These days, all Bitcoiners are extolling the virtues of stablecoins, but with the caveat that “I don’t like them”.
Curious.
What’s even more curious is that I don’t know what benefits they...
Well not all are confiscatable like DAI, which is very telling why Boltz chose USDT which is infamous for freezing funds at any whisper from law enforcement.
Any EVM chain is way more traceable than even L1 Bitcoin BUT privacy tech is better on Ethereum with stuff like Tornado cash, which uses mathematically perfect ZK proofs for mixing instead of heuristics minimizing coinjoins. Kind of a null point since Boltz blocks coin joined BTC, I bet they'll block Tornado Cashed USDT. There's also FUSD on Zano which is algorithmic like DAI but with Monero like on-chain privacy, once again very telling they're going with USDT when DAI and FUSD exist.
They do trigger as many taxable events as any other cryptocurrency, but its way easier to just report $1 cost basis and $1 sale price for every transaction then it is to track BTC cost basis. We'll probably see them remove this from stablecoins too to push people even further down the backdoor CBDC route.
Another thing too, since Bitcoin is so speculated on and has such weak IRL usage, mainly due to state level infiltration and post blocksize war culture destruction, that the price is insanely volatile. Nobody wants to spend a coin daily that one year is 125k then the next is 65k. They'll feel retarded and resent the network if they got in at 125k or they'll feel like a genius investor if they got in at 70k and it doubled in two years and they'll be disincentivized from spending it. This really can only be fixed by kicking out wall street and treasury companies, and bullying HODL retards. This price action and 4 year cycle I'd definitely another manufactured attack vector to reduce real adoption.
Any EVM chain is way more traceable than even L1 Bitcoin BUT privacy tech is better on Ethereum with stuff like Tornado cash, which uses mathematically perfect ZK proofs for mixing instead of heuristics minimizing coinjoins. Kind of a null point since Boltz blocks coin joined BTC, I bet they'll block Tornado Cashed USDT. There's also FUSD on Zano which is algorithmic like DAI but with Monero like on-chain privacy, once again very telling they're going with USDT when DAI and FUSD exist.
They do trigger as many taxable events as any other cryptocurrency, but its way easier to just report $1 cost basis and $1 sale price for every transaction then it is to track BTC cost basis. We'll probably see them remove this from stablecoins too to push people even further down the backdoor CBDC route.
Another thing too, since Bitcoin is so speculated on and has such weak IRL usage, mainly due to state level infiltration and post blocksize war culture destruction, that the price is insanely volatile. Nobody wants to spend a coin daily that one year is 125k then the next is 65k. They'll feel retarded and resent the network if they got in at 125k or they'll feel like a genius investor if they got in at 70k and it doubled in two years and they'll be disincentivized from spending it. This really can only be fixed by kicking out wall street and treasury companies, and bullying HODL retards. This price action and 4 year cycle I'd definitely another manufactured attack vector to reduce real adoption.