Stripe CEO Patrick Collison said stablecoins are gaining adoption because they offer businesses faster, cheaper and more reliable payments than traditional systems.
So I’ve been reading into stable coins a lot, because I don’t understand why anyone would care about them. And what I’ve come to realize is they are a benefit to two groups:
- Financial institutions: Stablecoins have fewer regulations and basically allow for things you can’t do with actual dollars/currency
- People with limited access to financial institutions (think poorer people and/or countries): With fewer regulations it’s easier for people to transact Stablecoins than dollars/currency
At the end of the day, it feels like a “true” digital currency would be the better solution, but everyones jumping on Stablecoins because they’re here now and less regulated.
I think there is potential in a more cash-like digital currency, but Stablecoins seem ripe to break in some unforseen way, especially given the current administration.
Edit: Edited to fix formatting.
it feels like a “true” digital currency would be the better solution,
For whom?
everyones jumping on Stablecoins because they’re here now and less regulated.
Yeah. Nobody wants to wait around for an imaginary solution from the state. Nobody really wants the state violently attacking their lives. So yeah cryptos are a much better choice for most people and institutions.
For your first question, I think the average person would benefit from a simple digital currency that let’s them exchange “cash” without having to jump through a bunch of hoops. Venmo, Zelle, etc. are all proof that normal people want easy ways to pay each other.
As for your second point, I’m not sure I follow. But I assume you’re implying that crypto is better because it isn’t tied to the state?
and when they inevitably crash?
and when they inevitably crash?
It’s just another “bubble”. The state will probably bail out the rich with an inflation tax on the poor as usual.
… and when the petrol-dollar inevitably crashes?
The stable coins are scams too. Easy way to print fake money and build an empire on nothing.
Yeah capitalism is a scam. People waste their lives being violently coerced to labor for worthless chips. No argument here.
True, but only if the provider is a private company - which is batshit crazy.
If it is on the national bank to provide this service, we would actually get more transparency than today.
Money is already being printed all the time, but with stable coins on a blockchain, we would always know the circulation number.
If it is on the national bank to provide this service, we would actually get more transparency than today.
lmao. Why do you think the world is choosing crypto over banks? Apart from a few privacy coins it’s completely transparent. Far more transparent than any central bank. And that’s just talking about transparency…
We are talking about your post about stable coins. Then we imagine how it could be done with the information you provide.
Also, the EU is making a digital Euro. Might be on the blockchain also, might not, but it’s an option still.
Search for it and read about it, if you want to know more. There’s some official sources.
Yeah, a national bank will for sure do it in a transparent, nondiscriminatory way /s
You’ll be able to only use it using a closed app requiring google play services, safety net and with an account linked to your identity. Which means that either all your transactions are public and undeniably linked to you, or the blockchain is not transparent and open to manipulation. And they will find a way to “prevent terrorism and protect children” by blocking certain accounts.
Yeah… That’s why I said EU.
Do you live in some other EU where government apps are open?
Yeah, but we are not talking about apps.
We are talking about stable coins, which is on a blockchain. The app is not important, as the stable coins would have to integrate will alot of paying options and banks.
Which means alot of different apps.
The app is not important if it’s an open standard with an open API or open p2p access, which CBDCs will not be.
Is the next crypto scam wave due?
Personally I think bitcoin is a shitcoin… But have you ever seen its price chart? HUGE SCAM!!! Completely crashed out!!! \s lol
Nonsense.
This time it’s a fully realized mature product, that is both cheaper and more stable than the regulated banks.
Now please hand me your money!
Fuckin rugpull economy.
Yes it’s called capitalism.
The same CEO who wants Canada to join the US
CEOs gonna CEO. These people are in positions of power, not in positions of intelligence, empathy, humanity, etc.
I’ll argue that calling them unintelligent dismisses their capacity for harm.
CEOs tend to be intelligent, cold and calculated. They will take whatever decision it takes to maximize profit, with complete disregard for human life. Even when they seemingly echo conspiracy theories, they generally do it with the end goal of increasing profits by pushing some narrative, for example.
We need to understand and acknowledge that they know exactly what they are doing, and that they and their companies need to be controlled using legislation. They will not be swayed by pity and emotions, they must be controlled by other means.
Really? Do you have to be an idiot to be CEO?
Studies show that sociopaths and psychopaths are better fits for CEO roles.
If you look at it from a strictly financial angle, Patrick Collison would get really wealthy from a US annexation of Canada as his company would get access to the very lucrative and deregulated US market.
You need to have zero conscience to take the best strictly financial decisions for a company, with no regard for suffering or human life.
It helps.
