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462 sats \ 5 replies \ @jk_14 24 Apr 2023 \ on: Are Stablecoins Shitcoins? bitcoin
Dollar is nothing more than a big shitcoin - because is losing a lot of its purchasing power every decade.
So obviously every USDT, USDC etc which mimics shitcoin - is also shitcoin by definition
but even worse - because with: yet another possible point of failure :)
Definining shitcoin as a currency losing a lot of purchasing power is interesting.
Unfortunately, there are tons of bigger shitcoins than the USD so to most people in the world, the dollar is a lesser shitcoin because it loses less purchasing power that their country's.
And unfortunately this is a big problem for Bitcoin adoption.
If you're poor and you have very little savings (let's one month, and that is not the poorest), Bitcoin can be a greater shitcoin than the USD if the price happened to go down more than the USD due to volatility. Even when the USD goes down in value it does so at a predictable rate, and this is key.
For those of us who are able to zoom out and see the big picture (and have enough savings to wait out the volatility), Bitcoin is the best. For most people in this world, with high time preference and little savings, unfortunately, Bitcoin can be disastrous.
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the earlier DCA was started the less Bitcoin can be disastrous (DCA efficiency doesn't care if applied to little or to big savings)
but generally, well said :)
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Agree! Just wondering how do poor people DCA
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at least they are able finally, thanks to Lightning Network
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If they exchange cash for sats they might need to remind themselves, it's a manual process they'll likely won't sustain? I don't want to be too pessimistic but I don't see it. Bull runs might help
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