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50 sats \ 3 replies \ @DcaSignals OP 8 Dec 2023 \ parent \ on: How risky are Stablesats? bitcoin
It was originally designed to allow merchants in El Salvador to accept bitcoin payments and easily swap into USD. If a customer asks to pay in bitcoin over the lightning network, the merchant can present the invoice and receive stablesats without having to do anything. To exchange bitcoin into cash would mean the merchant has to drive 2h to the next ATM machine and spend half an hour there to wait for a confirmation. Since the ATM doesn't have Lightning, for small transactions it isn't worth it considering onchain transaction fees.
Ya, i see its not a terrible product i see what is being solved for, but i really worry about something like this actually getting successful and collapsing for any number of reasons, leaving people even more angry and confused than if they simply had btc that was down in value. I would personally feel tricked, btc and its price are at least transparent. Like i said im open to solutions but this sounds pretty scary as an option for adoption.
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Yeah absolutely, especially since it would hurt a lot of people who don't deserve it. If you get rekt on FTX ok... but imagine all the small merchants on blink wallet losing their $500 monthly income, would be a disaster.
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