Leaving aside Naval's recent ZCash pumping, this is a good observation. Stablecoins exist at the whim of the state. I suppose everyone here probably agrees with this, but it's nice to hear it stated so cleanly.
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232 sats \ 1 reply \ @Undisciplined 2 Oct
Those extra steps might be significant for legal challenges, though. "Private" companies can do lots of things governments aren't "allowed" to.
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144 sats \ 0 replies \ @kepford 2 Oct
Indeed, but I do think many in crypto are hand waving these types of concerns away. The point really should be you are trusting a company or government vs. trusting the tech/network with bitcoin.
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171 sats \ 2 replies \ @OT 2 Oct
I had to check what he said about Zcash.
For a smart guy this is a dumb take
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0 sats \ 1 reply \ @Scoresby OP 2 Oct
Yeah, feels like he's pumping his bags.
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0 sats \ 0 replies \ @79c9095526 2 Oct
Mission majorly accomplished
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102 sats \ 1 reply \ @supratic 2 Oct
Sure, it's more appropriate to say stablecoins are just shitcoins with extra steps.
Or even better, CBDCs are just shitcoins with extra kyc steps.
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0 sats \ 0 replies \ @beyond_turbulence 18 Oct
#1259056
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102 sats \ 3 replies \ @0xbitcoiner 2 Oct
Both types are trash. But CBDCs are way worse because they’re minted by the government.
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107 sats \ 2 replies \ @SatsAndSports 2 Oct
The best form of CBDC/stablecoin would be a Chaumian token - like that used in Cashu - issued by the central bank. it would maximize privacy
Chaumian ecash works where the 'mint' (could be the central bank) digitally signs a bearer asset which is worth 1$ (or 1 euro or whatever). It has a serial number to avoid double-spending. The cool thing is that the mint (i.e. [central] bank) does not see the serial number when it's signing the bearer asset
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105 sats \ 0 replies \ @Scoresby OP 2 Oct
The Bank of International Settlements had a pilot program using ecash for CBDC, called Tourbillion and there was a project in switzerland that was working on ecash without any connection to Bitcoin, but I can't find it now.
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0 sats \ 0 replies \ @0xbitcoiner 2 Oct
satoshi vision?
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41 sats \ 3 replies \ @justin_shocknet 2 Oct
Eh... They're indistinguishable from credit or bank notes... seemingly to front-run actual CBDC's like Europe and Chynah are implementing
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17 sats \ 2 replies \ @kepford 2 Oct
Indeed. There is a difference. It all depends on your actual concerns about the two things.
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79 sats \ 1 reply \ @justin_shocknet 2 Oct
I think the key differentiation is supply, a central bank is in complete control of supply/issuance with CBDC's, whereas stables are more elastic to accommodate economically driven credit expansion (and provide the dollar an off-ramp from the fed).
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17 sats \ 0 replies \ @kepford 2 Oct
Yep, for sure.
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0 sats \ 0 replies \ @BlokchainB 2 Oct
Hardly! They are based upon real deposit.
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