Oddbean new post about login | logout I agree with Shehzan’s conclusion, but it opens up a bunch of weird follow-up questions for me https://m.primal.net/KAre.jpg
Nah its dumb bitcoin elitism. People on subsistence wages should be able to use bitcoin payment rails, and stablecoins are an important part of that. Being interopable, also gives quick access to the savings property of bitcoin.
I’m lost we have stablecoins on Bitcoin now ?
Standardsats, stablesats, on LN, that's all I know thus far. Stablesats is being used a bunch I think
how do I play with this or what are the best resources to learn more about the best stuff so far?
Galoy are running stablesats on Blink. Standardsats gets not nearly enough attention, but the ideas dope. https://standardsats.github.io/
I reckon eventually we will get a makerdao type thing on bitcoin as well.
Isn’t Amir Taaki doing something like that?
I agree that people on subsistence wages should be able to use bitcoin payment rails. I’m not sure I see so directly how stablecoins fit into that. I recently heard something about USDT issued as a Taproot asset. Is that part of the story you’re talking about? So far the at-scale stablecoins are not interoperable across the L1 chains where they do the most volume.
Ahhh, those types of stablecoins. I'm more defending stable MoE. Although it is possible to have stablecoins without companies on bitcoin, more work on that should be haooen. I guess when you say stablecoins you mean the tether types?
yeah, the only digital-dollar to bank-dollar stablecoins I know of at scale are USDT and USDC. And they have a mess of inteop issues due to all the competing L1s they issue them on. I’m not sure how to do stablecoins outside of having someone hold bank dollars and issue digital dollars — esp if you need to use those dollars in the tradfi system at any point. I wouldn’t use them, but there is massive global appetite. So I think Shehzan is suggesting keep the bank<->digital dollar issuers away from bitcoin, because ultimately they’re captured I’m not sure if owning some sort of synthetic dollar has a credible use-case/sovereign technology solution yet.
Fook dollars, I'm talking El Sal Dollar and Welsh Pound! Free ourselves from USD or GBP hegonomy. A stablecoin system pegged to basket of currencies or commodities would be an import at tool of liberation ✊
In fact, this is the use case that gets me bullish on fedi. A federation not subject to regulation as its supported by the sovereign nation doesn't have drawbacks of yocal federations, or regulatory burden.
whats fedi?
oh yeah, I’d be all for giving people whatever they want despite being a US citizen I’m not a lover of the dollar and all the corruption/war it perpetuates. but there is quite a bit of global demand at the moment
