Although Strike was an announcement of an atomic bomb by the market, it is still not well received. Since Jack Mallers wasn’t there to As rumors suggest, Apple has a dealThe general public was disappointed. The Strike CEO however, revealed something even bigger. Blackhawk and NCR have partnered together to provide Lightning Network transactions at Point Of Sale terminals throughout the United States. Shopify also offers ecommerce.
We were playing third-dimensional games of chess together with the man. Mallers titled the presentation “The King’s Gambit,” an alternative to the “pawn to e4” chess opening he usually mentions. Here’s the video:
https://www.youtube.com/watch?v=dD2-T7TX2rk
Inside Strike ‘s Announcement
The presentation started with a brief history of payment networks, starting in 1949 with the invention of the Diner’s Club card. Next is the second revelation: Payment networks have not improved or changed in fifty years. The legacy financial system is still using this ancient technology like there’s no tomorrow.
These merchants have adopted Bitcoin as a payment method this year. (Jack Ballers – Strike). pic.twitter.com/FF57vYF7BH
— Big Sky HODL ⚡️ CO Beef Initiative (@BigSky_HODL) April 7, 2022
As usual, Strike’s Jack Mallers proposes to the world that it should join an “open payment standard.” That it should use a “superior payment network.“ And with these partnerships, he finally does it. Strike plans to use bitcoin’s network as payment rails, enabling Lightning Network transactions at a large percentage of US merchants. According to Mallers, bitcoin will finally be “embedded into our lives.”
Another interesting part of the story is Senator Cynthia Lummis’ support. According to a letter she sent to Mallers, she says “I am working to bring smart legislation to the digital assets space, so that innovations like this can be integrated into America’s financial services industry.“ That’s reassuring. It’s possible that the legacy players may fight it.
Thank you @jackmallers. You are an amazing inspiration.
— jack⚡️ (@jack) April 7, 2022
The senator will speak tomorrow, on Bitcoin 2022’s final day of conference.
BTC price chart on Oanda for the 04/08/2022. Source: BTC/USD tradingview.com| Source: BTC/USD on TradingView.com
What did the news do to affect the market?
The general public was expecting Strike to announce an Apple partnership that would’ve made bitcoin’s price pump to infinity. It didn’t get it. So, bitcoin traded around the $43K range the whole day and acted unaffected in front of Jack Mallers’ news. It seems like the market didn’t even flinch.
Was ist das? @jackmallersIt was just revealed that the launch will take place #BitcoinCircular economy is advancing in an unprecedented way
It is difficult for daily drivers to accept BTC because they are not able to use it easily.
You can exchange mediums here.
Next stop: Unit of Account— Guy Swann ⚡️ (@TheGuySwann) April 7, 2022
More nuanced than an Apple partnership, it will take months, maybe years to see the new’s impact. On the one hand, people aren’t incentivized to spend their bitcoin. People will continue to want the currency as long as it is rising in price. It also allows for a non KYC method of spending bitcoin. This is a non-KYC method of payment. Strike makes Bitcoin a competitor Medium of Exchange, and places it in every US store.
What price is that truth?
What Does The Twitterati Think About Strike ‘s News?
The Guy Swann sums up the announcement by declaring it’ll “kick off the #Bitcoin circular economy in a massive way. I think few understand that the inability to easily use BTC is what makes it difficult to accept as a daily driver.” For his part, podcaster Anthony Pompliano said, “Hundreds of millions of people can now spend bitcoin or dollars across the Lightning Network instantaneously, completely for free at every major US retailer.”
Strike CEO @jackmallersStrike has just announced partnership with Shopify, one of the most prominent payment service providers in the world.
The Lightning Network allows you to instantly send bitcoins or dollars and spend them at any US store.
— Pomp 🌪 (@APompliano) April 7, 2022
Lyn Alden (Economist) explains its implications in an amazing thread. “The more places that accepted BTC at point of sale (on-chain or Lightning or otherwise), the more permissionless the whole network is. This is because, if all you can do with BTC is convert it back into fiat on a major exchange, then it’s easy to isolate it, effectively blacklist addresses, etc.”
It’s because if you only have the ability to convert BTC into fiat via a major exchange it is easy to identify it and blacklist addresses.
It’s easier to separate if the money can be used for goods or services in different companies.
— Lyn Alden (@LynAldenContact) April 7, 2022
Bitboy Crypto on the other hand misses it completely. “Michael Saylor: Don’t sell your Bitcoins (crowd goes WILD). Jack Mallers: Here’s a great way to spend your Bitcoin (Crowd goes WILD) Does anyone see the disconnect in this situation?”
Michael Saylor: Never Sell your Bitcoin (crowd goes WILD)
Jack Mallers: Here’s a great way to spend your Bitcoin (Crowd goes WILD)
Like does no one see the disconnect here?
— Ben Armstrong (@Bitboy_Crypto) April 7, 2022
Bitboy is given the 411 by Matt Ahlborg (head of research at Bitrefil). “What Jack Mallers is really saying is that you will be soon be able to offload your Bitcoins in the real world without KYC’ing through an exchange first.” While Jack Dorsey keeps it short and sweet by saying, “thank you Jack Mallers. you’re an incredible inspiration.”
Jack Mallers actually means to say that soon you’ll be able offload Bitcoins in the real-world without KYC.
This is a very important and substantive development in Bitcoin.
— Matt Ahlborg (@MattAhlborg) April 7, 2022
After the Strike announcement, everything changed. It might feel similar, but we’re living in bitcoin world now. Take what you can from this.
Featured image: Jack Mallers, taken at Bitcoin 2022Charts from TradingViewfrom this tweet | Charts by TradingView
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