tl;dr they think its bad because the federal reserve wont shore up these markets, while conceding that they work better than banks would in a run given that the

tl;dr they think its bad because the federal reserve wont shore up these markets, while conceding that they work better than banks would in a run given that the reserves are higher by sometimes an order of magnitude even in the most controversial stablecoins, and all the stablecoins can pay out in-kind with assets instead of just in dollars “But the Fed wont bail it out in a run or market crash, even though it will work more perfectly, for that reason I’m out” Worse than a shark tank episode