Stablecoins have a lot of shortcomings, but the vast majority of people who complain about the existence of stablecoins themselves have dollar or euro bank accounts and thus arenât the target user anyway.
Overall, stablecoins are basically offshore dollar bank accounts for people in Argentina, Nigeria, and dozens of other countries with less reliable currencies.
people who says that bitcoin fails when it's not used 100% in full self-custody don't really understand the reality of unbanked poleople.
This point really highlights the huge gap between the bleeding edge of the tech and the reality of the people in the world that need this technology the most. Weâre all well and good looking at ordinals or whatever, but what about Juan and his family in Venezuela that canât help but go backwards financially despite the effort to try and get ahead in life. Imo this is where the majority of our community focus should be
In Brazil people who buy and sell gadgets from China (special âalternativeâ markets) are using and accepting USDT, as is easy to transfer to China. đ Itâs good for them because the shop owner, who keep the value in the same currency they pay for instead of keep in BRL, then convert to USD and pay an international currency transfer and be subjected to bureaucracy and AML regulationsâŠ
Stablecoins has some use cases especially if you are debank for sure. When I was debunk I used stablecoins for a while and they worked well
Absolutely true, in addition, stablecoins can be an on-ramp toward Bitcoin. It's much easier to convert USDC (once you already have it) to bitcoin than it is to convert regular fiat dollars from your bank account into Bitcoin.
Stabelcoins are going to get people rekd eventually, it's probably a false sense of security.
Stable coins end up inflating away the underlying dollars that the stablecoins track. Its fiat tracking fiat. Stablecoins are OK to use as currency as long as people realise theyre all going to zero.
because of ukraine-russia war no one can send money between countries in normal way. but there are lot of relatives on both sides. I have friends who's parents still in crimea. so they buy usdt here in ukraine send them and they sell it to the local currency. that is the first use case. second - here in ukraine you can buy BTC for UAH but price will be 5-8% higher. but at the same time you can buy usdt almost exactly at usd/uah price. that is second use case.
....and they're pretty efficient for USD remittances. You can easily move your money across the globe for sub-75 basis points, instantly. Not bad for low-value payments in comparison to the average of 620 bps.
But why do they need a Blockchain? Tether could just run a database. It would be free to transact and super fast.
are stablecoins censorship resistant in any meaningful way?
Agree. Stablecoins have a lot of shortcomings but they still are very useful for us in Argentina for example and far better than remaining options. They are also more inclusive. Offshore account are not for everyone while stable coins are!
