I agree. But normies will use it anyway. And nobody can stop tether from using the bitcoin/lightning networks. I'm not saying that we should applaud them; just that we cannot stop them.
If usdt is going to be used no matter what, I'd much rather have that value being transmitted over the bitcoin/lightning network, than over fiat or shitcoin networks. The same way normies use HTTP and TCP/IP everyday, yet they have no clue what that is.
Maybe we are supposed to "succeed" in a different way. I wouldn't say that internet has "failed", even though the original cypherpunk ideals haven't been realized.
I know it's a difficult pill to swallow, but please don't blame the messenger.
"what I really think is is happening with the stable coin play is extending the regulatory reach of the US government by saying anyone that touches a dollar is under our jurisdiction"
There's no good reason for someone to use stablecoins, and stablecoins on Lightning are particularly retarded vs. a centralized SQL database which is all they're resolving to in the end anway...
but "decentralized" transmission for stablecoins is still not as retarded as the idiots in the linked youtube video. Two of the dumbest astroturf spook fake-bitcoiners around.
In case no ones noticed, there's no law in the US anymore... that means no war on "crypto" and or the capital controls that protect the status quo of fiat exchange rates. The framework these bozo's live in is over, time to wake up and smell the new framework.
The purpose of a thing is what it does. What Tether does, is maintain buy pressure for US treasuries while dollarizing the rest of the world... a necessary step in destroying all other fiats as hyperbitcoinization can only occur after hyperdollarization consolidates all fiat before the last slurp.
Tether is the sly roundabout model for the Bitcoin backed US dollar. As the demand for tethers increase with dollarization, they buy and export US treasuries. The "yield" from which is kept in Bitcoin on their balance sheet and re-collateralized to prevent deflationary collapse of the dollar as the infinite debt of the fiat system is repaid.
We've avoided CBDC's with the trade-off of a Bitcoin backed dollar to foam the runway for the legacy financial system.
EDIT: Checking in on all the half-wits that weren't suspicious about all the shady ECash project funding, Tether is just the first neo-bank to do this, it won't be the last.
The purpose of a thing is what it does. What Tether does, is maintain buy pressure for US treasuries while dollarizing the rest of the world... a necessary step in destroying all other fiats as hyperbitcoinization can only occur after hyperdollarization consolidates all fiat before the last slurp.
Totally concur on this! This is how things will play out, and personally I am very happy to spend some stablecoins these days using Travala, if I was 100% in Bitcoin instead of ~90% I simply would not even have gotten started with anything new since all my attention would have to be on how Bitcoin behaves...
Will Bitcoin win this battle as well, a few years down the line? Maybe!
In the meantime I will have to be practical about things, especially so that I never end in the big trap of having to sell it all in a deep bear market...
The practicality in all of this for me is that stablecoins have protected my main Bitcoin holdings, from late 2020 until now!
They're very exclusive, these are big blockers that despite having a whiff of national security state levels of conspiracy still think Bitcoin is a coincidence that will be co-opted out of convenience.
"To anyone who thinks this is a good thing"
It's moving a highway over to a new bridge while there's still traffic moving across it. Its a stupid thing that's beneath anyone in Bitcoin for ideological reasons, but necessary incremental progress towards a Bitcoin standard in a world where not everyone is just going to wake up an ideological bitcoiner tomorrow.
Would it be possible to have an LN daemon that only opens channes to nodes that do not transmit RGB / taproot assets, like segwit only wallets?
I suppose this would not stop routing of taproot assets over LN but is that a huge problem? I see the problem that I don't want to open a channel with a node that solely wants to facilitate messing around with non-Bitcoin 'assets'.
Even though I don't want to push dollar dominance around the world, the reality is the world still wants it through stablecoins-for now, and I rather see the fees go to bitcoin and LSPs(lightning Service Provider) than shitcoins like Eth and Tron.
Putting aside the question whether that's a good thing or not, i wonder from a practical point of view of things will look like. From what i remember, only entry and exit nodes need to care about the taproot asset part. In practice, will it only be these nodes that are involved with direct channels between them or will routing nodes be involved with increased routing opportunities/burden for them?
and
How far is RGB currently on this stablecoin on lightning roadmap?
is there anything meaningful that can be done about it? i understand some individuals who believe this (i am one of them) can choose not to use it.
but what, if anything, can we do to try and fight this battle more proactively? I guess there are the sayings: "anyone can use bitcoin as long as they follow consensus rules" and that it is "money for enemies". both seem to be true with this announcement
This post might be more relevant and engaging in the ~news territory.