This is Trumpβs written crypto platform
"We will...ensure every American has the right to self-custody of their Digital Assets, and transact free from Government Surveillance and Control."
Where does this meme come from? Conflating unit of account (hard) with medium of exchange (have had this since lightning + global BTC/fiat liquidity) View quoted note β
Here's the issue with the stablecoins --> bitcoin supposed pipeline meme.
The steps:
1. Add stablecoins to <x>
2. People become familiar with blockchain tech
3. People realize bitcoin better
The reality
1. Add blockchain exposing anything to <x>
2. People use something else
Nothing will gain mainstream adoption by adding tech that no one cares about. No one adopts any new tech by learning about the underlying mechanisms.
I know you learned about bitcoin because you felt left out in 2017 and bought cardano and now that you really understand the tech and the economics you run a bitcoin node, but consider for a second that you are remarkably abnormal (it's ok)
We succeed when all of this is invisible to the average user. The app that achieves MOE:
- Looks like any money app
- Allows choice of unit account (the true hurdle for bitcoin) by integrating seamlessly with existing rails
- Offers lower fees, global reach by nature of using bitcoin
Stablecoins are fragile. There is nothing stable about having your balance pulled over night because your issuer:
1. Used the wrong bank / bought the wrong assets with the treasury
2. Received a government request to delete your grocery budget.
