Bravo Johnson
@bravojohnson
Stablecoins aren’t a revolution. They’re a reenactment. A high-frequency redo of every monetary collapse since Rome debased its denarius. The actors change—suits to hoodies, gold to GPU farms—but the script’s the same leveraged systemic myopia.
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Borg
@ruz.eth
Depends on the stablecoin tbqh. We’ve definitely speedrun some monetary history, but I don’t see much difference between having USDC in my Base wallet and having dollars in my PayPal account - except that with USDC I can do a hell of a lot more, a hell of a lot faster, with much less risk of having all my money outright stolen by a giant megacorporation for nebulous ill-defined reasons.
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Bravo Johnson
@bravojohnson
The token represents a claim to $1 in reserves, just as the denarius represented a claim to a specific silver content. The actual backing might not match what's claimed (similar to reduced silver content). Users can't easily verify the backing without trusting external validators (just as ordinary Romans couldn't easily test silver content). Market can maintain the peg even when backing is questionable, until a crisis occurs
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Borg
@ruz.eth
That’s what Bitcoin and Ethereum are for. Oracle-less scarce money. But if you’re relying on a U.S. regulated institution it doesn’t really matter whether the backing is there (Banks have had fractional reserves for ages, nobody gives AF), it matters what the repercussions are for breaking the law.
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