Thread 60525058

how do you respond to this without exposing yourself as a hypocritical retard?

>>60525058 (OP)
They're both bad

Stablecoins are garbage. We need to adhere strictly to the Bitcoin Standard.

These people cant be serious, right? Is that subreddit satire?

>>60525058 (OP)
“The feds printing dollars out of thin air” is a vastly oversimplified way to describe various things that happen in different government agencies. To assume that crypto market participants are monolithically opposed to “money printing” reveals the implicit biases of the original poster, and frames the question in a way that makes me question if they might be operating in bad faith rather than trying to spark a real dialogue that could lead to a common understanding.

>>60525058 (OP)
Banks already have zero reserve requirements. They can loan whatever to whomever in the size the want. IE, create dollars. Reddit has only the dimmest grasp of the things that they get worked up enough to whine about.
So who cares if it's banks or Circle doing it? Not me.

>>60525079
yeah I'm running 50 alts behind 7 proxies to keep normies out of link

I would not trust any stablecoins

>>60525058 (OP)
> top 1% poster on r/buttcoin
what a sad existence

>>60525109
>“The feds printing dollars out of thin air” is a vastly oversimplified way to describe various things that happen in different government agencies
You see, it's not out of thin air. It's stolen directly from your children's and grandchildren's future. Thank you for clarifying this

You can't create "infinite" stablecoins. You can only deploy as many digital USD as you have treasuries backing it in reserve.
Which means there's massive private sector demand for USTs as the USD gets exported to the whole planet, locking in USD hegemony for another 100 years at a time when major national UST holders like China are starting to get cold feet.
tl;dr: crypto/stables literally saved the USA from losing its reserve status and completely collapsing.

>>60525147
>They can loan whatever to whomever in the size the want. IE, create dollars.

Your own image contradicts you, brainlet

>>60526361
>You can only deploy as many digital USD as you have treasuries backing it in reserve.

Who's enforcing this? And what's stopping them from not enforcing this?

>>60525058 (OP)
Stablecoins are just a privately issued CBDC, they're an extension of the fiat system, not competition for it.

>>60526465
GENIUS act, proof of reserves.

>>60526590
/thread
How are people so fucking stupid? This thread shouldn't exist, buttcoiners are the dumbest faggots in the world.

>>60525058 (OP)
Its almost like USD stables are cancer too

>>60525058 (OP)
has never heard of proof or reserves
these 'people' are so far behind it isnt even funny
now in early 2022 this would be a valid concern since the retarded idea of algorithmic stable coins was gaining momentum but thankfully that didnt last longer than a few months before the utter stupidity of that idea collapsed in on itself
together with a sizeable part of reddits net worth i might add