ordinals are a distraction.

tokens on bitcoin are a distraction.

stablecoins on bitcoin are a distraction.

sats are the standard money of the world. nostr will be the standard comms of the world. so much important work to focus on, will not waste my time on bullshit.

Politicians are Parasites.

It turns out the fiat world is actually useful... 🤡

Oh wait, is next step...

Bitcoiners: CBDC is useful?

🤣🤡🤣🤡

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.

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.

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.

An octopus right bottom is Brian Armstrong from Coinbase. I don't know the others btw.

I’ve spent a lot of hours analyzing “crypto” and keeping up with the fads, and to this day I still cannot find a problem that I have, and that it can solve.

Bitcoin solves my hard globally-portable savings problem. I don’t see better money than this. And that’s a big problem to solve.

Stablecoins solve some developing market intermediate-term money problems in very inflationary environments as a bridging tool while Bitcoin is still volatile. Okay. That’s big for now.

Digital collectibles are fine. I mean, I have cardboard Magic the Gathering cards worth thousands of dollars. So you buy an ape NFT and get membership to an exclusive ape club (which is like all dudes, nearly entirely devoid of women) and can show your status by displaying your supposedly elite avatar. I do see how there is a nonzero recurring interest in this sort of digital elitist collectible thing. But it doesn’t solve any of my problems or seem to be relevant on the macro scale. A niche thing that doesn’t appeal to me. Like, Pokémon might make a billion dollars but it won’t make a macro-scale trillion dollars.

DeFi is mainly about trading and leveraging worthless tokens. In a world where there are much more real-world tokens involved (eg tokenized Apple stock or whatever), then maybe there is more of a use for that. But until then it’s mainly a circular Ponzi. And even then, that industry is limited.

So almost 15 years into this industry, there have been a handful of interesting experiments, but barely anything other than bitcoin and stablecoins interests me at scale.

Beyond that, it is just things that they can empower.

Nostr, for example, doesn’t need a blockchain. There is no reason to go to the expense to maintain a global state. It certainly is empowered from the fact that Bitcoin and Lightning exist (new good money allows for new good technologies), so it’s a tangential technology.

The vast majority of “crypto” projects either don’t solve a problem, or just solve a smaller niche interest.

But it won't though and here is why:

The issuer of the stable coin needs to collect $1 USD to issue $1 in stable coins. They keep that dollar in the bank. If the FIAT system wasn't a corrupt bunch of bullshit that additional demand and holding would help perpetuate the USD. But FIAT is a corrupt bunch of bullshit so when they put that $1 in the bank the bank lends out .95. So there is no actual holding of those dollars because the bank doesn't have your money or theirs. They just loan it right back out actual creating more dollars in the process.

Stablecoins have a specific use case!

Yes, its use case is extending USD and central banks. But hey, aren't we here for end this shit? In case you forget, #Bitcoin because fucks banks.

nostr:note1g3v6zz5ng4jcwsndqk8dpefvcjlrmaq9wctykh5p7tslds6lkdhs09eu4s

They have a need to hold stable liquid value for six-month periods, which their local currency doesn’t do, bitcoin doesn’t do yet, and that those of us arguing about this all enjoy without thinking about it.

Money is a market good.

Imagine comparing people choosing to hold dollars for part of their savings and payments to enslaving other people.

Most people who get angry about stablecoins have dollar bank accounts, euro bank accounts, etc, and use them regularly.