When USDC goes full rug the contagion will be massive.
No custodians are safe. Bitcoin held in your own wallet is the safest option.
Discussion
Just sent this to a large USDC holder that still didn’t get counterparty risk. This made it click for him. Succinct and clear piece on this issue. Thank you sir.
Yup
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Contagion is the logical conclusion of custodianship. We'll see this over and over until people learn.
Doesn’t a run on USDC mean that traders would be searching for an alternate trading pair? Wouldn’t Bitcoin, in theory, start creeping up here?
Nacho keys
Nacho cheese
I am hoping Bitcoiners will stop pushing and defending stablecoins "for the poor" after this. If they continue it's because they fell they're part of the annointed class of "non-poor". Or whatever the crap they say, "global south".
i mean adam goes on and on about tether
10/10
Bitcoiners also say dumb things and have dumb ideas. We aren’t immune from making bad judgements.
Most none US ppl in developing world seem to want dollars for dollar like instruments denominated in dollars.
ye, that behavior really needs to go
third world countries clinging to dollars is like boomers clinging to gold
From trade perspective, most trade globally happens in USD (Except for Briics related - China, Russia, Saudi I’d reckon) . To adapt Bitcoin ecosystem, on ramp / off ramp might make sense with USD pegged stable coin, but with the assumption this is to enable Bitcoin ecosystem at large. I’m all in for Bitcoin-only but just wondering how to start leveraging Bitcoin as utility on a global scale.
Problem is the dollar is getting unstable due to high inflation courtesy of ridiculous gov’t spending.