Hacker News new | ask | show | jobs
by K0balt 374 days ago
>>This "government issued fiat currency" garbage needs to die yesterday: a lot of people are going to lose their shirt when the first one blows up.

What you are saying is a risk endemic to all fiat currencies, including stablecoins.

All symbolically represented forms of value quantization are subject to a failure of confidence. Cryptocurrencies are nothing new in this regard. All money is memetic in nature.
1 comments
jcalvinowens 374 days ago
That's like saying "base jumping isn't really more dangerous than flying commercial, after all we're all going to die anyway".

Fiat currencies have militaries. Your stablecoin doesn't.

link
K0balt 374 days ago
That’s one of the reason the stablecoins won’t be taking my assets? Idk what your point is but it doesn’t seem like you are debating from a point of rational examination.

Weird, people on the internet spewing BS? Who’d have thought?

link
jcalvinowens 374 days ago
Well, losing three months of revenue is going to really hurt when the stablecoin inevitably eats shit: hope you're prepared for that.

The risk is obviously lower because you aren't parking money there. I could certainly see how you might come out ahead in fees for certain international transactions.

But your original claim was that the aggregate risk-cost of dealing in stablecoins is lower than real currencies, and that is absolutely preposterous: you aren't accounting for all the risks.

link