I commend you for that.
But this Tether bank is not positive for bitcoin. The US needs to sell treasuries to keep printing dollars, and now that China and Russia ain't buying Tether is their best customer. Tether is dollarizing the 3rd world rather than orange pilling it.
i disagree. i believe people have the agency to make their own decisions. the 3rd world is dollarizing the 3rd world because they keep adopting dollars
they will get to bitcoin eventually, but they clearly aren’t ready yet.
put another way: if tether shut down and disappeared, the 3rd world wouldn’t adopt bitcoin, someone else would just build what they want: a stablecoin
I think the 3rd world is quite hungry for Bitcoin, as is evidenced here on nostr.
Anyway I'd rather have them build their own stablecoin, because then they wouldn't be required to buy US treasuries as reserves, as Tether is under the GENIUS act.
The third world is not hungry for Bitcoin in any particular way. It uses Bitcoin only when absolutely necessary or when greedy. It loves the US dollar. Almost no one uses Nostr there. Most of the action in Bitcoin is gonna continue in the developed world for the short to medium term. It is what it is.
Actual adoption of Bitcoin is happening in third world countries at a much faster rate.
They aren't speculating on Bitcoin like wallstreet, they're using it to buy groceries..
A lot of these people don't have bank accounts they've only ever used cash before Bitcoin.
I think this is a strange argument. You’re saying it’s ok to do something wrong because they’d be doing it wrong anyway. I would focus on Bitcoin adoption only.
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I somewhat agree, not that they aren't ready for Bitcoin though, from what I can tell third world countries have more adoption of Bitcoin. And anything that would stop someone using Bitcoin is going to stop them using tether(lack of electricity etc.)
But you're right the people using tether would mostly adopt a different pegged coins if tether disappeared .
It'd be cool to see some "stablecoins" not based on USD, probably not something you're worried about for now but there's crypto pegged to gold, silver, carbon credits, other currencies, etc.
The third world is simultaneously hungry for the upside of Bitcoin and the downside protection of stablecoins. Currently, with a preference for the downside protection, because being able to eat in a month when the price comes back up just isn't good enough.
Bitcoin collateralized lending hopefully can help bridge the gap a bit, but it can only do so much, as they need to avoid being liquidated amid volatile swings.
For as much as some of us are wishing to see another 2017 moonshot, perhaps the best thing for the third world would be to see the volatility around Bitcoin smooth out, such that the choice between having money tomorrow and eating today isn't one that they have to make.
They're trying to spread out the burden of inflation. It may just end up with more people realising that the dollar too, just like all the other fiat currencies, is not the bedrock they imagine
Yeah, nostr:npub1ex7mdykw786qxvmtuls208uyxmn0hse95rfwsarvfde5yg6wy7jq6qvyt9 should add some different pegged coins, something pegged to gold or silver instead of USA currency.
Australian carbon credit tokens are very stable, something similar to that would be a much better stablecoin than coins pegged to USA currency.
