For now, the market doesn’t see the next Strategy in any of them. Trump Media shares have dropped more than 20% since the announcement, while GameStop is down nearly 17%. Strategy, formerly known as MicroStrategy, has multiplied by 26 times since the end of 2022, amassing a bitcoin stake worth over $60 billion.
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149 sats \ 9 replies \ @freetx 1 Jun
I think thats why XXI (21) is going to be interesting.
Jack + Tether have the real ability to create a BTC (bitcoin treasury company) that also has real meaningful cashflow. Most importantly that cashflow will be in actual bitcoin.
Saylor figured out the money glitch, the only negative for him is his traditional business model is both shrinking and has nothing to do with Bitcoin.
Whereas Jack + Tether both have bitcoin-native business models.
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155 sats \ 1 reply \ @k00b OP 1 Jun
Do you think XXI will acquire Strike/Tether?
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43 sats \ 0 replies \ @byzantine 1 Jun
yes
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26 sats \ 6 replies \ @BlokchainB 1 Jun
I agree plus they will have a ton of bitcoin to make applications with. This is something I thought Block was going to do with Square, Cash App an Tidal. Streaming payments for music is low hanging fruit but I bet some compliance lawyer scared them away from that idea.
I know most bitcoiners hate stable coins but Tether has done a lot for the space. Plus they keep funding synonym which to what I can tell has been a net negative on their balance sheet but they let John run wild with ideas and try to bring them to market to unlock self sovereign p2p bitcoin applications.
Could Mallers and Tether could be biting off more they can chew getting in bed with Cantor and SoftBank? Sure? But I think it is a calculated risk to move bitcoin forward.
Plus American Bitcoiners we are cucks anyway. All of us have bank accounts which the banks lever up on and make loans with plus we can’t even make a $10k cash withdrawal without the federal government getting a report about it. And in this modern world is impossible to live on cash and bitcoin only especially if you have a family or a loan of any sort. Modern payments rails suck. ACH sucks, sending wires suck, checks suck, debit cards suck, credit cards suck. If my cucked bank account switched from ACH to some shitcoin stablecoin payment method and payments can be cleared in seconds I think I would welcome that over the crap legacy system we have now.
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224 sats \ 5 replies \ @freetx 1 Jun
Great points, IMHO stablecoins will be the end of traditional banking.
The piece I think most people miss is this: The GENIUS bill mandates a 1:1 US Treasury backing....in a very weird turn of events, we are going back to fully backed banking system, fractional reserve is dead.
So your average zombie frac-reserve bank can lever up 50...60....100 to 1. That means that: THEY ARE NOT BUYING TREASURIES. They only have $1 in Treasuries for $100 in fiat they printed. Compare this to Tether who owns $132B in Treasuries for the $132B in USDT.
The gov will do whatever it can to encourage stablecoin use. Its running severe deficits and can no longer rely on China buying. From the Gov perspective each $1 stablecoin creates 50 to 100x more treasury purchases than the same $1 in a traditional bank. Its easy to see the incentives.
This is gameover time period.
The next and fatal step is that USDT and USDC will start competing for customers by including interest payments. Right now Tether is earning ~5% on its US Treasury holdings but not sharing any with its customers....while there isn't any announced timeframe for this, its somewhat clearly the next shoe to drop once GENIUS bill passes.
Once USDT/USDC holders start receiving daily interest drops, its going to create a flood....why have a dumb 0% zombie bank account filled with repressive 'cuck rules' when you could have 10x more freedom and be paid interest?
The actual real benefit is we will once again have fully collateralized 'banks'
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31 sats \ 4 replies \ @BlokchainB 1 Jun
This is my exact point! We all know tether and USDC can turn off your money at will. Today’s commercial banks have that same exact power today and every single bitcoiner who has a mortgage uses a commercial bank. If bitcoin didn’t have short term volatility problem then dollar tokens wouldn’t be needed.
I think getting on zero fiat will be much easier with a bank that is using stablecoin technology on the back end then the stupid ACH or wire system.
Plus if someone does commit crime or fraud on stable coin rails criminals can be brought to justice. Having being a victim of a scam I have no real tools to go after the people who stole from me.
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269 sats \ 3 replies \ @freetx 1 Jun
When internet first rolled out, we were using modems to put digital packets on top of analog phone lines.
Grandma heard about this new internet thing, but swore she would never need to use it.
One day Grandma picked up her phone and heard the familiar dial-tone, but didn't realize that they had replaced all the phone lines leading to her house....now that dial-tone was a .wav file playing a digital tone. Her entire phone connection was now a VOIP digital connection routing via the internet. From her perspective though, nothing had changed. She still didn't realize she was "on the internet".
The architecture had completely flipped. It had gone from an analog system hosting digital packets, to now a totally digital system which simulated the analog UI/UX interface.
Same is going to happen with legacy banking system. Legacy banks will just start hosting USDC/USDT but presenting it just as "legacy USD". Nothing will change from the average users UI/UX perspective.....debit cards will work, "Transfers" will work (but no longer using ACH, etc).
Those of us in the know, will realize we have jailbroken the system though...we will realize you can take those digital USD and move them to your own self-custody wallet and transact peer-to-peer without the panopticon spy ring recording all of your movements.
This is why its so important that Bitcoin continues to develop things like Taproot, and Tether via LN, etc. This change is coming and no matter how someone personally feels about stablecoins as a concept, the network that host it will cement itself to become a permanent piece of future financial system.
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45 sats \ 2 replies \ @ek 1 Jun
Are you sure that’s how digital USD works? I would think there is still surveillance and they can censor any transaction at their own discretion and confiscate your funds.
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71 sats \ 1 reply \ @BlokchainB 1 Jun
It’s way to early. We should check how these companies are doing 3 years from now.
@remindme in 3 years
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73 sats \ 0 replies \ @kepford 1 Jun
Indeed
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