Comment on You have one job.
burgerchurgarr@lemmus.org 1 day agoStablecoins already solve that. Not very trustworthy because they could in theory do the same but as a temporary solution should work.
Comment on You have one job.
burgerchurgarr@lemmus.org 1 day agoStablecoins already solve that. Not very trustworthy because they could in theory do the same but as a temporary solution should work.
sp3ctr4l@lemmy.dbzer0.com 1 day ago
Quick question, which stablecoins have actually been stable for 5 years?
10?
explodicle@sh.itjust.works 1 day ago
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sp3ctr4l@lemmy.dbzer0.com 1 day ago
Ok, so we’ve got a single stable coin that’s been fairly stable for 5 years, good start.
Now, how do I know which ones that were around 5 years ago…would be this stable?
How do I know this one will be stable for another 5 years?
Is there… some kind of objective analysis I can do here, of all stablecoins, to at least have an idea of this, or am I throwing darts while blindfolded?
explodicle@sh.itjust.works 1 day ago
Yes, by which ones are peer to peer and which ones are centralized. That’s also why there doesn’t need to be a bunch of them.
burgerchurgarr@lemmus.org 1 day ago
Yeah dude convert that shit as soon as you get it, don’t hold it. I’m not a fan but for receiving salary or processing payments in USD it does the job
sp3ctr4l@lemmy.dbzer0.com 1 day ago
See my point here is:
Stablecoins are not actually meaningfully stable, they are not a realistic solution.
burgerchurgarr@lemmus.org 1 day ago
Yeah they all have depegged at some point I guess and Tether offloads the risk of the shitty Chinese bonds or whatever they’re investing in on you as a token holder.
Circle is SEC regulated which makes USDC a bit more trustworthy but if we have learnt anything from the banking crisis then that this is no guarantee. Plus they depegged to like 0.87 once I think.
My biggest issue with stables is actually that they all have asset freezing mechanisms built into their smart contracts which goes completely against the idea of decentralization.
I totally agree with you that they’re not a long term solution but they can be useful if you just use them to send / receive money vs actually keeping them in your wallet.