Thread by @jackmallers

@namcios @ln_strike Yo!

Sorry, was working on a few things and hosting @chibitdevs.

Yeah, none of this is new. This is how Strike works.

One of the thesis at Strike is using #Bitcoin as a superior, singular, global, open payments network that offers instant and free cash finality.

@namcios @ln_strike @chibitdevs Strike allows you to make and receive #Bitcoin and Lightning payments with dollars.

Or, in theory, any desired cash collateral. Maybe someday you can make a Lightning payment with your @Starbucks points.

Since day one. Pre-empty-closet days. Few.

@namcios @ln_strike @chibitdevs @Starbucks In parts of the world where establishing banking relationships isn't trivial, or when a majority of the market doesn't have access to a bank account, we use a stablecoin to represent the dollar cash collateral balance for a user to spend over the #Bitcoin monetary network.

@namcios @ln_strike @chibitdevs @Starbucks Given the 50%+ inflation rate, nobody feels safe holding Argentine Pesos.

Due to restrictions on dollar-denominated payment networks and how much foreign currency one can hold, establishing banking services is complicated.

This has driven demand for stablecoins in Argentina.

@namcios @ln_strike @chibitdevs @Starbucks This is why we are initially launching with a stablecoin.

Stablecoins are increasingly becoming the preferred, stable, balance in Argentina and around the world.

This is the exact same product and approach we took in El Salvador.

None of this is new(s)

https://twitter.com/gladstein/status/1473409024540360705

@namcios @ln_strike @chibitdevs @Starbucks Now, as for USDT ERC-20, USDT TRC-20, or USDT MySQL-20, it's all the same:

A dollar balance in a database.

Ethereum is a slow, expensive, poorly designed database (at best) scamming as a "world computer".

I'd use MySQL if I could. It's a much better centralized database.

@namcios @ln_strike @chibitdevs @Starbucks Hilariously, markets fleeing their currency are now using USDT on Tron, because folks like @a16z have made using ETH economically infeasible.

Jamming pictures of drooling monkeys down everyone's throat.

ETH, TRON, Chase Bank, etc: all the same thing.

https://twitter.com/gladstein/status/1473409542880825345

@namcios @ln_strike @chibitdevs @Starbucks @a16z Our users only use USDT as a database dollar balance over the #Bitcoin network.

We're excited by the work being done by @Blockstream and others to bring USDT to Lightning.

We're also funding efforts to bring this UX to non-custodial Lightning wallets:

https://twitter.com/ln_strike/status/1473090821482291206

@namcios @ln_strike @chibitdevs @Starbucks @a16z @Blockstream We already have over 10,000 users using Strike in Argentina today.

Here is a video I was sent of a user in Argentina using Strike to buy a gift card on @bitrefill.

An instant, free, digital payment from their dollar balance over the Lightning Network.

Cashback too 🚀

@namcios @ln_strike @chibitdevs @Starbucks @a16z @Blockstream @bitrefill Also, users in Argentina can buy and sell #Bitcoin on Strike without the #Bitcoin tab.

To buy, you send a payment to your own custody. Spending dollars, and getting #Bitcoin.

Here I buy from my Strike balance to my non-custodial @Breez_Tech wallet.

Spent $0.44 for 1,000 sats.

@namcios @ln_strike @chibitdevs @Starbucks @a16z @Blockstream @bitrefill @Breez_Tech To sell, you send a payment from your own custody to Strike. Spending #Bitcoin, and receiving dollars.

Here I demo sending #Bitcoin over Lightning from my non-custodial @MuunWallet, received as dollars in my Strike account.

Got $1 for 2,308 sats.

@namcios @ln_strike @chibitdevs @Starbucks @a16z @Blockstream @bitrefill @Breez_Tech @MuunWallet With Strike, you're interoperable with anyone on #Bitcoin and the Lightning Network.

Users are already receiving remittances over @Twitter and sending them to local exchanges over LN to sell for pesos.

This happened in El Salvador, but with Bitcoin ATMs.

Open networks win.

@namcios @ln_strike @chibitdevs @Starbucks @a16z @Blockstream @bitrefill @Breez_Tech @MuunWallet @Twitter Since launch we've already been approached by many new partners.

We have meetings next week to find sufficient partners and are working on bringing the #Bitcoin tab and other features in the US to Argentina, one step at a time.

The exact same approach we’ve taken in El Salvador