I feel sort of insane because everyone's so excited, but I can't think of a personal use case for #Strike.
Discussion
You’re a big brain dev so probably different situation
But for an average pleb with an average job, strike is great for stacking. The DCA options are hourly, daily, weekly, biweekly, monthly and fees are quite low.
Also you can send funds from your fiat balance to fill a LN invoice or on-chain. So like, those merchants that offer a discount for paying in bitcoin, you can get that discount by using your cuckbucks. Pretty sweet imo
Also it gives people lightning addresses which is nice. And you can do lightning withdrawals, and there’s still a free option for on-chain withdrawals.
Mind you it’s still a centralized KYC situation. But it’s pretty damn good!
I guess I'm underwhelmed because I have a practical setup and hardly ever move anything, other than my monthly DCA and zap-refill.
What are the exchange-rate spans on the free, on-chain withdrawals? Does Strike really lose money on those?
Well i may be confused but there’s no exchange rate for a withdrawal, like when you already stacked using strike and then withdraw. But i’m certain they lose money on the free withdrawals. It confirms within 24 hours so even though they batch, that’s gotta cost something
But if everything they do is free, where does their profit come from? 🤔
Not everything is free. The ~24 hour withdrawal is free. Faster is quite unfree, rev transaction fee.
Free on-chain withdrawals is not “everything they do” it’s just one option for one feature. I think they make their revenue from fees/spread when people buy or sell. Not sure though
DCA is buying bitcoin kyc
ACH is using fiat to pay an LN invoice
Yeah, “paying” yourself from $ balance to a self-custody ln wallet is the best use case IMO. Psudo KYC-less and plausible deniability if you stack round amounts and use good ln privacy practices.
I believe a lot of people are using it in the US and with solutions becoming rarer by the day in the EU this is probably a good option for some plebs.
To be frank, I just see it as a way to help familiarize the public with bitcoin. That's it.
UNLIMITED ACH DOLLARS TO LN INVOICE
ONLY SHOWS ON BANK STATEMENT AS "STRIKE"
IF YOU KNOW YOU KNOW
What are ACH dollars?
Confusing grammar.
-Unlimited ACH deposts
-fiat (“dollar”) to LN payments
-doesn’t say much on bank transaction
Suggestion is if you fill invoices from cuckbuck balance, you can effectively stack non-kyc this way
Thanks for explaining it. But I still don't get it how this works. I'm paying my own LN invoice from my own cash balance? And why do they have an extra buy button if you can stack this way.
Yes you pay LN invoice from cash balance. The service strike offers there is whatever they have do behind the scenes to “be compliant” and make the payment happen without putting any kind of tax burden on the customer, etc.
Why have a buy button, well that’s a good question. One could argue it has a similar answer. More likely though is that people just like buy buttons and the invoice trick is a little bonus for those who understand and are willing to do a couple more clicks
And to be clear it’s real lightning, not strike users. You could use your dollars/euros to pay someone using ln.tips or their own node (assuming there’s a route) or anything. It’s a direct portal from fiat to the actual lightning network, at least from the user’s perspective
I'm skeptical. But it sounds not that bad if this works the way you're describing it. I need to find someone to try it out for me😂
My favorite use for this is actually probably paying for shit. Like i bought apollo gum (now nostr:npub19lhkt6w7q4nqcxllztrs8kg3x4asvh4fcahr246yp9rfpashj87qz5qdzy) in bitcoin for a nice discount. But i used my dollars 😎
I must be tarded but how does the nokyc part work?
How would they know who’s on the other end of the invoice? All they know for sure is your dollars are being used to pay for [something] that strike handles any tax implications for
Might wanna go through mutiny or something rather than dox your node by going directly to it
This should be considered a theory though imo. For all we know they might assume every withdrawal or payment is to yourself 🤷♂️
Sounds similar to purchasing bitcoin on lightning with Bull Bitcoin. You add cash to your account through direct deposit (that part is kyc). But then you pay an invoice in lightning.
This makes sense. Thanks 🤙🏾
Oh. That is useful.🤔
I don't have a use for it, right now, but I'll keep that in mind.
Their API pretty much allows you to use lightning network for ACH transfers 🤓 I imagine someone living on Bitcoin would use it as option provided it was available to them
The fee is lower than what I was using, so I switched my daily DCA into Strike. And I did a quick test to move sats back and forth between Primal and Strike and it worked perfectly.
So for me, it's a way to stack sats and have full control over where they go. Of course I know it's a custodial solution, but so is 99.9% of our existing monetary and financial universe so I'm ok with that for now. Eventually everything is going into cold storage, but I'm not in an emergency rush for that.
As backup bank account in case your house bank closes your account for some reason.
Or you can use it as payment method on robosats like revolut or wise.
It’s an excellent interface for normies between the fiat banking system and the open internet of money
It enables projects like nostr:npub1ah55ex8qs07t8nvwsuk7gv8s92lh6a9w2hf259wjdrh3873ll9wq7pl8pw to onboard users to streaming payments with no understanding of Bitcoin at all (Strike facilitates an ACH for them)
USD to EUR for much lower fees (when that becomes possible.)
Right. Most people don't have bank accounts in both countries, so they can't do that trick without Strike.
I know, but if you do, and you’ve tried to move money between the two, it’s expensive.
I do it with credit cards or Bitcoin. That's actually why I first bought Bitcoin. Wanted to transfer my stimmy check to Germany.
Seems like a lot of the appeal doesn't really transfer to some European countries because of our different legal and financial systems. Must be why we were so far down the implementation list.
I don’t get all the nostr:npub1cn4t4cd78nm900qc2hhqte5aa8c9njm6qkfzw95tszufwcwtcnsq7g3vle hate. I wish I could use Strike where I live.
Bitcoiners of today are celebrating the expansion of KYC imperialism.
Yeah, I don't like KYC stuff.
0.07 cent hourly DCA is quite a nice feature if you are on a small budget. A Euro sixty a day keeps Madame Lagarde away.