• UnderpantsWeevil@lemmy.world
    link
    fedilink
    English
    arrow-up
    3
    ·
    edit-2
    5 months ago

    That’s just a Stablecoin, like Tether. Unfortunately, stablecoins have a rather tawdry history as ponzi schemes. Terra/Luna being a classic example.

    • Jiggle_Physics@lemmy.world
      link
      fedilink
      English
      arrow-up
      2
      ·
      5 months ago

      Yes, I am also aware of this. The execution of an anonymous currency was done so poorly, for something trying to be an actual currency alternative, that is set having something like it back decades, if it didn’t kill the idea of a currency that a country didn’t control.

        • Jiggle_Physics@lemmy.world
          link
          fedilink
          English
          arrow-up
          1
          ·
          5 months ago

          I think they have badly damaged the image of the idea of crypto entirely. Of course it has its cultists, then its fanboys, but most people who know about think it is a good idea with a bad execution that got latched on to by the worst type of people, in terms of promoting it, the scammers.

          Remember, we need market share growth vs traditional currency. That will be the metric to really decide how well it does at being an alternative to normal money.

          Hey, personally I wanted bitcoin to really blast through as a true money competitor. However it was immediately apparent they were more interested in turning it into the equivalent of digital precious gems, that was invested in to drive speculation. One day I hope we get a crypto-currency that is a true currency alternative, divorced from the state, and corporate entities. I really want that.