It’s underremarked upon that stablecoins accomplish basically all of the original design goals for Bitcoin qua a transactional mechanism (instant free value transfer anywhere), but that nobody cares about this because nobody ever cared about that part of the pitch.
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“But they make value transfer between exchanges much faster!” This was a solved problem in traditional finance, too, mostly through the extension of credit. (It doesn’t matter how long settlement takes if there is sufficient trust to enable credit.)
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The Bitcoin ecosystem is *positively allergic* to credit, so you have to call it a coin for them to accept it. And after you call it a coin they ignore everything the world has learned about credit, like risk management.
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“Stablecoins aren’t credit!” They’re pretty much exactly credit? A tether is a zero-coupon Bitfinex bond with a non-functioning call option. I
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I think this is also why honest participants in the space dislike them. This is also why I find it very confusing that Gemini created one.
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cryptocurrency for money laundering hasn't really been a major thing since like 2014, gift cards are more liquid and less volatile
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