I feel for anyone worried about stablecoins but long term I believe we need to leave them behind

the core mission of crypto is separating money from the state

USD on the blockchain doesn't further that mission, causes centralization, and paints a regulatory target on our back

TL;DR https://i.imgur.com/7k0Rb2G.jpg

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Definitely a nice convenient thing to have.

But imo the things that will drive mainstream adoption are crypto-native apps that help humans organize more efficiently. Not traditional payment applications that depend on extreme price stability.

When PMF hits right in crypto nobody cares about pricing in USD (see NFTs).

Stablecoins are useful though. I know what you’re saying but there needs to be a way to make sure that your bread doesn’t cost 20c one day and $20 another if we want mainstream adoption. I don’t think anything out there is so great rn tho

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I understand this point but disagree.

I don't think crypto needs stablecoins to get over the hump in adoption. The next billion users aren't going to be convinced by centralized dollars on blockchains.

Stables are a nice thing that feels important. But in the current state they are too centralized to be worth it.

I don't think this is the right approach. Onboarding at its core requires interoperability at this state. Stables are a crucial aspect in the adoption of crypto at scale. Such an event will help mature the state of stablecoins, much like FTX has pushed the narrative for self-custody

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that's fair, it's only my personal opinion that the most compelling first priority of crypto should be to permanently separate money & state

and while I agree it's important for decentralized+trustless coordination, to fulfill its potential in that role widespread adoption of money/state separation needs to succeed

there is no core mission of crypto.

if it's actually decentralized, there's no core at all.

but one big value of crypto has been decentralized and trustless consensus and coordination. 

money was a great first early use case for such coordination.

This image is way too good for the rest of your cast. Recast as image only plz.

I see your point but stablecoins are not necessarily a problem. It’s only the execution that is flawed. The idea doesn’t seem so bad to me :D

Any connection to a highly coupled system driven more by policy than markets will always end in tears.

They are stable for a reason ¯\_(ツ)_/¯

At some point one of these assets gets so big it will be essentially stabilish and then stable coins will lose a lot of their utility… that’s been my these from the beginning. Right now cryptocurrencies are acting like option contract on them eventually becoming that future uber money.