1/ Watching #btc volatility & thinking about current use cases, I finally appreciate why @VitalikButerin says it's important to make a StableCoin. Ppl should be able to store value w/o taking on all this currency risk.
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2/ Obviously some users can hedge via futures, but if you're stashing money b/c you live in a current/potential kleptocracy (the Holocaust scenario) the CBOE is not an option.
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3/ As speculators we expect everyone to just join the hodl club, but that exemplifies the immaturity of the tech/us. Most users don't want to be speculators, so if using and speculating are commingled, that's bad for actual use & ultimately for our investment.
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4/ A club that won't let anyone in who doesn't want to gamble is going to end up being a club of gamblers, not the world new financial system. A good StableCoin is one possible answer.
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5/ Making one, however, without centralization or counterparty risk, is...non-trivial. But deeply fascinating if you're into monetarism & cryptoeconomics! Looking forward to continued community speculation on the topic.
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6/ p.s. since many seem unversed in the basics of how & why to make a "StableCoin", some reading: https://blog.ethereum.org/2014/11/11/search-stable-cryptocurrency/ … https://medium.com/topl-blog/dangerous-volatility-and-why-we-need-a-stable-cryptocurrency-6d66dcd605f8 … https://bitshares.org/technology/price-stable-cryptocurrencies/ …https://thecontrol.co/stablecoins-a-holy-grail-in-digital-currency-b64f3371e111 …
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It's like trading commodities. Ppl must know WHY they enter trades. FOMO traders are likely to get obliterated (weak hands).
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Very smart
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I think most users enter to speculate actually, but good point.
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Most people I know that have recently entered are expecting a profit.
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Agree. Given the amount of global liquidity (CBs printed 20 tn $ plus over ten years), there is a lot of money out there, which will speculate in crypto too. We need less of that, but can't help. Eventually, good crypto that delivers eco value will become stablecoin.
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