Comment on You have one job.

• burgerchurgarr@lemmus.org ⁨4⁩ ⁨days⁩ 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.

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  • sp3ctr4l@lemmy.dbzer0.com ⁨3⁩ ⁨days⁩ ago

    I am not as well versed on Solana, but yeah, as best I can tell, and I’ve been following crypto since Satoshi’s paper dropped, since before Mt Gox became a trading house…

    Monero is the only crypto that is really even close to kind of being the bare minimum that Satoshi wanted Bitcoin to be.

    And… we still don’t have any kind of broad, tangible uses case for any crypto… other than scams, gray/black market stuff, money laundering, extremely privacy focused services, and extremely speculative investing.

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    • burgerchurgarr@lemmus.org ⁨3⁩ ⁨days⁩ ago

      Solana is awesome in terms of tech, it does everything that ethereum can do but faster and cheaper. The problem is that the foundation has unlimited voting power and it’s unclear if that’s ever gonna change. So the protocol is decentralized but the economics are only decentralized if the foundation keeps listening to the community.

      IMO the use cases are there, I can send Solana instantly and at ridiculously low fees around the globe. Let’s say I wanna wire 10k USD to Europe from anywhere else, if I go through my bank it’s insanely expensive and will take days if not weeks.

      Another use case is that as long as I hold native token, they’re mine. If Trump declared me a political enemy and freezes my assets, well, he can’t freeze my XMR or SOL, so that’s another use case, protecting yourself against malicious governments.

      Finally, as for XMR the use case is private internet money. With cash transactions becoming rarer this is super important.

      So I think decentralization is the use case. But I’m worried that it’s never gonna happen because corpos are gonna take over

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      • sp3ctr4l@lemmy.dbzer0.com ⁨3⁩ ⁨days⁩ ago

        Ok, yeah, I can absolutely see at least some real, relative utility in Solana then, if it is basically the fastest transacting and also least energy intensive crypto…

        Though yeah, being essentially monopolized in terms of governance is a pretty big flaw, in a lot of possible scenarios.

        At this point, I just wanna genuinely thank you for being the least deluded and most reasonable crypto person I’ve talked to in a long while… you seem to have a much more realistic view on all this than the vast majority of others I encounter.

        =D

        Yeah I think we agree that XMR is currently the best option in terms of… actually private and secure transactions…

        But of course, it is still fairly difficult to actually pull XMR out as a standard currency, or buy into it, in a way that is actually not traceable.

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