Why does this smart person keep shilling a fiat-pegged-shitcoin today? I'm so said to read her notes🥲 nostr:note1809gt9ehv92u8cp6ty5kngapd96r825s8vaqnehndyfrrx4adx6s252ptw
Discussion
Access to USD is some countries is difficult, and if your local currency is being inflated to shit and you need a stable medium of exchange, then stable coins would be the next best thing. USD is a shitcoin, but it is the king of fiat shitcoins because hierarchically, everything will collapse to the dollar while the dollar collapses to Bitcoin. She makes sense.
I understand that logic, but I don't agree or compromise.
Why do we encourage second best instead of the best.
Because some people need a stable asset to transact with for bills, and Bitcoin is not optimal for that. If I’m paying rent of $50 in a country on the verge of hyperinflation, then the volatility and fees of Bitcoin could turn my $50 into $40 when all is said and done. You’re going to lose a little less with stables.
Ultimately if you must fiat, then access to the “best” form is preferable.
In that case, USD is proper method than fiat-pegged-shitcoin. The fiat-pegged-shitcoin also has same risk in your example.
That was my original point. Access to stable coins is sometimes easier than USD itself, some countries won’t let you hold dollars and don’t even give you the option.
Do you think thar someone who can't make dollar accounts can sign a rental contract in unit of dollars?
It doesn't make sense. We all live under the government which forces us to use their local currency. Using local currency is unavoidable in almost every case. But we can avoid using fiat-pegged-shitcoins.