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the entire crypto grift, including web3, is easily summarized: there's a reason why stable coins aren't the most popular crypto in their own right and only ser
by endisneigh 4y ago
the entire crypto grift, including web3, is easily summarized:
there's a reason why stable coins aren't the most popular crypto in their own right and only serve as a financial mechanization for others
or, put another way, why are all of the popular crypto deflationary? think about it and it's obvious why
- lupire 4y agoThe original point of cryptocurrency was to create a free market currency that wasn't controlled by any government. Stablecoins are either backed by unstable coins or centralized. Without "nonstable coins", stable coins are just...gift cards, which we already have.
- endisneigh 4y agoit's possible to have a "stablecoin" in the sense it's non-deflationary and is algorithmically trying to maintain the same price.
- cableshaft 4y agoStablecoins may not be the most popular but they're way up there (BinanceUSD is the #3 most traded coin today coin today, under Bitcoin and the main smart contract platform Ethereum). You can get pretty good yields for holding stablecoins. Personally I tend to only use it for paying for things with crypto though (I used it to buy my last computer, for example), but I'm more of "treat crypto as an asset" and not "treat crypto as a currency" person. It doesn't help that a stablecoin imploded a couple of weeks ago (Luna) so people are rightfully a bit skeptical of stablecoins (in particular, those that rely on an algorithm to automatically balance it, like Luna did) for the moment.