reply on: Stablesats: Transact USD over Lightning without stablecoins or fiat integration \ stacker news ~bitcoin

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129 sats \ 11 replies \ @DarthCoin 3 Aug 2022 \ on: Stablesats: Transact USD over Lightning without stablecoins or fiat integration bitcoin

Any stablecoin is just a way to keep alive fiat... Faster we get rid of fiat, faster we get back our freedom.

https://i.postimg.cc/h4p9SFpb/shitcoins-change-my-mind.jpg

152 sats \ 9 replies \ @derekross OP 3 Aug 2022

I used to think that too, but then I realized I had a privileged view on the world. Those in third world and developing nations need access to stablecoins for various reasons. I view stablecoins as a way stepping stone to hyperbitcoinization.

2 sats \ 2 replies \ @DarthCoin 3 Aug 2022

Those people/countries are deep shit EXACTLY because are attracted by these stablecoin scam schemes, to fool their minds. You are getting to tied on USD and that means slavery. Get rid ASAP of any fiat currency and be free. Otherwise... HFSP

People using stablecoins are kissing the but of their government/central bank. Are like cancer patients going to chemotherapy hoping that one day they will be cured. They will not, they simply die from that shit chemical. Sooner they stay away from poison, sooner they get better.

5 sats \ 1 reply \ @KingZing 3 Aug 2022

you cannot get out of the global monetary system no matter how hard you try, or whatever you adopted.

75 sats \ 0 replies \ @DarthCoin 3 Aug 2022

watch me

1 sat \ 5 replies \ @sb 3 Aug 2022

What happens if OKX collapses? What's stopping them following what Luna did with Terra? Why would we want to expose those in poverty to such counterparty risk?

3 sats \ 0 replies \ @derekross OP 3 Aug 2022

Are there risks?

Every fiat product has some risk. For instance if you hold fiat in a bank account and the bank goes under, you are at risk of losing funds. Similarly, when you stabilize sats, some of the magical powers wear off.

Risks to consider for Stablesats include the following: Counterparty risk with the exchange. If the exchange goes under, the collateral may be unrecoverable.

Derivatives exchanges have auto-deleveraging for perpetual contracts. The position could be closed despite being in profit. This will lead to an under-hedging situation.

Funding goes negative for an extended period of time. Historically there has been on average more longs than shorts on derivatives exchanges. In this environment, funding is revenue-generating for short positions. This might not stay true in the future.

0 sats \ 0 replies \ @nb 3 Aug 2022

#53860

0 sats \ 2 replies \ @moel 3 Aug 2022

OKX is the single point of failure here.

It will need to be replaced by a decentralized and fully backed options marketplace, maybe something like Kollider.XYZ ?