Fiat as a product is horrible for 2.6bn people. Crypto and stables can fix this.

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What we lost in fiat we made back 10x in internet frens 🌞

okay now show average memecoin loss for retail investors

Aviator, diver, Etherean, nexialist, PhD in aviation and climate science, host of /diving /ethfinance /forteantimes /geopolitics /science /singapore /thomas

Sure, but then it’s not just stablecoins in general, it’s specifically any stablecoin that’s pegged to a fiat currency that is itself stable over time (and not tied to either a highly fluctuating currency, or one of those “algorithmically pegged” stable that eventually falls apart — how many lost their shirts in Terra/Luna?). In an era where CBDCs are cropping up, that’s an important distinction.

Otherwise there are more stable stores of wealth, including literal gold (which is why gold shops are a common sight in countries with uncertain currencies).

I read the parent’s post as a generic statement about stables, but they are only as good as the underlying asset they’re supposed to peg to, and sometimes even worse than that.

Where I live, for instance, we use the xSGD — a stablecoin pegged to the Singapore dollar, which has a good track record of stability but isn’t itself pegged to the USD, so who knows what might happen given the geopolitical risks in the region.

Is this true though for the countries named in the picture? The USD is illegal in Argentina. It’s basically impossible secure your wealth in Turkey. Yes, FIAT isn’t great, but stables are a solution in some regions of the world I think.

Crypto at large doesn’t fix this — most tokens are flaming garbage in which people get burned

Stables don’t fix this — they’re pegged to fiat, so they’re functionally equivalent to holding fiat (with extra risk)

There’s a point to be made about crypto as hedge against inflation but it needs to be much more specific to be helpful, otherwise it’s actively harmful

@bpmilne, re your question "why stablecoins are great" content

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I think the unsaid portion is that crypto potentially frees one from localized detrimental monetary policy. Can provide the ability to flee to a more stable fiat pegged currency. I think.

The best stables are collateralized by fiat so do you wanna elaborate at all?

metal casting, 3d prints,
AI, robotics and mashups of all of these things.

how does it change, its still a currency that is losing 15% purchasing power every year.

Is there anything that costs the same in $ or Euros as it did in 2019

I think he meant stable pegged with Usd / Euro

how does crypto or "stables" fix this.  stable coins lost 45% according to your chart.

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Very true. Money printing shows no sign of slowing down. 
113✨

Does it account average memecoin loss for retail investors?

Content at /zerion Safary 🦁 member.  KB ∞. Memecoin  ̶e̶n̶j̶o̶y̶o̶o̶r̶ masochist.

Stables aren't much better. It's still the same fiat that lost 20-25% since 2019.

But it's an easy to understand product for those 2.6bn.

fiat has had quite the head start..... It will be bypassed in a fraction of time

Good products, but it won’t happen in our lifetime

Does having one stable currency, with immutable value, across the whole world change this? Feels too simplistic .

is that fiat actually lost (as in stolen) or depreciation?

Crypto is a big fix for the flaws of fiat

https://media.tenor.com/udyaIUzqWBcAAAAM/preaching-to-the-choir-preach-it-sister.gif

It’s only correct if you consider “crypto” equals “BTC”. Alts are terrible scam