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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I'm still trying to discern why everyone is rushing to mint this stuff....so that they can just sit on the fiat? What they gonna do, store it at the Fed?
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Running a Bitcoin exchange is a figurative license to print money and is operationally easier if you award yourself a literal license to print money.
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I understand the "zero coupon Bitfinex bond" part but could you expand on what you mean by "non-functioning call option" ? I presume the holder of a tether is long the option but then who is the option writer? Bitfinex?
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I think he means that in theory the holder of a Tether has the option to exchange it for a dollar, but as far as anyone can tell, if you try to exercise the option, nothing happens.
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+1 framing
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