Oddbean new post about login | logout Just because its on a chain doesn't mean its not their rails, if you want to use government issued currency you gotta play by their rules, and pay their fees. I think that people should use stablecoins knowing that and hedge accordingly, you never know when you become the unfriendly country, entity or person
100% true. I don't like though how (shitcoin) products close to Bitcoin are getting more and more compliant, even though it was always going to happen. It's important that we keep on repeating these risks.
Agreed! I am not too concerned with shitcoins they aren't there to compete they are there to enrich the founders, but stablecoins are a growing market and have a lot of influence, if tomorrow USDT and USDC decide to no longer support ETH for example that chain is dead. Tether is already holding more funds than some countries, this thing is huge!
💯 I indeed meant the stablecoin shitcoins. If stablecoins like USDC come to Bitcoin and are a big success, there is a risk for an attack on Bitcoin e.g. through a "compliance" fork. Less big than on ETH but still..
Totally, which is why I am glad its being done on L2s like Liquid, RGB and Taproot assets, so even if its captured it doesn't affect the base chain or end up with a fork situation Still, a very real threat that it becomes such a big on-ramp/trading pair for Bitcoin that it can reduce access to the network for many users
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