Tether's Circle of Death
https://m.primal.net/JyTS.mp4


Facts! But one can’t help but feel a little dejected, realising how powerful that USD narrative is in many parts of the world.


I see your point, but its hard to be in a circular economy, even in countries like Argentina. You do not have the need to interact with USDT like we do, alway changing in the black market, with this shitty coins, peso in my case. Certanly the necessity will drive the speed of adoption, but we are so far away.

The only thing I could think of is a total and catastrophic collapse of the dollar. Otherwise, It will a slow death for all.


Privileged criticism. Probably the authoritarian regimes of global south are abusing local people even more than imperialistic US.


With Cashu we'll soon have USD e-cash  backed by perpetual futures short BTC (on platforms like LNMarkets), instead of treasury notes or real cash.

Would you or your people be interested in using this instead of tether?

Not to mention this would also spread bitcoin adoption because these tokens can only be redeemed for an equivalent amount in sats, over lightning.


Most certanly. I will study your approuch. based on some kind of federation, right?


Nope cashu is single custodian.
But if people are gonna be hooked on stablecoins for convenience and price "safety", then they might as well get hooked on USD e-cash, instead of Tether.

You get more privacy, basically free transactions and when you redeem, you get an equivalent amount of sats.


Sounds good. I will look into it. Thx!


Thanks for the morning vid


A teaser https://image.nostr.build/b1c0b15fa3e5ec7fd4e73da04a6b88e0b52f7d3ec5984b2efc722b91f52b8e39.jpg


I am testing it with my own real sats, lol.


Onward 🫡


The future.


Agreed, it's a slow death for any inflationary currency. But it's a matter of choice to use USDT over BTC. Education in both creates informed decisions, in particular how an old underlying fear of preserving one's personal economics for survival, intercedes with the ability to believe that one could be saving into bitcoin, but it's something that won't be touched for at least 4 years.

But which, but a wealthy Argentinean, could do this if more than 55% of the country is living in an economical poverty state? Why would they choose a 4 year hold on any money, which historically has always proven to be a failure in preserving value? Especially as they see the downward volatility as a negative in case they miscalculated and they needed the money?

So USDT is chosen. Better a lesser inflationary money than one that could get them out of that rat race, but unpredictable when.

I agree with  nostr:npub1s33sw6y2p8kpz2t8avz5feu2n6yvfr6swykrnm2frletd7spnt5qew252p here. USDT is like a smarter contract than their local currency, but not the smartest. It's why it's understandable why they do this, but almost like an educational war  of the truth is coming abouts, helping people realize, like we did, to start with maybe 1-5% in bitcoin, while we used the dollar. They too could start with that and help transition their understanding that this is one protocol that doesn't lie to you. Unlike many of their (and our) politicians, it truly does what it says it will do.


Agree, I just want to depict the situation here. I´m a furious Bitcoin Maxi because we learned the hard way. And many argentinians too. But is not the situation of many when your priorities are staying alive and try to not loose your savings in a matter of days. USDT is the easiest (and that turns dangerous) way to save.


Great post 👍


⚡Sat Love 🧡🤙🏼


Tether is basically going to be the buyer of last resort for all the treasuries. It is truly fascinating to watch people hate the US but scramble to get their hands on USD instead of #Bitcoin


But how do you withdraw sats from usd ecash ?


Value 4 Value


When you present tokens for an amount of 5$, the mint pays you the equivalent amount in sats at the current exchange rate: right now that would be 8217 sats.


So from usd mints I can auto transfer to btc sats mints is that correct ?


You can pay any lightning invoice, so yes you can redeem usd e-cash to pay a lightning invoice of a sats mint.


Follow me 🧡


That's cool to know 🤠😊


Keep it in your pocket, and smoke it later chief.


Just now found out usd ecash to btc sats ecash transfer need some improvement work not all amount is working properly

If one wants to transfer all usd ecash to btc sats one have to manually do it by breaking them up into smaller units

#ecash #cashu #usdmints


Have you cloned my branch? Last I tried with the entire amount it worked just fine!

Can you DM me with further details?


I have not checked everything but I have used stablenut.umint.cash and tested both cashu.me and minibits wallets


I investigated this and it seemed to be an error in the client. Like you said it treated the USD amount as if it were SATs. I have published a PR on cashu.me repo that should take care of the issue, but there is not much I can do about minibits.


Tether's Circle of Death
https://m.primal.net/JyTS.mp4


That's also cool to know 🤠🤠