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0 sats \ 3 replies \ @TheBTCManual 31 Dec 2022 \ parent \ on: Fiatjaf asks the right questions about stablecoins bitcoin
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
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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