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219 sats \ 9 comments \ @crrdlx 21 Oct 2023 bitcoin

I don't need to be confused early in the morning like this.

A CNBC article headline got me confused as soon as I woke up. It was talking about hyperinflation and the struggles created. I get that. It talked about how people were getting bitcoin any way they can to combat inflation. I get that. It talked about how people were using Tether to combat inflation because one dollar was worth only 15 cents. Huh? And, how is a dollar-backed stablecoin helping with that?

Article: https://www.cnbc.com/2022/11/05/-in-bankrupt-lebanon-locals-mine-bitcoin-and-buy-groceries-with-tether.html

To be fair, the article was a little long and I didn't read it all. Still, with a headline like that, I kinda felt there wasn't a point to read it all.

https://i.postimg.cc/5yRkKJMV/lebanon-tether.png

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131 sats \ 0 replies \ @nikotsla 21 Oct 2023

Soo AI ... there is no more good content in traditional mediums.

10 sats \ 3 replies \ @JerryGarcia 21 Oct 2023

The fact that a mainstream media article is presenting the mining of bitcoin as a solution to hyperinflation is shocking to me. Sure, the use of tether isn't ideal, but these people aren't thinking theoretically. They're just trying to put food on the table.

0 sats \ 2 replies \ @crrdlx OP 21 Oct 2023

I understand the folks are doing what they've got to do. More power to them. What struck me was that the article's author framed using Tether as a way to combat inflation, as opposed to using a dollar.

21 sats \ 1 reply \ @JerryGarcia 21 Oct 2023

They can't get physical dollars from bitcoin. Mining bitcoin is their solution. Tether is just a simple way to turn bitcoin into the stuff they need to survive. The fact is the dollar, though shitty fiat, holds its value better than the Lebanese fiat, so it is combating inflation for them. I guess what I'm saying is it's great to see a positive mainstream article explaining how important bitcoin is.

21 sats \ 0 replies \ @crrdlx OP 21 Oct 2023

Yes, I think you're 100% right. The idea for them is to get BTC, hang onto it as long as they can (so as to avoid devaluation of fiat), then, when they need to buy something using "dollars" from a merchant who accepts only USD-backed crypto, flip it into Tether to make a purchase. That makes sense. The article, or headline at least, presents it incorrectly.

1 sat \ 0 replies \ @DarthCoin 21 Oct 2023

dollar-backed stablecoin helping with that?

is not. Stablecoins are a fucking scam. Anything "backed" by a scam will be a scam. Those people have now a gigantic opportunity to move to a bitcoin standard and yet they go back to fiat to be fucked again and again right into their arse... because are fucking retarded. This is the harsh truth.

0 sats \ 0 replies \ @quark 21 Oct 2023

Don't watch mainstream media. Fixed.

0 sats \ 0 replies \ @siggy47 21 Oct 2023

Wow. I can't believe this article was published on the CNBC web site. I had to see for myself. The times they are a changin.

0 sats \ 0 replies \ @DarthCoin 21 Oct 2023

headline for retards, with retards... by retards