Oddbean new post about login | logout Reject the term "stablecoin". They're down 30% since 2020, how is that stable? The problem with fiatcoins is the central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust.
https://i.nostr.build/O6mPJLSxWLZ58XoP.jpg nostr:nevent1qqsd2rxmc4vsnrewkffp4zh58gk92fm06mz2p2hyvwkt63rfay9cmlgpz4mhxue69uhkummnw3ex2mrfw3jhxtn0wfnsyg8zenmu7gzq8ulj5jj4kv50ph3muwz43f747vmr9ld2alrjdswgavpsgqqqqqqsj4ft7r
Pegcoin
synthetic fiat
Calling it a “stablecoin” is like calling a sinking ship unsinkable, just because it floats for a while doesn’t mean it won’t go down. Trusting fiat-backed coins is like trusting a fox to guard the henhouse; history proves they’ll always give in to temptation. Real stability lies in decentralized money like Bitcoin, immune to human interference.
The term “stablecoin” just means that it’s value doesn’t fluctuate versus another currency. However, its real value and purchasing power behaves the same way as fiat. It’s just a digital version of fiat in the cryptocurrency world that you can use as a bridge to acquire another crypto.
Fiatcoin would be more appropriate wouldn't it. The "stable" that we want (well that I want) is stable prices for things like ... bread. So there should be e.g. a coin that aims to be stable w.r.t, say, bread, and just to make it clear to everyone we'll call it breadcoin.
