let’s start the sub off with some ordure flinging. Amy and I write these every few days and I’ll be posting 'em here.
I have not understood the purpoted purpose of the so-called stablecoins. I thought the whole point was to have an ostensible foundation of value separate from state power and central banks.
Check out the fiatcucks using a currency subject to the tyranny of the European Central Bank. Well not me, I use this shitcoin that’s pegged 1:1 with the same currency they’re using except hardly anyone accepts it and when they do I pay exorbitant transaction fees. Freedom, baby!
Some claim that stablecoins are intended to pull people into the cryptocoin ecosystem or facilitate transactions between real money and buttcoins but I don’t get that one either. Why would I rather buy 100 stablebutts for 100 dollars and the trade that for so-and-so many speculasses than just trade the speculasses for dollars from the get-go?
Most people fucking around with buttcoins are just wishing for another surge of hyperdeflation like the Bitcoin bubbles in 2012 and 2017. What’s the appeal of a shitcoin that definitionally can’t do that, at least relative to its backing currency?
Stablecoins are just a giant unsecured credit scheme to facilitate high crypto valuations.
The usual reason is because you are too dodgy to be allowed to deal in actual dollars so you need Tether or similar.
USDC does much the same job as “programmable money” for DeFi and is a bit more likely to be worth a solid $1.00 at least as long as everything’s fine at Circle.
EURCV is too restricted even for that job. A zero-interest SocGen deposit account but on the blockchain!!
genuinely my favourite piece from you two yet.
we didn’t write the Byzantine Manager Problem section, but the guy who did will be using that pseudonym going forward
It was actually your explanation of CoinVertible.
“EURCV is so locked down that we can’t even think of a way to use it for scamming.”
could have come directly from Societe Generale’s design brief.
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ehh fair call. they can’t do it as blatantly as crypto does, crypto is in a different class of criminality.
also, look at stuff like the compliance obligation that just got put on binance. that’s a normal compliance requirement for a badly behaved bank, and absolutely crippling when your only business case is crime.
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