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And just like all meme stocks and so-called stablecoins, it'll work until it doesn't. The fall will be dramatic.

bdangubic 11mo ago
it won’t be. the same sane argument was that “robotaxi” fall will be dramatic but it wasn’t, Musk, like Trump, is a master at manipulating masses and when thing du jour inevitably fails he’ll just pivot on an earnings call (and on “X” along the way) how “thing du jour is yesterday’s news” and he’s onto “next big thing” - data center on Jupiter that will replace all earth’s data centers or something like that :)
- Vaslo 11mo ago
  “Master at manipulating masses” is something you have to tell yourself when people you don’t like are highly successful, I guess.
  - bdangubic 11mo ago
    enron was highly successful and so was bernie maddof
idiotsecant 11mo ago
Stablecoins is a weird topic to randomly insert there. You want to elaborate on why all stablecoins will fail? This is a pretty ...novel take.
- daveguy 11mo ago
  Stable coins fail when there's a run on the bank. Crypto is a wild west of unregulated banking. They have essentially become tools for money laundering and scam enablers, so it might take a while. But eventually the general public will say "no thanks" to a pain in the ass version of regular money. When the rush to the exits happen, the ~7 txn/s limit of Bitcoin will become painful.
  - deleted 11mo ago
    [deleted]
  - idiotsecant 11mo ago
    What in the world are you talking about? What stablecoins are you talking about operating at 7tx/s? Why do stablecoins fail when there's a 'run on the bank'? You're mixing so many metaphors here that I'm not sure you know what you're talking about at all. This is a stablecoin: https://en.wikipedia.org/wiki/Dai_(cryptocurrency) https://en.wikipedia.org/wiki/Dai_(cryptocurrency). If it isn't permissionless it's not a 'stablecoin' it's an IOU.
    - greycol 11mo ago
      Without commenting on the rest of either of your posts, he is talking about how to trade between stable and other coins with that limit on Bitcoin. i.e. He is saying there will be so many people trading away stable coins for Bitcoins (as in Bitcoins not generic stand in for cryptocoin) or other coins that the 7tx/s limit of Bitcoin wallet transfers that it will become a significant factor as Bitcoin is used as a 'reserve currency' for these trades.

it won’t be. the same sane argument was that “robotaxi” fall will be dramatic but it wasn’t, Musk, like Trump, is a master at manipulating masses and when thing du jour inevitably fails he’ll just pivot on an earnings call (and on “X” along the way) how “thing du jour is yesterday’s news” and he’s onto “next big thing” - data center on Jupiter that will replace all earth’s data centers or something like that :)

Vaslo 11mo ago
“Master at manipulating masses” is something you have to tell yourself when people you don’t like are highly successful, I guess.
- bdangubic 11mo ago
  enron was highly successful and so was bernie maddof

idiotsecant 11mo ago

Stablecoins is a weird topic to randomly insert there. You want to elaborate on why all stablecoins will fail? This is a pretty ...novel take.

daveguy 11mo ago
Stable coins fail when there's a run on the bank. Crypto is a wild west of unregulated banking. They have essentially become tools for money laundering and scam enablers, so it might take a while. But eventually the general public will say "no thanks" to a pain in the ass version of regular money. When the rush to the exits happen, the ~7 txn/s limit of Bitcoin will become painful.
- deleted 11mo ago
  [deleted]
- idiotsecant 11mo ago
  What in the world are you talking about? What stablecoins are you talking about operating at 7tx/s? Why do stablecoins fail when there's a 'run on the bank'? You're mixing so many metaphors here that I'm not sure you know what you're talking about at all. This is a stablecoin: https://en.wikipedia.org/wiki/Dai_(cryptocurrency) https://en.wikipedia.org/wiki/Dai_(cryptocurrency). If it isn't permissionless it's not a 'stablecoin' it's an IOU.
  - greycol 11mo ago
    Without commenting on the rest of either of your posts, he is talking about how to trade between stable and other coins with that limit on Bitcoin. i.e. He is saying there will be so many people trading away stable coins for Bitcoins (as in Bitcoins not generic stand in for cryptocoin) or other coins that the 7tx/s limit of Bitcoin wallet transfers that it will become a significant factor as Bitcoin is used as a 'reserve currency' for these trades.