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Comment by RobotToaster | Hacker News Reader

That doesn't sound very decentralised.

Stablecoins only use the accoutrement of blockchain as smoke and mirrors to distract and confuse regulators, not because they actually benefit from it at a technical level. They aren't really decentralized at all and could just as easily be a database, except for the regulatory thing

Stable coins are not decentralized

nothing about crypto is decentralized. it's verified by enormous mining farms, who contribute hashes to centralized pools, all stored on one central ledger, and interfaces with the fiat/legit financial system only by using that very financial system.

oh, and three acounts hold like 25% of all btc in circulation.

crypto can do some things, but decentralization isn't one of them. just ask Coinbase

USD tether is barely crypto at all, it's a wrapper around treasury bonds which the US govt. regulates

which is why - sadly - there's not really any point to crypto anymore (other than as a speculative instrument driven mostly by fomo)

The stated point is to prevent central banks from printing currency / inflation. The claim is that crypto today worth 1% of the world's BTC will be worth just under 1% of the world's BTC in 2300, at least barring e.g. progress in quantum cryptography, a sunspot taking out digital infrastructure, or similar.

That's probably socially harmful, but it is the claim.

Inflation is increasing prices, which has causes other than central banks putting more money into circulation. When Bitcoin’s value drops, prices in Bitcoin increase so it experiences inflation regularly.

The former is inflation of the money supply, which causes price inflation when it exceeds economic growth.

The latter is volatility.

Apples and oranges.

Even when it doesn't exceed economic growth; the flip side of the coin is deflation.

Resources like gold, land, or bitcoin, if broadly used, is deflationary as the economy grows, even from simple issues like population growth. All else being equal, if I save $100 today, and the economy triples, it's worth $300, since I have the same piece of a bigger pie.

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