Cryptocurrency has no use? Ha. In the dark ages of the “pre-Bitcoin” past, global citizens were TRAPPED into using filthy, evil, worthless US Dollar. Now is the age of enlightenment, where the world is free to adopt the token they see as best reflection of the value of the dollar.
The good folks at Bitcoin is the Devil dot com brought on esteemed crypto-economist “Crypt0C0w420” to talk dollar, Tether, and the stablecoin revolution. The conversation began with some high level discussion on the badness of fiat currency.
“Thanks for having me on. I’m actually a big fan, this really is the realest news in crypto. Much better than an unnamed competitor. Anyways, yeah, the dollar sucks. Right? Obviously. Orange man bad, we all know that. Do you trust him? I don’t. The feds print dollars as their whim. They chose to cut interest rates. That’s massive. Who gets a say in that? I don’t, do you? No, you don’t. Do you know what a dollar could buy in 1873? A horse. My matcha green tea latte at Starbucks is $5.73. It’s ridiculous. It’s a broken system, and we’re fixing it.”
From there, the conversation shifted to the coming tide of stablecoins, and what that means for the future.
“Yeah, stablecoins, brilliant invention. You see, we don’t want to use dollars, obviously. Nobody does. That’s why Bitcoin was so impactful. But here’s the thing, Bitcoin is expensive and it’s volatile. The world needs a stable currency that maintains the properties of sovereignty and decentralization yet is still feasible to use for everyday purchases.
Let’s take Tether for example. Each Tether unit is backed by almost a whole dollar. That means every time you send or receive a Tether you know you are pretty much getting a dollar. And you don’t have to bend over for the government. Instead we have this great crypto company that we can trust using banks not poisoned by the US feds. Now, it’s not perfect, you have to pay a few percent in fees to go in and out but let’s be honest, who really wants to go back to filthy fiat at the end of it all?”
We then asked Mr. C0w420 for his thoughts on some of Tether’s competitors.
“Oh yeah, I love competition. Free market, fuck yeah! Tether is just the start. 76-percent-or-so backing is pretty good but what happens when that number goes higher? Some of those other stablecoins, like Coinbase and Binance, promise that there is up to a dollar behind every dollar coin. And it gets better! Look at Maker’s DAI. There are like $3 behind every dollar. That’s insane. Soon all the dollars will be tied up as collateral backing dollar tokens. We are on the peak of a global financial revolution. Imagine when we all get in on these stablecoins. Moon mission, that’s what. We will all be finally, independently financially independent.”
Decentralization is the future, folks. Stock up on your dollar coins today.