385 sats \ 1 reply \ @purpurato 24 Apr 2023 \ on: Are Stablecoins Shitcoins? bitcoin
Stablecoins are a perverted form of fiat, they take all that's wrong on the system and wrap it on a "blockchain" that allows to make more damage than the greenbacks.
What about countries with high inflation in their local currency where USD exposure is restricted?
To my understanding, stablecoins provide a solution there since they don't need permission from their local banks to send and receive stablecoins. The local banks may even convert their USD into the local currency in a bail-in scenario.
I know I will probably be called a shitcoiner here but to me stablecoins seem to provide value to people who just want to escape their local currency but don't want to take the leap into bitcoin (yet).
But I have no first-hand experience. Maybe someone from these countries can chime in here.
reply