Re: [Blacklist] of unreliable, 'taint proclaiming' Bitcoin services / exchanges
Does it matter if it's transparent alone, though?
Not at all. We can see what Tether does with USDT on various chains, but we can't see a single thing they do with their reserves. We know from previous court cases and filings that USDT is not backed up 1-to-1 with USD and that Tether are running a fractional reserve.I am only talking about the concept of a stablecoin as a pemissionless, borderless and cheap internet currency we can use in crypto sportsbooks or in marketplaces similar to Opensea.
But stablecoins aren't permissionless - they are centralized and can be remotely locked/frozen by their issuers at any time, which has happened many times.Also, yes 1 bitcoin = 1 bitcoin but what you can buy with bitcoin during November will presently cost you more today because it is -85% in value. It is a head shaking argument for stability.
Yes, but what I can buy with bitcoin 2 years ago will cost me far less because bitcoin is +50% in value. Whereas what I can buy with USD has never been lower than it is today. Until tomorrow.I'm not so sure yet about the euro, but I'm pretty sure the current stable coins won't last 50 years.
Case in point: A "stablecoin"