millions will use tether until the inevitable cruise missle, rug, or shotgun kyc happens
they will learn an expensive lesson on why bitcoin is valuable - the most effective way to understand trusted third party risk is to get burned by one
tether usage -> tether blow up -> bitcoin standard
Preach on, CAPS.
I struggle with this for all of the classic humanitarian reasons McCormack talks about. Also, tether paradoxically acts as a marginal buyer of USTs as the debt backed system has to expand more. So they've developed this position where currently they find themselves acting as a bridge from the old system of fiat to the new system under Bitcoin.
GM š¤š½āļøāļø
& always be cautious who you attach yourself toā¦ 
Gm, still hoping to make my way to bitcoin park someday
correct
Bitfinex Tether or Paolo is NOT risk (middleman)
risk is US* - Ultimate issuer "FED" introduce
new law
void collateral
default / inflate
force licensing / bring charges /...
anything unthinkable now
they did that to PAXOS n others
Even for Bitcoin maxis out of the American bubble, USDT is sadly the only and easiest way to fight inflation in the short term.
WE STACK
WE STAY HUMBLE
I am waiting for the USG to freeze Tether's bond holdings if they ever step out of line š„¶
USG punishing its debt purchasers is the ultimate sign of misaligned incentive structures.
Tether is a shitcoin š«”
Yesterday i got myself in an argument with friends, they think that the thriving "crypto" will be, the one that integrates faster with the financial system..... Ohhhhh boy it was a long night
May that crypto die along with the fiat it affixes itself to. While Bitcoin just keeps on as it is: stable, sound and incorruptible
We can try to help fellows but we ain't government to impose, sad that they can't see it
Unfortunately, they will learn the hard way
Millions will self custody till the man says you can only custody with one of our approved bolshevik banking cartel custodiansā¦ESPECIALLY for your qualified accounts (Same rules as PMs). Short stackers will cave as they slowly bleed out. Naive No-KYC stackers will think they can live in a black market without the bots eventually making an example out of em. How to get ahead of it? Homestead, commune, second passport, side stack with trusted custodian like OnRamp, or [your answer here] ?
Come on brother nostr:npub1qny3tkh0acurzla8x3zy4nhrjz5zd8l9sy9jys09umwng00manysew95gx
Love a good zap but poke holes in this...help me beat it up...tell me where I'm in error. Outside of education and evangelizing...where can we invest to help the normie masses navigate this future custody threat?
Even Grommen and Saif are talking about this...meanwhile you're meme-ing.
Agreedā¦ Tether is a riskier USD with no compensation for the added risk. This is not how finance works.
More risk = more reward
USD + risk = š©Tether š©
As the world discovers a better standard, the bitcoin standard, they still need a digital dollar in the interim. Knowing that fiat is a sinking ship, how would you build a digital version to not only fill the global need currently but assist in the onboarding to the new standard?
There are many shitcoins (and fiat-as-shitcoins) yet to come and go, in the path to #Bitcoin
š¤
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.
Help me understand why some of the best Bitcoiners (IMO) are supportive of Tether.
Adam Back & Max Keiser for example.
I donāt think they are scammers. I just donāt. 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. Iāve given up on talking about BTC in the US as many just get confused because banks & Venmo are working for them. š«”
"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.
Itās 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 canāt afford the volatility of bitcoin thatās why they use dollars.
Whenever the dollar in its many forms stops meeting their needs thatās when they will move on from it.
They just use the tool that works. Bitcoin doesnāt 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. Thatās 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
The most effective way to understand trusted third party risk is to get burned by one.
Or they will find the next US dollar stable coin if they canāt het physical dollar because they need to pay bills in the present and canāt afford bitcoinās volatility. As Pedro would say
