Stablecoins Many people in the developing world are not able to handle the volatility of currencies. Therefore, they are sold as a quick fix or as a friendly tool. Bitcoin. They They are framed in a complementary way to Bitcoin, but not in direct competition with them. Nothing It could not be further from the reality.
Bitcoiners Over the years, many people have used the trojan horse meme to justify a variety of things. They rationalize many mistakes and compromises as necessary to sneak into a place. Bitcoin To win, you must first take over the legacy system. That Stablecoins work exactly as they do, but in the opposite direction.
Stablecoins The trojan horse is a threat to your security Bitcoin.
Bitcoin’s volatility makes using it challenging if you do not have the net worth to weather it, but there are mechanisms to handle this. Centralized schemes like Stablesats By: Blink The bitcoin collateral is used to lock-in a dollar value, without having to hold actual dollars. Discreet Log Contracts (DLCs), on the other hand, offer a way to achieve the same goal in a more decentralized manner.
Instead We are supporting the US Dollar. Stablecoins They are not a solution for volatility.Bitcoin Native one. They The US Treasury’s trojan horse into the Bitcoin space. They do more to control and prop up the dollar than they do to “help” Bitcoiners You can also use bitcoin to reduce volatility.
Stablecoins Give the Treasury A new lifeline for selling Treasury Bonds Foreign Since some time, countries have been reducing demand and selling existing treasuries. Stablecoins have taken up the slack. The The greater the demand for stablecoins the lower the demand for Treasury Bonds by foreign governments. Government Can handle At Stablecoins are a way to alleviate this problem at a time when BRICS plans to move away from their dependency on the US dollar.
They Unlike Bitcoin Native solutions like DLCs pose a security threat to holders. To My knowledge, apart from the Liquid NetworkEvery network stablecoins issued on comes with a seize or freeze functionality built in to the smart contract that the issuer used to create them. Almost All stablecoins allow the freezing and seizure arbitrary of user balances on all the networks that they circulate.
Surveillance Stablecoins are also a part of the proliferation of cryptocurrency. The The US dollar will benefit from the adoption of stablecoins around the globe, without having to convince any government, I might add. Government’s ability to directly surveil foreign financial activity expands. Chainalysis Other companies can act as a de facto system of government surveillance for foreign financial activities, without the need to gather records or issue subpoenas. It’s all right there on the blockchain.
All the while, it propagates the idea that “blockchain” is a useful technology disconnected from BitcoinThe average person is told that bitcoins are just an asset to invest in, like gold. It creates a psychological narrative of “invest in Bitcoin, use your surveillance money when you need to spend.”
Overall Stablecoins is going to be the biggest unforced error that this entire ecosystem has ever made. People We need to wake up, before it becomes so ingrained in our lives and the financial world that it is difficult to untangle.
People Spreading and building on BitcoinStablecoins, the cheap imitations, are nothing more than a continuation of the surveillance, tyranny, and legacy financial system.
This The article is a Take. Opinions expressed are entirely the authYou can also find out more about's and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.
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