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1052 sats \ 5 replies \ @jimmysong 17 Oct \ on: Why stablecoins and stablechannels are dumb bitcoin
I agree with everything you said, but for the billions of people that can't get dollar bank accounts and don't trust Bitcoin yet, something like USDT is not a bad first step.
something like USDT is not a bad first step.
If they don't trust bitcoin yet why would they trust USDT? It has more trust assumptions, not less
A good first step toward trusting bitcoin is trying it
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Because they've grown up trusting the dollar. You have to understand that for most people in the world, dollars are the best store of value they've known because their own currency debases faster. But sadly, most don't have access to dollar bank accounts, and if they save at all it's with cash. That doesn't work very well because it's easily stolen or lost, so for them, USDT is an upgrade over cash. They don't know much about Tether the company or the trust they're placing in the many custodians, they just know its value stays the same in dollar terms.
In other words, the gap between what they already trust (dollars) and what they're asked to trust (USDT) is smaller than the gap between what they don't trust (BTC) and what they're asked to trust (BTC again). But the gap between USDT and BTC isn't nearly as big, which is the point of my comment.
If you want to see how stablecoins and BItcoin are perceived on the ground, go to a country like Turkey or Indonesia and talk to the people actually using it. Many of them get into Bitcoin after some good experiences with stablecoins.
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100%
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Show me a Bitcoin beach like effort that started out with any stablecoin and it now Bitcoinized.
This seems like a mind-set problem we really need to get over. None of our "bright spots" aka places that were Bitcoinized became that way the way a lot of people think they did.
OR
Simply show me the evidence of your claim actually happening in real life outside the hypothetical. Then, I will study the likelihood that a person who starts with a stablecoin ever makes the transition to Bitcoin.
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something like USDT is not a bad first step.
That literally means going back to fiat. Any stablecoin by design is a fiat token.
That means you are contradiction yourself
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