Does anyone know how strike works?
Discussion
What’s this? I’m not a tidal user
Turns fiat to bitcoin and vice-versa.
How?
You pay Strike to send their Bitcoin to someone else.
Here’s how i understoood it from a mallers interview a while back:
They are the on-ramp and off-ramp on both ends. User1 sends USD to User2 who deals in EUR. You give Strike USD. They convert to Bitcoin, use lightning to transfer, then instantly convert to EUR.
Removes the need for users to like Bitcoin. Bitcoin and Lightning Network route everything and the users deal in the currency they need.
It also does Bitcoin and lightning payments, like you’d expect from a Bitcoin wallet.
What's funny is that they are so instant and fast they discover fiat pair prices quicker than traditional markets.
It just converts back and forth to btc and usd, you send sats then it will sell your usd for btc and pay the invoice, same for receive, somebody sends you sats and they sell it for usd. You can also send usd directly to other strike users or merchants
They are not likely to ever enter Japan due to the local laws here. Makes me sad! 🐶🐾😭😭😭
Well it was pretty hyped so I tried it… nothing special your trusting third parties!!! no good!!! couldn’t sleep after thinking about it so I tried sending 5$ from lightning to strike and then to a Satscard was able to do so with no fee compared to Wos BlueWallet Muun and breez there was a 20k-50k sat fee to transfer any amount the more you sent the percentage went up unlike Strike no fee to load Satscard
does it actually do something really except of announcements at bitcoin miami?
Nope. Their TOS does not allow adult workers to use their product.
Can you be more specific?
Economies of scale? Using a spot price that is advantageous and keeping the excess, to aspire to be profitable at scale. Thats their schtick, yeah? Am I daftly overlooking something?
Sell the order flow.
It's a shitcoin wallet that gets free ads at Bitcoin Miami every year.
and they do the ‘we have no fees’ huge spread scam
😅
I don’t understand why you think Strike is a shitcoin wallet. And the spread is cheaper than fees elsewhere. Plus Jack looks cute in his hoodie on stage. What’s not to like?
Damn. Are we so bearish on #Bitcoin after ordinals & BRC-20 that we're now calling it a shitcoin???
I thought maybe USD was the shitcoin here lol ???
Yeah I mean technically it's the OG shitcoin so maybe that's the commentary being made here?
Dunno...
😂 it’s a bear market and everyone’s bored so stack sats and trash bitcoin simultaneously is standard
Yeah I mean it must be nice to be able to type some shit on a keyboard and get rewarded with #Bitcoin for your livelihood but for everyone else with a shovel or a hammer in their hands, we still need to make that fiat to BTC conversion.
Call it what you want. I call it my treasury reserve.
How is it a shitcoin wallet?
if there's something else than BTC in a app, that means is a shitcoin.
It is Bitcoin or nothing.
Strike is just replacing Paypal with LN, but in the end the user is going back to fiat shitcoin.
That's not Bitcoin adoption. Is just fooling users into thinking they are using Bitcoin.
Thanks generally agree, people have to start somewhere though
Everybody stops working
me reading the responses to this thread.
🫂 🫂
closed source, so even if they told you, how can you be sure? 😉
He was building in the open and known to be a good dude. Could be a lie but i definitely believe him. This was like 6 mo ago, he’s prob doing way better now.
not an attack on them or his character, just pointing out they are closed source company, so there is no way to be sure of what’s going on under the hood.
i think of strike as a “neobanking” app with bitcoin support. so, just like any other closed source company, it doesn’t matter how it works, just matters whether or not you trust them.
definitely wouldn’t call strike a bitcoin or lightning wallet, though
I mixed up my conversations lol. I see you replies to a different note. Now I’m all confused 🫤
Strike.me has a good FAQ. Clears up much FUD. Unabashedly KYC but he says that publicly and loudly. Excellent way to move dollars and Sats.