1/ El Salvador has been extremely brave in adding Bitcoin as legal tender.
2/ While some financial reporters have been calling this an experiment, a failed one, they actually fail to recognise the right of a sovereign country in building its own future. A different future for its citizens, built on math money, a currency that can't be inflated.
3/ But El Salvador citizens and government are brave. They know that change won't happen in a day.
It requires time, love, effort, vision and passion.
Patience and discipline will drive the progress for the next years, from tech to infrastructure development.
4/ As my good friend @stacyherbert always says, this could well be a key historical moment for El Salvador, as Renaissance was for Italy. We should be excited to have the opportunity to follow closely and be a small part of it.
5/ And #Bitcoin isn't a magic wand that fixes all the problems, but can create an even playing field among nations in terms of agnostic currency.
That's why adopting bitcoin as an option can give to El Salvador a first mover advantage that is extremely rare in history.
6/ Next time that you read an article mocking the bravery and vision of El Salvador, remember how long it took for any meaningful change to happen in Europe. From tens of years to centuries.
Maybe social media has created the illusion of results without efforts.
7/ Builders gonna build.
β€οΈπΈπ»
β’ β’ β’
Missing some Tweet in this thread? You can try to
force a refresh
1/ I have been open about the attempts from some hedge funds that were trying to cause further panic on the market after TERRA/LUNA collapse.
It really seemed from the beginning a coordinated attack, with a new wave of FUD, troll armies, clowns etc.
2/ Tools: USDt/USD perps (the perfect attack vector that offers an asymmetric bet), spot short selling, DeFi pools unbalancing, ...
Goal: create enough pressure, in the billions, causing ton of outflows to harm Tether liquidity and eventually buy back tokens at much lower price.
3/ These hedge funds believed and helped all the FUD spread by the truthers in the past months / years:
- they believe/d that Tether was/is not 100% backed
- they believe/d that Tether has/had exposure to Evergrande
- they believe/d that Tether has/had 85% exposure to Chinese CP
--- summary ---
data aggregators have been misreporting liquidation data, misinterpreting the amount field in the API documentation available here: docs.bitfinex.com/reference/restβ¦
---
2/ @bitfinex liquidation APIs work differently from other platforms.
While competitors provide just trade executions, Finex reports actual positions (with their internal position id, size and base price) and streams updates while the position gets liquidated through the market.
3/ The doc (screen attached) is quite clear, especially referred to the `amount` field.
1/ πΈπ» π
Bitfinex and Tether have set up a relief fund to help the families of the people affected by the pandillas in El Salvador.
2/ Both companies once again stand with the disadvantaged and have donated 25 #bitcoin (~1M USD equiv now) to bootstrap this initiative (tx: 16dfd73fb9e9fe1e1c47eaf9e55e15066a80936a9c80cfc507b7555effdb2cea )
3/ Since 2021, many #crypto influential people and companies have applauded the heroic fight for financial freedom that @nayibbukele , its govt and population has initiated, investing in #bitcoin as a better, fair and resilient monetary system for the future of the country.
1/ Finex has moved successfully many internal operations that required multiple review/approval on a permissioned decentralized consensus system.
++Security
++Team Scalability
This is a good day.
2/ Most of websites (including most CEXes) use a centralized admin interface where admins/operators/support can perform actions on user accounts.
Centralized admin UIs are an attack vector.
3/ Our solution:
- a permissioned append only Merkle Log published on a decentralized bittorrent-style network, all proposals/messages signed/verified, all votes signed/verified.
- desktop UI to participate to the network, internally and 3rd party audited, reproducible builds
On the bright side Finex got 2 days ago regulatory approval for our upcoming product.
The process to get there has been really thorough. Legal, compliance, development and risk management teams all worked together for > 1year to gather the requirements, build the mandatory compliance and reporting tools, provide all the info to the regulator.
Every detail of the product and procedures has been fully reviewed and deeply scrutinized (operational, security, ...).
Having a full KYC/AML platform completely developed internally definitely helped in reassuring re: customer data protection.
1/ Arbitrage: traders arb across multiple exchanges. Speed of transfer and low friction are key.
CB has now BTC/USDt but also
BTC/USD (finex) > USDt/USD (finex) > USDt/USD (coinbase) > BTCUSD (coinbase) is now possible too!
2/ #tether was born in 2014 exactly for this use case: making arbitrage across exchanges faster.
After 7 years, in 2021 all exchanges will be all tethered by a common, high liquidity stablecoin.
3/ Support for the ecosystem.
Tether $USDt is the biggest stablecoin, being almost 4x the second biggest one.
Tether is massive on exchanges, DeFi and growing super fast outside of #crypto too.