Anyone else appalled by the future growth of stable coins?
If they're adopted the way people hope, it gives the United States power to control spending for the entire world.
Discussion
Itās a little concerning. If they paint the picture #Bitcoin is only āDigital Goldā they will attempt to fallback to USDt as your only payment method for goods and services. In turn, surveilling, sanction, freezing and dictatingā¦
YESā¦and if itās successful, weāll be subsidizing American prosperity. This is why we need to accelerate the adoption of #bitcoin
We need you to accelerate it to the point where people skip over the dollar on their way to bitcoin
Each country will be monetizing their assets, including natural resource deposits in the ground.
There are quadrillions of debt within the current system that need transferring and this is how it will be done.
It has never been more important to run a lightning node and give addresses to your friends and family who want them.
They probably will be adopted in the way people hope but I'm not "appalled". Firstly, as far as digital dollars we already kind of have that now the private companies are doing the same thing as the banking cartel. And secondly, the US is the world reserve currency so people have already been hoarding USD but admittedly not at this scale.
But I'm not terribly worried about it. Many people benefit from stable coins since they outperform their native currency ie Argentina. Stable coins do not have ngu technology so eventually they will fail to compete with Bitcoin. The stables give the usd and fiat a longer runway as far as life span and I'm not convinced that is a bad thing. But I do think alliance between stable coins markets and the bond market is going to enable many undesirable consequences it's to be expected. And finally, the fed is playing a dangerous game if they think selling a large portion of their bonds to stable coin issuers. Everything is good for bitcoin
Stacking #Bitcoin is silent dissentā¦ā¦
Control spending of the entire world with just a click of a button. Scary if you think this through
Okay. Let's say they are adopted.
This does nothing to stop #Bitcoin. BUT, as people realize they are being controlled (won't happen overnight) will they gravitate to Bitcoin and lightning wallets where they are not controlled now that they have a 'taste' of digital currency?
They will also learn they can SAVE with Bitcoin - eventually.
Saving is meaningless if it's hard to spend it
Yes - also, that crowd, Paolo, Giacomo et al make a great point.
Itās inevitable that the state pursues that option, therefore, who would you want architecting it and pushing the needle?
The one stacking bitcoin on the backend and is aware that itās the Trojan horse, or commies e.g Europe and their CBDC launch in Oct (āunlock peopleās savings for climate change etcā).
Itās the classic lesser of the evils, one of which I donāt support, but would also prefer if GTD
Great points all around.
Still a battle we have to fight, but I'd rather our foe potentially be a trojan horse than not
Hello ben! š“āā ļøā”ļøš¤
Stable coins are shitcoins. It's not hard to understand! They are on par with the dollar which is the shitcoin par excellence. The scam of scams! Tether is the seventh financier of the US debt buying treasury securities! Stablecoins suck!
The path is full of traps, good luck world.