Stablecoins are going to be another hard lesson for many, many people and yet another example of crypto failing to learn the lessons that built the financial sy

Stablecoins are going to be another hard lesson for many, many people and yet another example of crypto failing to learn the lessons that built the financial system Crypto Andys seem to despise. This has been tried. We've tried pegging currencies. We had the Bretton-Woods system. We've had currencies that were partially or fully backed by hard assets (most notably gold). For the record, since this seems to come up so often, the US dollar was never 100% backed by gold. Not once. Ever. Fiat currencies exist for a reason. Central banks and managing money supplies exist for a reason. Ultimately a stablecoin is a form of price control between two assets. And just like any other price control, its ability to maintain that peg only go so far as how much money someone has to fight against the market forces driving those prices apart.