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PSA: Stablecoins are CBDC’s
233 sats \ 4 comments \ @fiatbad 20 Jun bitcoin
Bessent’s remarks on stablecoins this week got my blood boiling:
The loudest opponents to CBDC’s recently have been Maga (or Maga adjecent). Trump made “NO CBDC’s” a major talking point during his campaign last year. Many people who had no idea what a CBDC was before 2024 were suddenly very against them.
Today, these same people are being sold the idea that stablecoins are good for America. These people don’t understand the difference between Bitcoin and crypto, so when they hear that stablecoins are government sponsored crypto, they immediately think that stablecoins must be Bitcoin killers. They are being told that crypto is good now, and that stablecoins are the best crypto. And they’re really starting to take the bait.
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33 sats \ 0 replies \ @028559d218 21 Jun
What you said here is really important and needs more 'coverage'. IMO the whole situation is really bizarre...
A 'stablecoin' is just a 'private dollar'. It's just a token, issued by a company, managed and controlled by a company 100% (that can be frozen anytime anywhere) that people can use. That's it.
It's fine. But it's not 'crypto' like we think of Bitcoin. Or even Monero. Or even something like ethereum.
Stables are 100% centralized... and they literally mirror the value of a Dollar or Euro or fiat.. Somehow magically the government thinks that Stables will 'increase the demand' for US Treasuries... and maybe they will in the short term.
But they're not a 'new greatest crypto' they're literally just Dollars and private ones.
If I were the government I wouldn't put so much trust in Tether and Circle etc etc... I don't understand why people are 'flocking' to this and think it's so great.
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12 sats \ 0 replies \ @DarthCoin 23h
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50 sats \ 0 replies \ @nitter 20 Jun bot
https://xcancel.com/SecScottBessent/status/1935404649718157691
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0 sats \ 0 replies \ @DarthCoin 22h
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