quoting note166x…l245Bitcoin was not designed to give the world access to the Nation State's fiat currencies. It was designed to replace those currencies completely.
Fiat currencies and their natures are not changed by “Bitcoinising” them, which is not even possible. The Central Banks and Federal Reserve still have control over the money supply which is the fundamental problem witih them and the reason why Bitcoin has a fixed supply.
The doublethink going on with Stablecoins is breathtaking. On the one hand, advocates of stablecoins (mostly U.S. Americans) claim to want a Bitcoinized world, but on the other hand, they want the poorest in the world to have easy access to the heroin of fiat US Dollars. Why?
Imagine going to a witch doctor who told you that in order solve a problem in his country you had to cut off your right foot and nose. You would never do that, because you know that’s insane.
Why then would you listen to a person who is completely ignorant about The US Dollar Problem when it comes to designing any solution, and uncritically give them exactly what they ask for?
Of course, you would not do this, any more than you would give a toddler a loaded hair trigger pistol. And you would not suggest that someone who is a drug addict should be given Heroin just because he says it's what he wants.
There are arguments for giving people what they want, in order to not be a “Colonialist” imposing Bitcoin and sound money on others but these arguments don’t apply here. It is entirely the fault of the west that the fiat US Dollar has infected, exsanguinated and wrecked foreign countries, and so to remedy this, asking these people if they want stronger Heroin is just nuts.
Never forget while we're at it, that in a free market, people are at liberty to develop whatever tools and services they want and then launch them to see if the market will accept them. You can’t be for the free market and then say people should not produce whatever they want and try to serve people in ways they think are correct. That includes toxic Stablecoins and phantasmic fiat assets on the Blockchain.
Nevertheless, in the world you are living in where the fiat US Dollar is ruining everything, it is hard to unpack the thinking that makes the claim that spreading poison to the weak is beneficial to mankind. Spreading the US Dollar poison will extend the life of fiat for sure should it take off, and that cannot be a good thing.
Saying that this is an interim stage to hyperbitcoinization is just a rationalization, and cannot cover the unethical nature of what it being offered.
And consider competition. Companies who want to get ahead of this sad fad and choke it off will go the traditional rails route by offering near friction free US Dollar account apps to anyone who wants them without the “Blockchain” smoke and mirrors.
Offering US Dollars on MySQL is indistinguishable from offering them on “Blockchains” as far as the user is concerned and very much less difficult and risky technically for companies to implement. You're not relying on a single vendor that can make mistakes and that treats the ecosystem as a massive game.
Something like this, MySQL Dollars could spread virally and more easily than apps that have “Blockchain” fairy dust mixed in with them, and so that moat does not exist in any real way.
And please don't intone, "But it would not be decentralized!" No one who these services are designed for knows or cares about "decentralization" or the other sacraments of The Bitcoin Cult. They only care about the effect that shows up in their app, not the underlying network architecture.
On the one hand, these people vaunt decentralization, but on the other, think centralized fiat is what people want and need, and don't seem to accept that if the user's needs come first, then if you're going to abandon Bitcoin, why not abandon decentralization and offer US Dollars over MySQL? They're totally illogical from the root up.
And then there is the problem of The State. "If you are offering 'assets' you are regulable", will be the SEC narrative. It is hard to imagine how this is not the case. I imagine we will soon see.
If this is the case, then not only will the “asset” issuance part of any platform be impacted, but the software tentacles that reach back in to the pure Bitcoin part of any system used to issue those “assets” will also be impacted, if the two systems are inextricably interwoven and not modular.
If the fiat US Dollar problem is real, and the death of the US Dollar inevitable, then everything built on US Dollars is also doomed to die a catastrophic death with it.companies offering easy access to US D ollars on MySQL without “Blockchain” magic will be left unimpacted to thrive and dominate, because they did not play word and architecture games and served people directly with what they needed without tricks.
In the future, where will Bitcoin be in all of this?
If the fiat US Dollar problem is real, and the death of the US Dollar inevitable, then everything built on US Dollars is also doomed to die a catastrophic death with it.
What might be left behind is an Aerogel financial network where Bitcoin touches everything, all US Dollars having been evaporated by the solvent of the market, the value stored in Stablecoins being inherently worthless and evil. True Bitcoiners know this.
Putting US Dollars on Bitcoin is not a step forward, it is a step backward. It is a step for evil. It promotes evil and spreads evil. It entrenches the strength of the US Dollar, and doubletalk about using Bitcoin’s liquidity as a transport layer is smoke and mirrors, techno babble, and jargonism, as is “Bitcoinizing the US Dollar” which is pure Bitcoin Cult nonsense on its face.
I have no doubt that the people who seek to spread the US Dollar are not ill willed and are simply gravely mistaken. They are not the first to be mistaken about the US Dollar and it's nature, and they certainly will not be the last while the US Dollar continues to exist.
The market will determine their fate, that and the violence of the State.
elsat on Nostr: I think about this in evaluating where I have spent, and where I spend my limited ...
I think about this in evaluating where I have spent, and where I spend my limited time & energy.