BTC-maximalist perspective: atomic swaps to exchange "local" stablecoins via LN; BTC as foundational reserve.
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Realistically, the asset class itself is at the foundational installation phase (obvious, widely acknowledged opinion; c.f. Perez, etc).
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Current implementations are jumping the gun, since they themselves are abstraction layers contingent on the proper installation of the underlying protocol.
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Arguably, there might never be a real need for stablecoins in the first place. At a high level, a stablecoin's competitive advantage as MoE is inversely proportional to the friction of conducting cross-currency exchanges (volatility + financial cost).
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Replying to @alexanderliegl
Do you think transferring large sums of money into and out of 2nd and 3rd world countries is easy?
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Replying to @MustStopMurad
Should have clarified, cross-cryptocurrency exchanges.
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Replying to @alexanderliegl
Either Bitcoin’s big success or a functional Stablecoin’s big success could literally help people in hyperinflationary nations and even cause the collapse of oppressive / monetarily incompetent regimes... much bigger implications than just trader arbitrage.
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Replying to @MustStopMurad
Yes, I agree with the value-proposition stablecoins have; that's not what I'm arguing against. Instead, I'm saying that their argument is unsound because their premises don't hold.
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Replying to @alexanderliegl
I am an investor in a handful of stablecoins. I agree it’s an uphill battle but I don’t think its impossible. Care to elaborare on your views? You do realize that existing fiat currencies are essentially non- or semi-collateralized stablecoins with an inflationary bias?
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Replying to @MustStopMurad
As to your last point, yes - see the second tweet in this thread (more or less similar). I also agree that the winner-takes-all dynamics are incredibly attractive and I certainly might be wrong about it's practical implementation merit.
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Its less fragile as it grows due to more network effects, liquidity, stability. I do agree with you its tough, but it is believed that Game Theory / Schelling/ Incentives *could* be designed in a way where speculators (on top of reserves) protect peg. 0 to 0.5T tough, then easier
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