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> What if your family back home wants the, you know, dollars that you worked hard for in the US, and thought you were sending to them? I'm not sure I follow th
by aazaa 5y ago
> What if your family back home wants the, you know, dollars that you worked hard for in the US, and thought you were sending to them?
I'm not sure I follow the argument here. Why can't the family continue to use Western Union or one of its competitors to send USD remittances if Tether bothers them and Tether would in fact be involved?
> Well, that’s easy — you can cash out your USDT balance as US dollars at a Strike-operated Bitcoin ATM!
> How many Bitcoin ATMs are there in El Salvador?
> Two. ...
I guess it's possible, but this sounds rather speculative. Why on earth would someone in the US send Tether as a remittance? Unlike bitcoin, which will be treated as legal tender, tether will enjoy no such status.
If Tether can't be converted to USD easily, it won't be sent as a remittance. There may be some initial confusion, but I suspect that word of mouth about bad experiences would spread quite quickly given what's at stake.
The author also seems to be completely discounting the possibility that over time El Salvadorans may come to prefer remittances to be sent in bitcoin and used immediately to pay for things. No need to invoke tether at all in that case.
- davidgerard 5y ago> Why can't the family continue to use Western Union They can, but this is a bad remittance channel. > Why on earth would someone in the US send Tether as a remittance? Per the article, this is literally the supposed use case that the CEO of Strike puts forward. > over time El Salvadorans may come to prefer remittances to be sent in Bitcoin and used immediately to pay for things. It's possible, but the past ten years of bitcoin failing at the merchant use case suggests otherwise. I won't say it can't happen; but given bitcoin's past repeated failure, I'd want to see it happening.
- yownie 5y agodavid are you confusing Strike.org (denominates trades in tether) for Strike.me (bitcoin lightning network) ? Please avail yourself of publicly available sources of information https://www.businesswire.com/news/home/20210605005045/en/Strike-Drives-Bitcoin-Forward-as-El-Salvador-Becomes-World%E2%80%99s-First-Country-to-Adopt-Bitcoin-as-Legal-Tender https://www.businesswire.com/news/home/20210605005045/en/Str...
- b1daly 5y agoNo he is not. The Strike in question is the one run by Jack Maller and the description of using USDT for remittances to ES comes from Miller’s own Medium article. https://jimmymow.medium.com/announcing-strike-global-2392b908f611 https://jimmymow.medium.com/announcing-strike-global-2392b90...
- yownie 5y agoI've addressed this in my reply to david below.
- mech422 5y ago>>It's possible, but the past ten years of bitcoin failing at the merchant use case suggests otherwise Taxes might actually the only 'commerce' bitcoin is good for - fairly high value, low frequency. Bitcoin/Eth are both too expensive/slow to really use for everyday shopping/etc.
- trickstra 5y agoThe author provides /r/buttcoin as a source for some of the claims, so... yeah...
- Clewza313 5y agoDespite the name, it's probably Reddit's best crypto-skeptic sub.
- davidgerard 5y agoliterally the only one not overrun by shills or cultists
- lowkey 5y agoYes, but the best cryto-sceptic sub on Reddit is faint praise. It is filled with arrogance, hate and, ignorance.
- emodendroket 5y ago> I'm not sure I follow the argument here. Why can't the family continue to use Western Union or one of its competitors to send USD remittances if Tether bothers them and Tether would in fact be involved? This is a little like if I asked you, "well, what's the problem with a Ponzi scheme? If it bothers you so much, just invest in a different fund instead."
- aazaa 5y agoExcept you'll know very quickly it was a "Testher scam" because there's no way for you to get your USD out. A Ponzi keeps stringing its victims along, but a family receiving a remittance will want spend it quickly.