1 sat \ 6 replies \ @kr OP 27 Dec 2021 \ parent \ on: John Carvalho on Synonym, Lightning Network Tokens, and Web3 bitcoin
Important to understand the nuance of what John is saying.
"I'm not trying to be here to promote tokenizing everything, that's not what I'm saying, I'm trying to say basically that as a minimum format for finance, we need IOUs, and if these IOUs are also bearer instruments, which means tokens on a blockchain, they have a lot more utility as a bearer instrument."
Stablecoins as an example could be really important in onboarding businesses to Lightning that want nearly-free and instant payments, but also want short-term price volatility protection.
onboarding is done by just using a damn LN node/wallet. You don't need anything else. I onboarded even businesses just by using the damn lntxbot on telegram, without any fucking token.
"short-term price volatility" = another buzz word to fool the nocoiners to get into custodial "stabelcoins" accounts and not holding their own BTC.
The whole charade is to fool those who still have no idea about what really is Bitcoin. It's a words game.
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I get your frustration, but I disagree.
Businesses have real costs that must be paid out every day, week, and month. Some of them certainly want protection against volatility to cover their immediate costs.
Bitcoin is the best asset to hold long-term, no question about it. But every business also has a portion of funds that must be spent on general operating costs.
Most businesses do not want to speculate on short-term price changes. Giving them an option, not an obligation, to use stablecoins for price stability is a major benefit to the whole ecosystem imo.
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those are just businesses that will NGMI
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If you run a business with tight margin and you rely on other companies that are fiat denominated, then you need a stablecoin, otherwise the price changes can make you insolvent for weeks or months and that can essentially destroy your business.
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There are valid use-cases for tokens that don't involve propping up fiat nor shilling shitcoins. A very common one I hear from clients is wanting to use tokens as reward points mechanism....
Idea is you get 1% of purchase price in loyalty club tokens, which can then be exchanged back for goods/services at some point in future.
Yelling loudly that people shouldn't use tokens, doesnt make the desire for them go away. It just forces business to find alt chains that support them.
Liquid has robust token support, but sadly its a federated and not totally "open" solution...
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You can use whatever tokens you want, for a supermarket POV or whatever service.
But those tokens are totally different than to say "let's put your BTC into a trust account and then we give you some tokens to use instead". This is a total other story and can fool people.
And this is what many wants to do: to fool people (again and again) with tokens.
So, create whatever tokens you want, but I will not use them.
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