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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“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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That's really reaching, the idea of suffixing -coin is not some declaration that tokenized fiat currencies do not represent credit, it's just an easily-understandable convention that denotes that they're carried on some kind of blockchain.
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I.e. in the manner of altcoins, shitcoins, filecoins, etc etc.
End of conversation
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