As much as I don't care about banks, US regulators have now cleared US banks to use stablecoins. This does help to legitimize the idea of bitcoin and crypto in the minds of idiots, so we can fully expect retail FOMO to help push the prices of our bags up. There are more insidious implications here, however, and smart money (us) should know about them.
First of all, under no circumstances should a sophisticated crypto investor ever delegate to a bank node on any network. Nor should you become reliant on any bank to do money transfers for you just because they can now use stablecoins. The fact remains they are still useless, antiquated middlemen. Why do you need a bank that can use stablecoins when YOU are a bank that can use stablecoins?
The Tether question comes into full view, but I really don't think it is as big of a deal as we think. There are so many stablecoins to choose from now that you don't have to use USDT if you don't want to. If banks pick up on USDT, then we can all breathe a sigh of relief. That cabal will protect the rest of us from a system shock because regulators won't come down on USDT if tradfi is using it. But I'm not counting on this. There will be shocks to the crypto system. There will be pullbacks. The sooner you get this through your head, the happier and richer you'll be.
If they'll listen, I'm going to educate my family about how to create its own ecosystem in crypto without banks. Other families can use banks and deal with the fees and nonsense they will eventually implement (i.e. charging users for the stablecoin "innovation" instead of passing savings along to them), but we will be freely transacting and investing in a fee-less structure between ourselves. If you teach your families the same, we can maintain a powerful structure outside of tradfi that can help to move humanity forward in many ways while benefitting from the normie bank users pumping our bags.
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Always remember:
Burgerswap Bridge will steal your crypto
Deus.Finance is led by a psychotic wannabe despot
AllianceBlock is a shit project
All algorithmic stablecoins (Basis Cash, Mithril, Empty Set Dollar) are a SCAM
Don’t get your bitcoin from PayPal
Trade on BSC, not Ethereum
Ivan on Tech, Elliotrades and Bitboy are complete liars, and
If you are always losing money trading crypto, read here.
