110 sats \ 1 reply \ @moel 27 Oct 2022
It's huge because a lot of people don't really care about having bitcoins... but they do care about having dollars.
This wallet implementation gives them a bit of both.
Of course, to get your hands on physical dollars you need to jump through more hoops, but at the very least a user is not exposed to the (real or perceived) fluctuations in the BTC/USD pair.
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101 sats \ 0 replies \ @iguano OP 27 Oct 2022
I think in El Salvador they are able to send those "dollars" directly to an ATM.
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0 sats \ 0 replies \ @nout 28 Oct 2022
Now just add Kollider next to OKex as we have seen in the Kollider AMA š
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0 sats \ 0 replies \ @kilianbuhn 27 Oct 2022
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0 sats \ 4 replies \ @SatRat 27 Oct 2022
Ok you have me hooked on the project if these āstable satsā have no connection to the Eth-verse. Even if the implementation has kinks and risks associated at least I can participate to support a project working on a solution for the BTC network. I think a stablecoin on the BTC network is essential for mass adoption because it allows people to get out of the fiat system and remain out.
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13 sats \ 3 replies \ @kilianbuhn 27 Oct 2022
There is no money more stable than the only decentralized hard money.
Stablecoins on Lightning are bullshit. Some toying around at best, a scam at worst.
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10 sats \ 0 replies \ @satcat 27 Oct 2022
Unless you need USD to survive, which I imagine most Salvadorians still do, not to mention other countries who's currency is hyperinflating where btc is not so easy to use.
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0 sats \ 0 replies \ @SatRat 27 Oct 2022
RN I canāt pay my mortgage with BTC. I canāt pay all my bills with BTC. I still, for now, have to interact with the legacy of the fiat system. If we produce a Bitcoin based StableSat then the legacy financial system can organically come to us and the payment rails of the Bitcoin network. No overt orange pilling necessary just better, more efficient tech.
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0 sats \ 0 replies \ @SatRat 27 Oct 2022
I agree with you. I believe that as well. In the long run, Bitcoin becomes the stable foundation of value for everyone. What Iām trying to say is that until then a technology as a āstabilizing on rampā to the hardest money ever will be useful for adoption during the transition.
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0 sats \ 5 replies \ @go 27 Oct 2022
The current Stablesats implementation uses the bitcoin derivatives market, specifically an instrument called perpetual inverse swap to create synthetic USD.
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7 sats \ 0 replies \ @agbegin 27 Oct 2022
Nicolas Burtey (Founder of Galoy) gave an overview of how it works recently for the BOLT FUN Legends of Lightning tournament
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0 sats \ 3 replies \ @iguano OP 27 Oct 2022
who is the one managing this "oracle"?
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10 sats \ 2 replies \ @go 27 Oct 2022
A group/co called Galloy https://galoy.io/announcing-stablesats-bringing-usd-to-the-lightning-network/
They're behind the Bitcoin Beach wallet and other projects
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0 sats \ 1 reply \ @iguano OP 27 Oct 2022
I see, same wallet developer.
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0 sats \ 0 replies \ @agbegin 27 Oct 2022
More info at https://stablesats.com
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