Preston’s got the right of this one. https://twitter.com/prestonjbyrne/status/987457959524491265 …
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So-called stablecoins are cryptocurrencies which attempt to maintain a stable price denominated in a traditional currency. Cryptocurrency enthusiasts think that this would be the thing which would make cryptocurrency useful for commerce.
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I’m very, very skeptical about the mechanics, but I’m even more skeptical about the claimed benefits, which are “This thing that you call Totally Not A Dollar is worth $1 but because it’s not a dollar all those pesky money laundering regulations don’t apply to it.”
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It’s just Liberty Reserve, except with more exotic operational risks.
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Replying to @patio11
Sincere question - are there any applications or uses for Bitcoin you do think have long-term potential?
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It seems to be a material improvement on the state of the art in small scale drug trafficking. (Sincere answer.)
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