sounds pretty cool to some but to most it really seems another shill of shitcoinery... STABLES are more less the usd, the same thing keeping the world in this loop of fiat slavery. Why would any one be happy or moved by stables, nfts or any other inflatable assets on lightning?
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0 sats \ 1 reply \ @nout 9 Apr 2022
Having USD universally available outside of US would be a huge deal for many people in the world. USD is more stable than most of other currencies, so that would be a clear win for people in Africa, parts of Asia, etc.
Some people just can't afford going cold turkey into BTC. If you live off a business with thin margins and you would go BTC only, then the current volatility of BTC can make you bankrupt/insolvent in a day...
Essentially enabling the world to have actually stable stablecoin is moving from 0 to 1. It makes it much easier to jump from 1 to 100 by moving to Bitcoin later :)
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0 sats \ 0 replies \ @JephMukiza OP 9 Apr 2022 freebie
Interesting take! How is the audit done for the stable coin by the way... who controls how it is issued?
0 sats \ 0 replies \ @TheBTCManual 9 Apr 2022
I think it's a means to an end, with Taro and other balanced stable coins like via DLC it has to be backed by BTC so while users can transact in what they perceive a their native currency be that Kenyan shillings, USD, South African rands and conduct commerce in a metric that is relative to them, they gobble up and hold bitcoin liquidity and pay lightning fees to nodes to conduct that commerce.
I do understand the point of shitcoiner slope but stablecoins is the "shitcoin" killer app without that market they dead, if we suck their primary liquidty need into bitcoin we can drain their use case
Additionally, it exposes more people to lightning and makes it easier to move between a "fiat" and bitcoin
We won't know if it works unless its tried and I think its worth a shot
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0 sats \ 0 replies \ @timechain 9 Apr 2022
I once heard Alex Gladstein mention that there seems to be a high demand of stablecoins from the poor and unbanked. Historically, btc has always gone up if you can wait a couple of years. But if you can't, if you need money for food tomorrow, you will accept USD's slow decline of 10% per year rather than the chance thst bitcoin can drop by 30% in a day. Being able to survive with only an asset that is as volitile as bitcoin is a privlege of not being very poor. But i see stablecoins as temporary, until bitcoin becomes less volitile.
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