59 sats \ 5 replies \ @DarthCoin 1 Feb 2023 \ on: 10101 - We just published our roadmap bitcoin
Can you explain what is the use case in real life for this?
I assume you are already aware of the general use case for trading.
The use case for a self-custodial on-chain and off-chain wallet is that it gives users full control over their assets and eliminates the need to trust a third party with their private keys, i.e. it is self-custodial!
In 10101, we add an additional feature to the wallet which allows users to trade right out of their lightning channel without having to trust their counterparty.
A positive side effect of the derivatives we are offering is that if you are shorting Bitcoin, you are stable in USD terms. This results in the creation of a synthetic stablecoin that does not require trust in the issuer, such as Tether or Circle.
Trades (and Stablesats) are always fully collateralized and users can be sure that they will be able to retrieve the profits.
This is particularly useful for individuals who prioritize security and privacy in their financial transactions.
By keeping control of their own keys, users can ensure that their assets are always under their own control and cannot be compromised by hacks or malicious actors (e.g. FTX, MtGox, etc). This allows for more secure and decentralized trading.
We believe that a synthetic stable coin (Stablesats) and self-custodial trading can help to increase user adoption of Bitcoin itself.
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Thanks for detailed explanation.
In other words you push people into more greed, like it wasn't enough in this fucked up world.
And to funnel this greed, you've created a shitcoin, that we didn't have enough shitcoins in this fucked up world.
So no thanks, this is pure garbage for me.
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Just to clarify: there is no other coin involved, so we haven't created a shitcoin. It's just a mechanism to stabilise a part of your Bitcoin holdings with respect to USD. It's all sats under the hood.
And to your first point, I think giving people the option to do something that they already do (trading) in a way that respects the self-custodial principles of Bitcoin is hardly pushing people towards greed. Whether you like it or not, people will trade with Bitcoin and if they do it on custodial exchanges their funds are always at risk.
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Where's the shitcoin in their approach?
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Just like Standard Sats they probably want to help people to bear volatility. It may be important for poor people.
Hugo Conteras, a shirtless twentysomething, stands on the shore with a long lens, photographing them. Later, he offers to sell them a series of the best shots for about $20. He tells me surfers sometimes ask if he’ll take Bitcoin. He’s taken it on a few occasions, but the dips in price burned him. “Now I tell them it’s $25 if they want to pay in Bitcoin,” he tells me. “You don’t know when it’s going to go down.”
From here.
Standard Sats though has different strategy with less technical risks and less costs for end-user.
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