SatsAndSports on Nostr: Lots of interesting FUD in this anti-stablecoins piece. This one paragraph stood out ...
Lots of interesting FUD in this anti-stablecoins piece. This one paragraph stood out to me, making the false claim that dollars are issued by the Fed. The vast majority of dollars that normal people use nowadays are bank deposits, issued out of thin air by commercial banks with the same mechanism used by stablecoins.
(I'm not necessarily defending stablecoins. I'm just cringing at the bizarre arguments that we're going to see rolled out against Bitcoin again and again)
The complaints he makes about stablecoins also apply identically to the conventional banking sector that he is desperate to defend. Commercial banks generate IOUs ('deposits' is essentially synonymous with 'stablecoins') for this purpose in order to buy other assets (loans, T-bills, ...)
His comments about 'stability' and so on, very predictably without realising that commercial banks are as bad
In fact, the balance sheets of stablecoin companies are better if anything! Their assets are t-bills, compared to the range mortgage and private credit crap that commercial banks have.
I wish more people, *especially Bitcoiners* actually knew the facts about how commercial banking works. No conspiracy theories, just the sort of boring factual analysis that helps you see all the bullshit here and also to help you see through all the pleb slop
https://xcancel.com/fintechfrank/status/2059239138042298571Published at
2026-05-26 20:38:41 UTCEvent JSON
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"content": "Lots of interesting FUD in this anti-stablecoins piece. This one paragraph stood out to me, making the false claim that dollars are issued by the Fed. The vast majority of dollars that normal people use nowadays are bank deposits, issued out of thin air by commercial banks with the same mechanism used by stablecoins.\n\n(I'm not necessarily defending stablecoins. I'm just cringing at the bizarre arguments that we're going to see rolled out against Bitcoin again and again)\n\nThe complaints he makes about stablecoins also apply identically to the conventional banking sector that he is desperate to defend. Commercial banks generate IOUs ('deposits' is essentially synonymous with 'stablecoins') for this purpose in order to buy other assets (loans, T-bills, ...)\n\nHis comments about 'stability' and so on, very predictably without realising that commercial banks are as bad\n\nIn fact, the balance sheets of stablecoin companies are better if anything! Their assets are t-bills, compared to the range mortgage and private credit crap that commercial banks have.\n\nhttps://image.nostr.build/75c862656222ec03660e3bc4bc06e446ee27136cc5e168f690ae0746b2f74209.png\n\nI wish more people, *especially Bitcoiners* actually knew the facts about how commercial banking works. No conspiracy theories, just the sort of boring factual analysis that helps you see all the bullshit here and also to help you see through all the pleb slop\n\nhttps://xcancel.com/fintechfrank/status/2059239138042298571",
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