4 ms·
> Nobody wants to receive $10 from a friend only to have it turn into $9.80. The author thinks that the USD is the unmovable absolute and it's everything else
by berns 7y ago
> Nobody wants to receive $10 from a friend only to have it turn into $9.80.
The author thinks that the USD is the unmovable absolute and it's everything else that changes in relation to it.
- aaronharnly 7y agoI think the point is more profound than that — for all the reasons that local currencies are useful (and the flowering of many cryptocurrencies has happened), one’s local national currency is itself an incredibly useful thing to have. If your friend is in the same country or currency zone as you, which statistically they are very likely to be, a national stablecoin is more useful than one that drifts. (Conversely, for international remittances, an international basket stablecoin might indeed be a useful thing to have!)
- forgottenpass 7y agoNo. The author thinks people anchor value assessment in their local currency without factoring in short term currency fluctations. Which they do.