22 sats \ 12 replies \ @om OP 31 Dec 2022 \ parent \ on: Fiatjaf asks the right questions about stablecoins bitcoin
OG Bitcoiners (see @DarthCoin and @bitcoiner_since_2013 above) are filthy rich by now so they don't quite get why people don't want to preserve their purchasing power long-term.
But the answer is simple: most people just don't have any purchasing power to preserve. If your savings will only last you a few months then you can't meaningfully think long-term.
Already pivoted. Galoy has introduced stablesats to their wallet because people want it. Previously Galoy had to offer insurance against Bitcoin going down in USD terms in order to get any traction in the Beach. Which effectively means that what people actually adopted was a makeshift stablecoin rather than Bitcoin.
Sorry I am not in Bitcoin to be "filthy rich". I really don't care how much worth in shitcoin fiat my BTC.
I am in this Bitcoinlandia for one and only one thing: FUCK THE BANKS AND GOVS.
Who is in this game for other reasons, will get REKT.
If you acquire BTC just for short term, just as another paypal, is totally wrong.
Use Bitcoin as tool to liberate yourself from the fiat slavery.
FIAT DELENDA EST.
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I really don't care how much worth in shitcoin fiat my BTC.
Yes but do you care how much worth your BTCs are in terms of food and other stuff you can buy with it? Because people from the slums of El Salvador and anywhere else care about that very much.
If you tell somebody whose net worth is only about 4 months of living to go all BTC at $64 and then BTC drops to $16, that poor guy now has only 1 month of living (make adjustments for $/food inflation if you want to). But he liberated himself from the fiat slavery, yay! Would he thank you for the advice though?
Adopting Bitcoin = absorbing the volatility risk. That's just how it is and isn't going to change anytime soon. You have the luxury of reaching for goals high on the Maslow pyramid (such as FUCK THE BANKS AND GOVS) because you have lower levels of the pyramid already covered, that is, you're not going hungry anytime soon, in other words, you can absorb the volatility risk. But many people can't. Stablecoins are for them.
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You see? You are always going back to fiat thinking... You always convert all things in USD shitcoin.
https://www.pricedinbitcoin21.com/
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Lol dude wants to claim his into bitcoin but look how desperately he tries to hold fiat irrationality and defends it, still way to plugged in
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well said
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That scam is called wrapped Bitcoin.
"Hey give us your BTC for a handful of shit they will definitely break just as soon as we get a Producer's moment."
A Producer's moment is like from the Mel Brooks film The Producers. At a certain point these scams become profitable to intentionally tank. This is when the devs do a rug pull because it's more profitable to fail than to succeed.
Every stablecoin will experience this. Insuring against it is absolutely a loss waiting to happen. So these scams will absolutely keep wrecking people every time Bitcoin corrects in price from the halving cycle. So every 4 years.
When each stablecoin breaks, the devs just walk away with all YOUR COLLATERAL. And what is that collateral? Your BTC.
JUST HOLD BTC ON CHAIN IN SELF CUSTODY
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I think you misunderstood what I said. People want stablecoins for the same reasons they want fiat, which makes sense, a USDC is just USD with extra steps.
They don't care if its on ethereum, tron, paypal or liquid, they just want that dollar.
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OK, I indeed misunderstood.
- I think people actually care that it's somewhere out of reach of their gov, even if it's within the reach of the US gov
- I think stablecoin adoption is much better than nothing because the gov can obstruct the value on the road from a bank account to the Bitcoin chain but once the value is on some chain the gov can't really stop it from making its way to Bitcoin. In the case of Liquid, it takes just one atomic swap from USDT to L-BTC.
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Galoy is tiny and insignificant to the greater bitcoin market, you think a few people settling dollar promises backed by a custody provider and bitcoin is really some shining example of a pivot?
Its not, if they cut the feature tomorrow no one would notice, and they're doing it in a country where bitcoin and dollars are the native currency.
What demand for that would there be in other countries, if I can't take my faux dollars to the store? Liquidity is what these people want, bitcoin offers that, because every country in the world has someone willing to trade bitcoin for their native currency and vice versa
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Are you sure that the other countries where native currency is not USD would have no demands for USD stablecoins whatsoever? Is this what we actually see?
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Yes I am, you're picking pockets of use and pretending that is the norm. I live in South Africa and ive been to many African countries and despite how bad the fiat currencies are, you still have to pay taxes in them, you still need to transact in them to purchase goods, services and utilities.
No one is using USD or stablecoins to do that, most people don't even know stablecoins exist while getting your hands on USD physical currency isn't all that easy.
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Why have you switched to comparing local fiat to USD stablecoins? Obviously local fiat wins in adoption! It wins against Bitcoin too.
We were rather comparing Bitcoin vs USD stablecoins. And Bitcoin Beach might be a pocket, but Argentina is too big to be called a pocket. Here, Lebanon is another example bigger than a pocket:
https://www.cnbc.com/2022/11/05/-in-bankrupt-lebanon-locals-mine-bitcoin-and-buy-groceries-with-tether.html
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