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"Stable coins" tethered to fiat are an enigma --- like a duck out of water. Their existence is an open admission of what everyone knows --- that crypto is not f
by jqpabc123 2y ago
"Stable coins" tethered to fiat are an enigma --- like a duck out of water. Their existence is an open admission of what everyone knows --- that crypto is not functioning currency.
They offer no protection from inflation in the underlying fiat while incurring high transaction fees and opaque accountability and security.
- chrisco255 2y ago> They offer no protection from inflation They actually do, though. As an example, a Paki rupee in 2018 was trading at 130 to 1 USD. It's now down to 85 to 1 USD. Meanwhile, USDT was trading at 1:1USD in 2018 and is currently trading at 1:1.
- jqpabc123 2y agoYou ignored part of my statement. They offer no protection from inflation in the underlying fiat. $ is the underlying fiat, not rupee. In other words, if you bought USDT in 2018 and sold it today, you actually lost over 20%.