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
Also above you said “There might never be a real need for them in the first place” :) Which is provably wrong. My aunt in rural post-USSR with low shit fiat salary & no access to dollar or sophisticated low-risk financial instruments, would love access to a stable store of value.
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Replying to @MustStopMurad
That point is contingent on the premise that current solutions will minimize the hypothetical competitive advantages of stablecoins. Your aunt would get access to stable SoV from current solutions.
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Be it in 1 year or in 30 years, someone WILL make it work, and it will replace fiat. Still inflationary, but slightly lower, predictable, inflation, algorithms rather than politicians, a superior fiat 2.0 appropriate for the digital age. It’s an inescapable destiny, in my opinion
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