People are dumb. Currency cannot work if it’s not used as a currency. Cryptobros “investing” in it are the dumb ones, trading currency as it’s stocks or something (not to mention, that stocks are dumb as well). How can it not be volatile?
So many examples of stable coins just being a delayed rug-pull that collapses as soon as people pull out their money and it turns out that they aren’t backed by anything at all.
At best they work like putting regular money in a bank. At worst they work like putting money in a “bank” but the bank is some shady anonymous dude from the internet with no oversight whatsoever.
You don’t trust a bank because it could be mismanaged and greedy bankers could steal your money? Why on earth would you trust an anonymous rando more?
It’s like those people who don’t trust “big pharma” and instead eat supplements they bought from India via the internet by the kilogram.
Hot take: crypto is dumb.
People are dumb. Currency cannot work if it’s not used as a currency. Cryptobros “investing” in it are the dumb ones, trading currency as it’s stocks or something (not to mention, that stocks are dumb as well). How can it not be volatile?
So, stablecoins are not dumb?
What makes them stable? And how has that stability been more stable than tech stocks?
It has “stable” in the name.
They are backed by treasury bonds
They are comparable to other company bonds. Much more stable than shares.
Except when they aren’t.
So many examples of stable coins just being a delayed rug-pull that collapses as soon as people pull out their money and it turns out that they aren’t backed by anything at all.
At best they work like putting regular money in a bank. At worst they work like putting money in a “bank” but the bank is some shady anonymous dude from the internet with no oversight whatsoever.
You don’t trust a bank because it could be mismanaged and greedy bankers could steal your money? Why on earth would you trust an anonymous rando more?
It’s like those people who don’t trust “big pharma” and instead eat supplements they bought from India via the internet by the kilogram.