10 sats \ 4 replies \ @gms 8 Aug 2022 \ on: What Are Stablesats? bitcoin
I don't like it, it goes against my principles. If you like to speculate with Bitcoin I think you were wrong about "crypto"
Disgusting.
The argument for stables is mostly different from non-fiat shitcoins. It's not something that those of us living in first world countries need to give much thought to, but people living with even less banking and money options than we do in developed nations completely depend on the ability to operate with USDT for their livelihood. I believe that building the infrastructure to do this on top of Bitcoin is a positive step and will move us towards the Bitcoin standard sooner with less harm caused on the way.
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I'm in a developing country so I can't share that sentiment, born and bred South African here. Dollars aren't really a thing here, if you gave someone a physical dollar or USDT he'd tell you to jog on, even though our currency has lost so much value the liquidity is the killer app, people can exchange it so easily
Now countries like Zim, Tanzania, Kenya sure their currencies are closer to confetti so people like the dollar there, but it's also not liquid enough and the premiums you pay on the physical USD is crazy, you could get more bitcoin.
In addition most people using USDT/C in developing countries are using it on TRON because its the cheapest in fees, so they are forced to buy and hold tron to cover those fees or stake it to purchase bandwidth on the network
Lightning is far superior to this IMO, most African countries apart from a few like maybe Botswana and Tunisia are close to cent sat parity or are already past it, so BTC is already the better medium of exchange and accounting system
Another issue I have with stablecoins is we exporting our value t the US via our local inflation as we need the dollars to trade and then you saying oh it's not all bad, get this synthetic derivative of a dollar to capture and retian some of that purchasing power in the medium term.
Why do that? I'm already poor lol, I'll rahter bypass all that and just go straight to bitcoin
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I am not a fan of stablecoins either, I don't use them, never have but some people are still so stuck on fiat pricing it kinda gives me nanny state vibes like oh you're too scared of volatility, you don't know how to manage your stuck let us help you with this stablecoin.
to me, these solutions are built for niche audiences and short-term use cases and will die out eventually. In the end everyone gets bitcoin at a price they deserve and if that means more sats for me, I can't really be bothered hey
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I only see someone wanting bitcoin and giving something "stable".
Getting to the point, NOT YOUR KEYS, NOT YOUR BITCOINS
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