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10 sats \ 3 replies \ @JerryGarcia 21 Oct 2023 \ on: Morning perplexing headline bitcoin
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.
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.
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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.
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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.
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