STABLECOIN LIE
36 sats \ 14 comments \ @premitive1 23 Aug 2022 bitcoin
One day I will take some time to understand the idea of Taro, but in the meantime, I pretty much think stablecoins should not exist. Most crypto very overtly recreates the FIAT standard, in a digital fiefdom controlled by the lead developers. The dollar should not exist and we should not aim to recreate it within bitcoin.
I have 0% interest in stablecoins, and find myself having to argue constantly about it because people bring it up like some sort of ambrosia, when they're literally swimming in pools of shit.
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210 sats \ 1 reply \ @ca 23 Aug 2022 freebie
It helps onboarding newcomers, as 100% of the products they buy today are denominated in their local currency.
Makes the transition to using Bitcoin smoother.
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0 sats \ 0 replies \ @premitive1 OP 23 Aug 2022
since the products they buy are not only denominated buy require use of their local currency, I don't understand how stablecoin use in altcoin casinos increases bitcoin adoption.
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117 sats \ 0 replies \ @DarthCoin 23 Aug 2022
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113 sats \ 1 reply \ @satup 23 Aug 2022
whatever the world we are going to move in, we humans need stability, it doesn't need to be stablecoin, but an anchor to buy milk today and tomorrow with no 10% spread. Otherwise, we will lose security.
Fiat has a long way to exit as it's been a long way to be here. We'd be more open to connecting it and eventually validating the winner.
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0 sats \ 0 replies \ @premitive1 OP 23 Aug 2022
many people in many parts of the world would prefer a 10% spread than the kind of chicanery that happens with their money.
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104 sats \ 0 replies \ @frostdragon 23 Aug 2022
100% agree stablecoins are a recreation of fiat.
There could be some niche use cases, but I don’t think we’ve found any yet. Unless you consider WoW gold to be a stablecoin lol.
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91 sats \ 5 replies \ @tomlaies 23 Aug 2022
Agreed. There is no usecase for stablecoins since there is nothing in the world as stable as Bitcoin which is always 1 in 21 million.
I think atm it is just supply & demand. People are demanding for fiat o Lightning and the market provides fiat on Lightning. Sad but that's the current state of practice/theory. I assume it will change in the long term.
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0 sats \ 4 replies \ @premitive1 OP 23 Aug 2022
We could have a very different discussion in the advent or circumstance of a legitimate gold standard because 1 oz gold = 1 oz gold, regardless of the value of gold between any two people in a market.
I agree RE supply & demand, but I don't find those sufficient excuses. We have human trafficking in the world because of supply & demand as well. I hope that example suffices to show that economic analysis cannot imbue morals into behavior.
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13 sats \ 3 replies \ @tomlaies 24 Aug 2022
1 oz gold = 1 oz gold
That's not true. 1oz today and 1 oz tomorrow are widely different things. Really shows that you haven't understood what this is about.
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0 sats \ 2 replies \ @premitive1 OP 24 Aug 2022
1 oz of gold today and 1 oz of gold tomorrow are not very different things, especially if literally the same 1 oz of gold. The VALUE of 1 oz of gold today and tomorrow could "be widely different things" but I don't mean that, however that would surely play into the decision-making of a person to borrow or lend any mass of gold for profit.
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0 sats \ 1 reply \ @tomlaies 25 Aug 2022
You lack basic economic understanding and it shows
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0 sats \ 0 replies \ @premitive1 OP 26 Aug 2022
How helpful.
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0 sats \ 1 reply \ @myles_snider 24 Aug 2022
strongly disagree. stablecoins will serve as a function to get people in the door and eventually get them into bitcoin.
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0 sats \ 0 replies \ @premitive1 OP 24 Aug 2022
Many people disagree with my assessment, but only time will show us whether or not people using stablecoins to speculate in crypto eventually adopt bitcoin, or simply tumble around from one altcoin to another.
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