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25 sats \ 6 replies \ @bitcointerest 14 Oct 2022 \ on: Stablesats x Kollider -- Looking for Collaborators! bitcoin
Wait, are you telling me stablecoins are coming to the Lightning Network? That would be awesome.
Stablesats is already operational (launched a couple months ago), but it uses (if I remember correctly) OKX derivatives to make its synthetic stablecoin. So Kollider will be an alternate to OKX.
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No, is not.
Stablecoins are shitcoins.
Stablesats is different thing, even that I do not agree with.
Bitcoin is the ONLY thing that matters.
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I'm sure you already understand the argument. Imagine you need 90% of your paycheck to not die of starvation. You can keep the 90% in stable sats, and the 10% in bitcoin. Otherwise, a shift in btc prices, due to, lets say some irresponsible behavior by a crypto lending platform, may kill you.
It sucks to be in a position where your forced to keep most of your money in a currency that is guaranteed to drop slowly in value. But after a halving cycle, that 10% one puts away will make it so they can wait out times when the price drops and soon only deal in bitcoin. I see stable sats being relevant as temporary, because Bitcoin will get more stable over time (but generally go up) and fiat will get less stable over time (and generally go down).
If they do it right, it should help provide revenue for LN routers. Since altcoiners like to lobby the government or sue bitcoiners with their ill-gotten gains, I love the idea of taking away some of their revenue.
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no, sorry I keep 100% in sats not "stable sats".
I don't give a shit about price fluctuations.
Stable is a useless term anyways.
Stable term is for shitcoiners and fiat maxis, not for bitcoiners.
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That's because short term price fluctuations won't kill you. If you have a large enough cushion of wealth that being "on zero" won't kill you when the price drops 70-something-% (as it tends to once per cycle) that's wonderful. (Thankfully, it wouldn't (& didn't) kill me either.) I just gave an example of someone else who would starve to death if they did that.
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I'm cool with the idea of OTC taproot based "stablecoin" in-and-out but you are out of your mind if you think you should hold your savings in shitcoin. Just draw cash out of the bank. Best way. Least likely to be stolen from you.
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