

I've never used either but have considered using them to take btc profits during the next bear cycle. But skeptical.

waxwing 11mo ago

No easy solutions. Nothing is as safe as self custodied btc really, maybe gold, maybe dollars cash. Everything has downsides.

cryptowolf 11mo ago

Does tether or usdc have any disasters in their history?

waxwing 11mo ago

No don't think so, but they have censored transactions and frozen funds. Also tether was created by the bitfinex people, who were hacked spectacularly in 2016.

₿itcoin Revolution 11mo ago

People were working on algo based stables but these maybe banned now because of the attack on these type of stables. I.e UST on LUNA.

We still could try working on a free floating stable as Nikolai Mushegian was working on before he drowned'.

Adrien Lacombe 11mo ago

what matters is who can tax their huge profits ;)

waxwing 11mo ago

You make a very good point, but not sure if Bukele plans to take more than 0. And also this angle is less likely to benefit rmthe people. But, yes, good point.

I wonder if there is also (geo)political risk to ES from hosting them. Probably.

OMAR COMIN 🎱 11mo ago

You know Trump is fuming over this. Biden WH pushed the industry offshore

Adrien Lacombe 11mo ago

I think the figures are approximately that the state budget of ES for a year is close to the profit that Tether makes in a year, both close to USD10B

x 11mo ago

You live in El Salvador?

waxwing 11mo ago

Yes