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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Replying to @alexanderliegl
Here is my problem with this. If you look at existing, fixed-supply coins as a “product”, then it’s only a good SoV after it’s already huge (3T+?) ... u feel me? Stablecoins (assuming they work) can offer stability even at 50million mcap. The promise is crazy.
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Replying to @MustStopMurad
Are you distinguishing here between seignorage and collateralized coins or generally referring to both?
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Replying to @alexanderliegl
Whichever works. Non-collateralized is more badass. All money is social consensus.
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Replying to @MustStopMurad
Non-collateralized is definitely the scalable approach. Why do you think it is immediately a SoV, even a tiny mc? Imo only collateralized seems to have the appropriate framework for that objective.
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Replying to @alexanderliegl
Assuming it works and is more or less stable right off the bat (I know, big if), it provides the “user” the “product” of stability immediately irregardless of its market cap (in theory). Bitcoin is only reliable after trillions...
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Replying to @MustStopMurad @alexanderliegl
What I’m saying is, BTC will only be SoV after massive adoption, whilst a functional stablecoin is a SoV immediately.
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Writing a big blog post about it now, will link here. I like a lot of your previous tweets btw, clever stuff
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