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RE: Could Stable-Coins Crash The Economy?
Arrrrffff. It was difficult to find this one post.
@edicted what's your take on the FB coin?
So it looks like it's going to be like a world of fractional stable coins after all.
Instead of 200 governments creating their money out of thin air, we're going to get 1000 company doing it. Well, that was not the plan.
In the grand scheme of things these coins will be good.
They will open the world's eyes to crypto.
In the short run people are going to get burned by coins that are fully controlled by corporations. Users will get brainwashed into thinking centrally controlled coins are safer and better than decentralized ones... until they personally get burned of course.
We will be here the whole time saying:
It will be up to us to pick up the pieces of a shattered economy.
Entire corporations will be destroyed just to hyper inflate the currency and leave investors destitute.
The Facebook coin in particular is interesting.
Whatsapp is about to have its own coin.
This app is already used globally in mass to communicate across borders.
Being able to transfer money over such a large network will give the entire cryptosphere a lot of exposure.