What the fuck is a stablecoin? That has to be made up bullshit.
Reposted from
David Dayen
Really terrible timing for Dems to be collaborating with the GOP on a stablecoin bill while Trump and his family are putting out a stablecoin! This is going to hit the floor next week.
Comments
If you have to call it "stablecoin" its probably anything But stable
On the tails of the FTX scandal
We should be developing serious broad regulations
NOT impulsively transferring our wealth to private billionaires via a Ponzi scheme
The theory is that the "value" of the coin can be pinned to something else that has intrinsic value, like gold or the USD, which will make it more stable
It's nonsensical bullshit invented by the same scammers who brought you NFTs
"stablecoins" are the cash of the crypto world. One keeps their cryptocoins in a bank, and spends the tokens (I.e. stablecoins) the bank gives you
Me: yeah i was right, it's complete wank
lol