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271 sats \ 3 replies \ @TheBTCManual 19h \ on: A16Z’s Stablecoin Thesis is Wrong bitcoin
Yeah censorship resistance isn't really a value prop most people consider, you don't really price that need in until you need it kinda thing!
It's crazy to watch how this tool that was just used for arbing exchanges, providing liquidity for various trading pairs and capturing volatility from bitcoin and shitcoins has grown into something so massive and I still think they are not even close to half their TAM yet.
From what i've seen locally, apart from remittance use, its used to keep a cash balance outside your local currency or to conduct "gray/informal" commerce that cash isn't ideal for
It is wild and its not going away any time soon as the dollar isn't. Most people are simply practical and not really ideology driven. At least not consciencely. This is something that is hard for serious bitcoiners to accept and really understand. It's not so much as they are true believers in fiat. It's just what is there and what seems to work. Stable coins are the same. Bitcoin if it succeeds will be similar
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I'm with you, also you don't know what you don't know!
When I speak people who use stablecoins it's almost always on TRON despite it not being the cheapest, you're forced to buy TRX and pay $2-$6 a transaction, or stake $1500 worth of TRX to get any meaningful discount on fees and yet people still use it
The way I see it is as more cash balances move over to stablecoins the friction to get them into Bitcoin is lowered. They can use USDT/C now but the dollars purchasing power isn't going to increase YOY so the incentive to move over grows with time
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The way I see it is as more cash balances move over to stablecoins the friction to get them into Bitcoin is lowered.
This is very true and should really be obvious to bitcoiners but its not. Again, not saying USDT is the way or good but it might be a stepping stone along the way regardless if it should be one.
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