Home Altcoins News Peter Schiff Fumes over Terra Bitcoin (BTC) Move

Peter Schiff Fumes over Terra Bitcoin (BTC) Move

Peter Schiff Fumes over Terra Bitcoin (BTC) Move

Peter Schiff:  Terra’s plan to back a U.S. dollar stable coin with $10 billion worth of Bitcoin makes no sense. Neither does announcing a major purchase before it’s made. A U.S. dollar stable coin requires dollar backing. This is just another attempt to pump more air into the Bitcoin bubble!

Community Reaction:  Agreed. Terra is rug pulling current Luna bagholders, using proceeds to purchase BTC in order to back a “decentralized” USD stablecoin. Convoluted/makes no sense. How decentralized can it be if one guy made this decision. As a BTC holder I do appreciate the pump though.

Precisely! Why would anyone want to back a digital asset with a constantly devaluing analog asset?

Terra VC owns 50% of the supply, then-> put 1% into smartcontract to mint UST use that UST to pump the price of Terra. When the price of Terra goes up, now he can mint even more UST and pump even more because the Terra price went up. This loop continues = 2 billion Mcap – Novogratz.

What do you think to the concept of a decentralized stablecoin? It’s the digital equivalent of the gold standard. I bet you miss the days of the gold standard right?

Because a decentralized economy needs decentralized money. Not a government that can freeze your assets to extort its citizens (or citizens of other countries)

Wrong Peter. it makes perfect sense based on the objectives and goals that these guys are trying to achieve. May not make sense to you or I, but it makes sense based on what they are trying to accomplish here.

You obviously don’t know anything about Terra. If you still don’t know how Bitcoin works after all these years, it’s almost beyond comprehension. So, when Apple announces that it has integrated into ApplePay, are you still going to insist it is going to zero?

Thank you for putting in the time to understand this plan and contemplating the impacts on bitcoin. On behalf of the entire bitcoin community, I’d like to express my appreciation for your focus on this matter and thank you for concern. I will now take my grain of salt – Influencer excuse.

Must be pretty upsetting for gold bugs that not only is bitcoin dominating over 10 years but it’s doing much better than gold since the Russian invasion. Not really sure the point of holding gold. Underperforming long and short term.

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James

James T, a passionate crypto journalist from South Africa, explores Litecoin, Dash, & Bitcoin intricacies. Loves sharing insights. Enjoy his work? Donate to support! Dash: XrD3ZdZAebm988BfHr1vqZZu6amSGuKR5F

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