Oddbean new post about login | logout Stablecoins have a specific use case! Yes, its use case is extending USD and central banks. But hey, aren't we here for end this shit? In case you forget, #Bitcoin because fucks banks. nostr:note1g3v6zz5ng4jcwsndqk8dpefvcjlrmaq9wctykh5p7tslds6lkdhs09eu4s https://image.nostr.build/810760396de3212a0bb6bbcaf7c599be3b697cb7d6f95eb55a2e090fbf371b57.jpg
But it won't though and here is why: The issuer of the stable coin needs to collect $1 USD to issue $1 in stable coins. They keep that dollar in the bank. If the FIAT system wasn't a corrupt bunch of bullshit that additional demand and holding would help perpetuate the USD. But FIAT is a corrupt bunch of bullshit so when they put that $1 in the bank the bank lends out .95. So there is no actual holding of those dollars because the bank doesn't have your money or theirs. They just loan it right back out actual creating more dollars in the process.
1USD != 1USDT few.
I like that picture, even if I only know 4 of them, Max, Adam, Jack, young glasses guy🤣 Do you know whom the rest of??
An octopus right bottom is Brian Armstrong from Coinbase. I don't know the others btw.
Yum Yum Takoyakki~🐙
The one you know I don't believe belongs in there ( no discrimination between shitcoin and bitcoin) as he's there just for profit.
