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I don’t see the irony. Both have their use-case. Bitcoin is scarce, hard money that has a historical tendency to go up in value significantly over time. Stabl

by lowkey 5y ago

I don’t see the irony. Both have their use-case. Bitcoin is scarce, hard money that has a historical tendency to go up in value significantly over time. Stablecoins have practical value as they hold their value over the short term while also having the Bitcoin-like ability to be transmitted across the world at 3am on a Sunday. Just as you wouldn’t hold all your assets in a single equity, there is room in the world for both Bitcoinand stablecoins. I would argue they are actually complimentary. Does that make me a hypocrite?

lowkey 5y ago
To be clear I am not a fan of USDT which has a somewhat shady history and questionable reserves as an asset backed stablecoin with a blacklist of addresses that can be arbitrarily seized just like USD. I am very interested in UST on Terra, an algorithmic stablecoin whose value is controlled by an automated on-chain process of burning or minting a volatile pair asset called Luna. Like Bitcoin it can be transmitted to anyone anywhere at any time. It is also a very fast blockchain where payments can be sent in a few seconds. Like Bitcoin, UST is censorship-resistant, so useful for political activists in less free countries. It also offers very compelling interest rates on savings that approach 20% APY as well as FDIC-like insurance options for ~2.5% that protect against unforseen failures of the USD peg or smart contract hacks. The more I learn about UST the more I see it as a more attractive alternative to the USD for power-to-peer cash, payments or short-term savings. Just as I continue to see Bitcoin as a more attractive store of value today and potential global reserve currency in the future. Terra UST stablecoins are a fantastic technology that solve important problems and they pair incredibly well with Bitcoin to form the base layer of a new monetary system designed to separate money from state. https://www.terra.money/ https://www.terra.money/

by lowkey 5y ago

lowkey 5y ago

To be clear I am not a fan of USDT which has a somewhat shady history and questionable reserves as an asset backed stablecoin with a blacklist of addresses that can be arbitrarily seized just like USD. I am very interested in UST on Terra, an algorithmic stablecoin whose value is controlled by an automated on-chain process of burning or minting a volatile pair asset called Luna. Like Bitcoin it can be transmitted to anyone anywhere at any time. It is also a very fast blockchain where payments can be sent in a few seconds. Like Bitcoin, UST is censorship-resistant, so useful for political activists in less free countries. It also offers very compelling interest rates on savings that approach 20% APY as well as FDIC-like insurance options for ~2.5% that protect against unforseen failures of the USD peg or smart contract hacks. The more I learn about UST the more I see it as a more attractive alternative to the USD for power-to-peer cash, payments or short-term savings. Just as I continue to see Bitcoin as a more attractive store of value today and potential global reserve currency in the future. Terra UST stablecoins are a fantastic technology that solve important problems and they pair incredibly well with Bitcoin to form the base layer of a new monetary system designed to separate money from state. https://www.terra.money/ https://www.terra.money/