Adam Back on hodling Bitcoin

⚖️ Tether contests Celsius Network’s $2.4B lawsuit, asserting it acted properly in a 2022 loan deal, following Celsius' instructions during Bitcoin's drop.

📰 https://btctimes.com/tether-responds-to-2-4-billion-lawsuit-filed-by-celsius-network/

📣 https://x.com/btc/status/1822315896053940275

Germany dumping, Mtgox coins, US government selling, recession, ww3, panic selling

bitcoiners are a different breed

🚨 Gather around anons, it's time to expose Celsius 🍿

In 2022, Tether made available USDt to some of its customers – including Celsius.

Tether's arrangements with customers are very simple: Tether provides USDt to selected customers who provide an overcollateralization in Bitcoin.

If the price of bitcoin (the collateral) falls below the margin call price, then the borrower needs to send more collateral. If more collateral is not sent, Tether has the right to liquidate the customer’s position.

Simple.

In 2022 the world discovered that, while almost every player in the crypto industry was lending to its customers while requiring just a pinky swear as collateral, Tether required overcollateralization with sound assets (e.g., Bitcoin).

This is how Tether provides unparalleled risk management.

In June 2022, when Bitcoin price declined, Celsius instructed Tether to sell the Bitcoin that Tether held as collateral. Tether was able to liquidate those Bitcoin and return the excess to Celsius (and disclosed transparently the action at that time tether.io/news/tether-di… ). Showing the quality of Tether's risk management and liquidity.

Now, more than two years later, this baseless lawsuit is trying to claim that we should give back the bitcoin that were sold to cover Celsius’ position.

Absurd.

This lawsuit will be fought till the end. It's important to set an example on behalf of the entire industry that shameless money grabs will not work.

When it comes to the safety of USDt users, without doubt our main priority and duty, Tether group has equity of nearly $12 billion (as recently announced tether.io/news/tether-q2… ) . Even in the most remote scenario in which this baseless lawsuit will get somewhere, USDt token holders will not be impacted.

h/t Paolo Ardoino

The proper target is n+1

fun last couple days amirite

Based af

“Make sure you’re aware of this, if you’re stacking small amounts of bitcoin, don’t get burnt this way, don’t have millions of UTXOs ‘cus they’ll all be unspendable. You’ll get wiped out in txn fees and you won’t have anything like the bitcoin you think you do.”

- GrassFedBitcoin

Learn UTXO management!

"Four years ago today, MicroStrategy adopted #Bitcoin as its primary treasury reserve asset; since then $MSTR has outperformed 499 of 500 stocks in the S&P 500."

By Michael Saylor

FUN FACT: 🟠 A dozen eggs in the US is currently going for about 44 bits & 99 sats 👀

By Wicked

Me casually at dinner when my family asks how my Bitcoin investment is going:

“11 years ago, Hal Finney sent his final message to the #Bitcoin Forum.”

RIP Legend 🧡

JUST IN: 🟠 Michael Saylor being a Giga Chad on Yahoo Finance 🔥

“There’s a revolution in the global capital markets and and traditional finance operates 19% of the time for 10% of the world, that makes it a 2% solution. #Bitcoin is 100% solution.”

NEW: 🟠 Max Keiser explains how everything is going to zero against #Bitcoin with Alex Jones 🎙

“If you cannot steal somebody’s wealth through violence because Bitcoin is unconfiscatable, you could only approach people with the intention of fair trade and that demonetizes violence.”

ICYMI: 🟠 Long-term #Bitcoin holders bought over 184,500 #BTC worth $11.1 billion during the recent dip 👀

Bullish 🚀

"Thanks to #Bitcoin, I have a healthy zen approach to life."

You don't change Bitcoin,
Bitcoin changes you.

JACK MALLERS: 🟠 "No matter who you are, you're better off on Bitcoin's team than against it." 💯