Interesting, I was just watching parts of Janet Yellen's emergency meeting with lawmakers today. Stablecoins of course came to the limelight. Even Congress knows "Tether is a Time Bomb waiting to go off'- 06:37 Their days are limited, one way or another.
If Tether turns out to be a fraud it would get extremely ugly, Bitcoin would hit 1000$ per. That would be a real black-swan event to be honest.
I can not remember for sure if it was in Lewis' book on FTX, or the other one with a dedicated chapter on FTX. But I do remember SBF doing some talks with Tether, and mentioning how 'sketchy' and 'dodgy' as hell those guys were for a company that size. I think this should tell you all you need to know. Take it from the top socialist shyster, if he can't pick out another billionaire con-artist, then who can?
LOL... and you arrive at this number how? I honestly think that a blowup of a stablecoin accelerates the adoption of bitcoin. Bitcoin in self custody has zero counter-party risk. Do you understand the significance of this?
With bitcoin: Code: You: I'd like that yacht -- the big one. Salseman: Yes, sir. How would you like to pay for it? You: Bitcoin. Salesman: Very well sir. Send them to adresss 16ftSEQ4ctQFDtVZiUBusQUjRrGhM3JYwe You: Done. Salesman: It will be ready for you next Tuesday, sir. Tuesday... You: I've come to pick up my yacht. Salesman: I'm sorry sir, that yacht is no longer available. You: Then give me my bitcoin back! Salesman: No, sir. You: But, but, its on the blockchain. Salesman: Yes it is sir. Have a nice day. Without bitcoin: Code: You: I'd like that yacht -- the big one. Salesman: Yes, sir. How would you like to pay for it? You: Put it on my credit card. Salesman: Very well sir. Insert your card, wait for the approval, and press OK. You: Done. Salesman: It will be ready for you next Tuesday, sir. Tuesday... You: I've come to pick up my yacht. Salesman: I'm sorry sir, that yacht is no longer available. You: Then give me a refund. Salesman: No, sir. You: But, but, I have a receipt. Salesman: Yes you do sir. Have a nice day. You: Hello Credit Card company. I want to dispute my recent yacht purchase. Sneaky Satoshi Yacht Sales didn't deliver and won't give me a refund. CC rep: We'll reverse the charges right away sir. Do you see the difference?
any number is a toss of a coin. Had BTC been only trading in real money, like any other asset on the face of this planet, we would be certain its current price. But Tethers distorted it completely. We have no idea what BTC real value is.
Well technically, what do you mean by 'real money'? Money issued by the state? Then don't sea shells and wampum also count as real money?
I agree with you 100%, and here in the west, we have no reason to use bitcoin for purchases. I love using my CC for the points and have the ability to charge back. But I have zero faith in the authorities being able to keep the system functioning smoothly, and when all hell breaks loose, the government is the last entity I am going to trust. Government issued currency is designed to make you poor and its outright theft. So use it for transactions, but not for wealth preservation. But you also have to remember this. Since each merchant knows how much friction there is because of all the percentage losses and charge backs, we are all paying more for products. Imagine how much prices could be better if the merchant wasn't getting screwed. And more importantly, when you really understand money and how prices should be deflationary, you have to wonder why are prices going up. So really, but continuing to use dollars, we are supporting a system that rapes us.
I agree with you here. The path to get to where we are has been highly manipulated. But I honestly am shocked that bitcoin is only 43k today. If I was a boomer and wanted to sell my $1M house, I might through half into bitcoin. So lets say this gives me roughly 10 coins. If only 900 are mined every day, and soon to be 450, how many people will be able to do this? If just 1% of houses sold in the US are converted into bitcoin, there isn't enough to satisfy this demand. And lets not forget that bitcoin is global. I honestly don't understand how its still so cheap. So I think the time for bitcoin to drop substantially is over. Yes, we might see 35k, or maybe 20k if the financial markets are falling apart and there is a rush for liquidity and selling anything that can be sold, but this will make even more people leave the traditional financial system and go into bitcoin.
Sheesh, you're listening to a very salty nocoiner on how big ticket transactions happen using bitcoin First of all, there's a transfer of title during sale, for vehicles, land, sea, air registration, plus all kinds of sales contracts, not to mention, most big ticket merchants will not take the btc price volatility risk and will utilize a bitcoin payment processor Try to do a check out process on the LV website using bitcoin and you'll see it's a payment processor (Bitpay last time I checked) and payment processors do refund in crypto, less tx onchain fees