sovereignbeef on Nostr: Thinking on this a bit more. Feel free to point out flaws in my thinking. USDT ...
Thinking on this a bit more. Feel free to point out flaws in my thinking.
USDT running on Lightning means that BTC never has to be sold on an exchange to be used as a medium of exchange within the US dollar system.
When you put BTC into a USDT Lightning channel, you are A.) Not creating a taxable event and B.) Removing the possibility of that BTC being sold on an exchange.
If the US Government wants to incentive this “dual money” era, they would simply have to maintain the current capital gains on BTC traded for other currencies and communicate clearly that moving BTC to a USDT Lightning Channel is tax free.
This means that value never has to leave the Bitcoin network in order to be used as a medium of exchange which would cause BTC supply on exchanges to plummet.
USDT running on Lightning means that BTC never has to be sold on an exchange to be used as a medium of exchange within the US dollar system.
When you put BTC into a USDT Lightning channel, you are A.) Not creating a taxable event and B.) Removing the possibility of that BTC being sold on an exchange.
If the US Government wants to incentive this “dual money” era, they would simply have to maintain the current capital gains on BTC traded for other currencies and communicate clearly that moving BTC to a USDT Lightning Channel is tax free.
This means that value never has to leave the Bitcoin network in order to be used as a medium of exchange which would cause BTC supply on exchanges to plummet.
quoting note1ws8…7wgvFor eight months, I have heard the words, “…we will create a framework to enable the safe, responsible expansion of staple…stable…coins. Do you know what a stable coin is? Raise your hand if you know what a stablecoin is,” echoing in my mind ever since Trump declared them in Nashville.
Today Tether announced it’s launching USDT on the Lightning Network.
I don’t know if Lutnick and these guys have a deeper, more nefarious plan than it seems or if they have simply been sold by Saylor on the prospect of USDT becoming a medium of exchange the entire world has access to, thus capturing the supposed $5-10T market of daily economic activity.
I’m not convinced Lutnick, Bessent, the Trump boys or even Lummis have a truly deep understanding of Bitcoin.
Of course, I think, like any good Bitcoiner, “What are they trying to pull? How could they use this to make Bitcoin less sovereign?”
But then I think, “You’re going to put the global reserve currency’s train directly on top of Bitcoin’s rails and think they’re going to harmoniously function side by side in some “dual-money-era” fantasy while one of them is going up forever and the other is going down forever? By all means, be my guest. The era will be short lived.”
Cheers to the ones who understand all this better than I do. I’m just trying to make sense of it.