pull down to refresh

Paolo Ardoino On Why Tether Is Necessary
2449 sats \ 44 comments \ @siggy47 11h bitcoin
I was listening to his recent podcast interview with Preston Pysh:
Early on, he makes the statement, and I'm paraphrasing:
Imagine the worst case scenario with all the bitcoin being held by corporations and ETFs. How will the people access bitcoin when they need it?
He somehow sees tether as the solution to this problem. He doesn't seem to address or acknowledge the fact that tether is prolonging the fiat system. He probably doesn't see it as a problem. More disturbing, Preston Pysh doesn't either. I assume his partners at ego death capital also support tether. Those are some important influencers, like Lyn Alden and Jeff Booth.
There was a post yesterday on SN about tether on lightning. This looks like the beginning of a huge push.
Bitcoin is at a real crossroads. I think of that old commie union song. Pete Seeger was singing for authoritarian state control, though I'm not sure he realized it at the time. It's kind of like Paolo and Preston.
Which side are you on?
write
preview
related posts
152 sats \ 0 replies \ @DarthCoin 11h
I will always remind to all of you how tether come up from a so called "hack" (aka inside job). Tether is the biggest scam in the whole history but many people are looking the other way.
More articles and investigations about Tether here: https://bitfinexed.medium.com/
reply
36 sats \ 0 replies \ @zapsammy 8h
omfg, the podcast host & guest probably think the lightning-token surveillance system will optimize financial freedom around the world and then it will step away, as people learn to bitcoin more. rolls eyes.
the ill-intentioned people will continue taking up bitcoin from the people on the streets, and issuing them tokens instead.
it's one thing wanting to be Uncle Jim, who is willing to sacrifice some sats, put skin in the game running nodes, while risking force-closures, theft, bugs, etc. in order to keep the decentralized & local economies going.
it's evil to be Uncle Sam who wants to centralized the sats and issue tokens instead, under the guise of "quicker & more efficient technology!"
it's cool to have services like Bitrefill or Fold or Strike's billpay and others, but if they start selling back to centralized exchanges, or staight-up get seized, that continues to give power to corporations that do not deserve it. these services are like training wheels, not the new way of life. bitcoiners i usually hang out with are still crawling on the floor, many can't even flip over yet!
continuing to use those services indefinitely is akin to going into the gas station stores where the so-called food is poisonous, because it's on the way and cheap. bitcoiners have to be willing to take the hard road, the long way around the exchanges, to train thru some self-imposed friction. for example, with bitrefill - teach ur friends to get the giftcard for you, and send them sats. teach them how to accept LN sats and have them buy you stuff with their own credit.
if u have it too easy, u suck and not training hard enough, and not educating people. go do the one great work.
reply
1074 sats \ 33 replies \ @SpaceHodler 11h
He doesn't seem to address or acknowledge the fact that tether is prolonging the fiat system.
Tether is consolidating fiat economic value into the USD, which some argue is the first step in killing fiat.
Imagine the worst case scenario with all the bitcoin being held by corporations and ETFs. How will the people access bitcoin when they need it?
They will buy it. It will be expensive (e.g. a sat for a house), but it's infinitely divisible.
reply
116 sats \ 31 replies \ @freetx 11h
Tether is consolidating fiat economic value into the USD, which some argue is the first step in killing fiat.
Agreed. In order to arrive at hyperbitcoinization, we must first pass thru hyperdollarization. That is most / all shitcoin currencies need to collapse into the dollar.
Once most nations face the destruction of their national currency and are exposed as being 100% economic vassal states, that is what creates the unified push for a "uncontrolled 3rd party currency".
reply
148 sats \ 6 replies \ @DarthCoin 10h
reply
36 sats \ 0 replies \ @Fiatrevelation 10h
😂😂😂
reply
10 sats \ 4 replies \ @freetx 10h
If I could wave a magic wand and jump straight to hyperbitcoinization, I would do it.
Its just not the way its going to play out.
reply
12 sats \ 2 replies \ @DarthCoin 10h
But spitting that commie bullshit will not be the solution. The solution is simple: just don't use anymore fiat. Only Bitcoin. Bitcoinization doesn't come in few days, it's a long process, of education, testing, building. And btw...
reply
10 sats \ 1 reply \ @freetx 10h
Bitcoinization doesn't come in few days, it's a long process, of education, testing, building.
We are saying the same thing. We can't go from "fiat" to "hyperbitcoinization" in a single day.....its a process....
view all 1 replies
0 sats \ 0 replies \ @random_ 2h
Here's how it's going to play out.
reply
157 sats \ 4 replies \ @Fiatrevelation 10h
In order to arrive at hyperbitcoinization, we must first pass thru hyperdollarization. That is most / all shitcoin currencies need to collapse into the dollar.
Not an economist but this sounds like Marxist dialectical determinism. I don't buy it.
reply
68 sats \ 3 replies \ @freetx 10h
Not everything is a conspiracy. Just because some groups can foresee how macro situations playout doesn't mean that they "control" those situations. They are simply moving towards where the ball will be....
It is in the US interest that stablecoins go 10x. Check out this chart and it will explain it better...
reply
21 sats \ 0 replies \ @Bell_curve 7h
Makes sense that stable coins are big buyers of USA bonds
reply
54 sats \ 1 reply \ @Fiatrevelation 10h
reply
0 sats \ 0 replies \ @fiatbad 5h
THIS.
It's not going to happen peacefully. And it's not going to be easy for us. But it's the only way forward. Not this fiat-friendly shit Bitcoiners seem to be rooting for.
reply on another page
348 sats \ 0 replies \ @justin_shocknet 10h
In order to arrive at hyperbitcoinization, we must first pass thru hyperdollarization
reply
53 sats \ 4 replies \ @siggy47 OP 10h
I don't know. Strengthening and consolidating the most powerful fiat currency to kill it? It sounds like a long way to go to justify a strictly NGU mindset.
reply
179 sats \ 3 replies \ @justin_shocknet 10h
You strengthen the most powerful fiat to kill all the other fiats.
What do you think happens after all the global fiats but one are dead? Do you really think China is going to just use Tethers?
They'll use the free-floating currency, Bitcoin.
reply
27 sats \ 2 replies \ @siggy47 OP 10h
It's a theory I haven't given much thought to, probably because it seems illogical on its face to me. I'll think about it. Let me ask you- do you therefore embrace the whole Saylor/etf thing to get to this end, regardless of your commitment to self custody?
reply
41 sats \ 0 replies \ @fiatbad 5h
It's a theory that is logical to me.
But that doesn't mean we should embrace it and root for it (as Bitcoiners). We can leave fiat NOW if we wanted to. Seems many here just don't want to.
reply on another page
196 sats \ 0 replies \ @justin_shocknet 10h
It's unintuitive because other fiats more fictional than the dollar and the processes is therefore non-linear
The dollar is less of a fugazi than others because the world's debt is denominated in it, making it the world reserve while other fiats are basically vanity tokens
Now project out to a world where Bitcoin is the world reserve currency, what had to happen between the former and latter state?
Fiats would fall like dominoes, not all in one-shot, so it stands to reason there would always be a "last" fiat. Obviously the last fiat would be the strongest, thus dollarization is expediting us to that state.
reply on another page
21 sats \ 12 replies \ @fiatbad 5h
I do understand what you're saying. It is a logical progression.
But it also rubs me the wrong way. Similar to the view that we need SoV first, and MoE will follow as a result.
I feel like these are all just excuses for Bitcoiners to not try.... not revolt. To be lazy.
The tech is ready. With Lightning and Fedimint..... we can build global Bitcoin economies NOW. What's this obsession Bitcoiners have with supporting the dollar? It's time to end this fiat-brained bullshit that's crept into Bitcoin.
I agree with @DarthCoin 's comments here. Your logic is sound.... IF we are okay with being lazy and don't give a shit about the virtues in @Svetski 's book.
reply
35 sats \ 11 replies \ @freetx 5h
What's this obsession Bitcoiners have with supporting the dollar?
There are 2 basic conversations happening here:
Group 1: We want everyone to use bitcoin and we want that NOW
Group 2: Yes, I agree....but the market hasn't chosen that yet, hardly anyone is buying anything with it.....so we have to live within the limits of reality as we find it.
Group 1: Well then you're an asshole who supports fiat!
Group 2: ok.....
reply
12 sats \ 0 replies \ @DarthCoin 3h
Bitcoin adoption comes from the bottom, not from the top macrobullshit economies. When all mom&pop shops, small merchants, small producers will sell their products and services for Bitcoin, slowly creating a PARALLEL economy using Bitcoin.
The only way forward is to get the fuck out from this system, not sustaining it as long is possible. DON'T BE A FUCKING PUSSY AND USE THAT DAMN BITCOIN WALLET.
Forget about waiting until your crap politician will make some bullshit paper saying that now you can trade with bitcoin, or a fucking Saylor or Tether mogul saying that you can use Bitcoin by putting it into a bullshit reserve and they will give to use a fucking token named tether. That's the old trick the banksters will use again and again on you.
FUCK'EM'ALL use only bitcoin.
reply
100 sats \ 9 replies \ @fiatbad 5h
I would posit that the reason "hardly anyone is buying anything with it" is because of the same complacency and laziness that makes the original argument (dollar-milkshake-theory) compelling to Group 2 to begin with.
If we decided to stop being lazy, stop using fiat, only patronize Bitcoin-accepting merchants, and move to Bitcoin-accepting jurisdictions.... the pressure would start to build against fiat. Globally, we ARE a large enough group to make a difference. The problem is, we are very spread out, so we feel like minorities in our local community. But we are not a global minority. We can do 100x more than we currently are. We're just not doing much. The devs are doing the hard work, giving us the tools we need... and we're choosing NOT to support them... not to use those tools.... to support NGU only.
EDIT: I'm generalizing Bitcoiners with my comment above. Many ARE doing a lot. Many have moved to El Salvador. Many do run their own Lightning nodes and frequently use BTCmap.org. But I'd say 90% don't. It's up to the 10% of us who are doing those thing, to also demand more from the other 90%. To lead by example. To stop using fiat.
reply
112 sats \ 2 replies \ @DarthCoin 4h
Many have moved to El Salvador.
I don't. But I am still running multiple nodes and I onboarded enough merchants around me so I can live peacefully on Bitcoin standard. (Bitcoin standard it means as you said, paying and being paid in bitcoin directly and NOT using those damn shit visa cards)
view all 2 replies
10 sats \ 5 replies \ @freetx 5h
What concrete steps do suggest we do?
view all 5 replies
100 sats \ 0 replies \ @justin_shocknet 8h
but it's infinitely divisible.
You mean Bitcoin is? If so you're incorrect... Bitcoin is not divisible at all, which is why Austrians and an-caps think it can't work because of their appeals to Mises authority, who said money has to be divisible.
reply
36 sats \ 2 replies \ @BlokchainB 8h
I think tether found a solution to a problem.
People want dollars.
Point Blank.
It might hurt the souls of bitcoiners but that is the reality of the world and as we all know reality is undefeated.
We all known tether is a risk. At the push of a button some fool can turn off your money. Well all of us men who live in a developed nation already allowed this to happen. We already been cucked.
The damn bank wont let you withdraw $20k cash without asking what are you going to do with it. If they don’t ask you better believe they are filling out a SAR report and letting the feds know. So if you ever do a background investigation with the Feds they will ask why didn’t you take out $20k in 2008?
To me I get it. Give people tether who can’t get dollars let them buy sats and store the sats. Simple! This idea of working for sats or getting zapped for sats to build substantial savings to buy a house or a car is gaslighting.
reply
0 sats \ 1 reply \ @DarthCoin 3h
People want dollars.
you mean retards not people.
reply
0 sats \ 0 replies \ @BlokchainB 3h
Sure if that’s what you want to call them. I will call them people.
reply
36 sats \ 0 replies \ @pakovm 8h
Company CEO on why people should buy their product and stop criticizing it.
reply
344 sats \ 3 replies \ @justin_shocknet 10h
I've long mocked the pointlessness of "decentralizing" a debt token from a centralized entity, and "Bitcoin" companies that seemingly only exist to be an extension of Tether through products like Liquid...
But the plan is coming more into view now as the script plays out, from El Salvador to Lutnick... there's no coincidences, and the way Tether is fitting into the picture of global dollarization didn't just happen organically, it's clearly part of the same plan as Bitcoin, to preserve US national security during the US's extrication from the globalist banks.
  • Tether is how [THEY] will monetize the treasuries into currency without the Fed.
  • Tether is how [THEY] avoid Dutch Disease of the dollar without issuing more debt.
  • Tether is how [THEY] circumvent the globalist bankers in countries abroad who still hold the worlds dollar denominated debt.
The world must dollarize (destroying all lesser fiats) before it can Bitcoinize, creating the final boss pair of Bitcoin:Debt, and Tether is revealing itself to be a big part of the how that is executed.
reply
17 sats \ 2 replies \ @BlokchainB 8h
Don’t forget people just want dollars worldwide.
If a Chinese citizen is given a choice to put his life savings in dollars, yuan, or bitcoin I am 90% sure they will choose dollars and they are the biggest threat (if you believe the media) to American power.
reply
1056 sats \ 1 reply \ @justin_shocknet 8h
More importantly I think is that they don't necessarily want dollars, but need dollars in as much as they need stuff.
Even if they kept their wealth in Bitcoin instead of Yuan to protect their purchasing power, that power is a proxy for ability to buy dollars to then exchange for stuff, and stuff is the security for debt issuance.
Debt = Dollars = Stuff
The "suddenly" part is when Bitcoin buys stuff directly, but there's a whole lot of fiat dominoes to fall between now and the final dollar dominoe.
reply
17 sats \ 0 replies \ @BlokchainB 3h
Fantastic answer
reply