Tether makes 1.4BB in Q1, 2.4BB excess reserves, financial attestation from BDO

GlobalMacro90 said:
Basically - the BTC position is small and it should stay like that. I like BTC, but it shouldn't be a large position in a stablecoin for obvious reasons
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Imagine the huge cushion they build when BTC does a 10x from here. Of course with such a small percentage of holdings, it won't matter much, but still.

This is the argument that Greg Foss and others make all the time. Even if you don't really believe in bitcoin too much, taking just a few percent of your assets and buying bitcoin will mean that in case of system collapse, that few percent will protect your purchasing power in the new system, but if it all goes to hell, recovering from a 5% total loss is easy Seems like a really good trade!

And I honestly get giddy about the thought of what would happen if everyone in the US bought just 0.1 bitcoin. Granted, that is 3k per person lets say, and many don't have that laying around. But if we are to believe that 2 million bitcoins are on exchange, only 20 million could buy 0.1 before its all gone. That is less than 10% of the US population, and since bitcoin is global, its a drop in the ocean for the addressable customer base. I honestly don't understand how it is still this cheap.
 
johnarb said:
Luna UST is an algorithmic stablecoin that paid a 20% yield. That's a yuuge hurdle rate
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Excellent point. Yes, I didn't consider this at all and this explains it.

On a tangent, its interesting to think how the US is kind of acting like Luna now. With the high interest rates it has to pay, it caused its own bank crisis. So technically, the FED is like Luna and not Tether... LOL... And shit, it didn't turn out too well for Luna.. hmmmmm...
 
USD is backed by economic and military might of U.S.A. any crypto is just inflated digital ledger with fake money. Let this sink in. My only interest in crypto is a bet that Tether fraud will be allowed to exist in perpetuity.
 
I also remember telling people that Luna was unstable and would go the way of Titan Finance as soon as there was either a down-swing or jolt (these always happen)... No one would listen, not even the 'billionaire' investors.

What do you know, it did EXACTLY that! Algo-stablecoins never fail-to-fail... and I can't figure out what the allure is to people getting rope-a-doped by them. Oh wait, that unstable and unsustainable yield... notice how they all have to lure in these types of ape-investors with ridiculous yields? Kinda like dividend chasers going after REITs with a 200-300% payout ratios. You know that can't be good, but you can't stop the ape from 'investing' into it.
 
65 countries and 3 billion people will be able to own USDT (and bitcoins) on the Strike app. Prolly nothing...


https://bitcoinmagazine.com/busines...roduces-usdt-support-and-more-at-bitcoin-2023


Strike Expands Global Reach, Introduces USDT Support And Unveils Enhanced App At Bitcoin 2023 Conference
Strike announced its availability in 65 additional countries, a new app design and USDT support at Bitcoin 2023
  • Strike announced that their service is now available in 65 more countries spread across six continents. This coincides with the introduction of the ability to receive funds in U.S. dollar equivalents, namely USDT. In addition, the app received a major facelift and overhaul that has made the UI cleaner, the UX friendlier and also includes a new logo.

    Many of the countries that have been requested by users of Bitcoin Twitter are now able to instantly send and receive money utilizing the Lightning Network. In an interview with Strike’s VP of Product, Manuela Rios, she explained that the app now has an effective reach of 3 billion people.

    “With Send Globally, the value prop is that you send dollars and receive as a local currency directly in a bank account on the other side … this one’s different — what we found through user research that people on the other side in jurisdictions with weak currencies would say ‘Hey this experience is amazing, but can I have a dollar equivalent?’”

    In regards to purchasing Bitcoin, Rios said that “globally, you don’t see a seamless experience.” So the new Strike app also functions as a Lightning wallet where you can buy and sell bitcoin via dollar equivalent rails.


    At his speech at Bitcoin 2023, Strike CEO Jack Mallers explained the wider vision of the updates, saying "We’re delivering a cash balance that the global south can rely on, and an awesome beautiful punk unconventional black and white brand, as the Fed is driving our own banks insolvent."

    He also highlighted the company’s response to feedback, displaying a set of tweets asking for LNURL support, shortly after announcing that the new app has LNURL support — all usernames@strike.me function as a LNURL as of the launch.

    “We made a lot of product changes to support what we hope to become an amazing global money app,” Mallers said. “As a company, we know what we’re fighting for, we know who we are, we changed the way we looked, but we never changed the way we felt.”

    In addition to the new features and access, the app includes a simplified sign-up process in order to make signing up easier. “The end goal for us is to serve 7-8 billion people, and we’ll be stepping our way to make it to the countries that didn’t make it in this MVP,” Rios explained.

    Rios explained the impact of the launch and additional features, saying that “For the Bitcoiners, you can expect a beautiful Lightning wallet and a cost effective way to buy bitcoin, and for the people not yet so familiar with bitcoin, but are familiar with 109% inflation, giving them access to a U.S. dollar equivalent stablecoin is massive — now you can save in something that won’t be so quickly devalued.”
 
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