The Metaverse

[Clinamenic]

so called stablecoins like tether simply provide this missing piece of the puzzle which facilitate a crypto ecosystem

Also Tether is the only one of the major stablecoins to ostensibly neglect the sort of compliance that the others abide by. Paxos and Circle, for example, appear to be much more compliant with regulators, and seem on track to be regulated as banks are.

 

[vimothy]

yes that's bitcoin in its essence, it's just an idiosyncratic asset. if you want a crypto ecosystem however you need something more than bitcoin, which in practice you have

 

[vimothy]

the "stablecoins" which everyone slates are in fact essential to the functioning of the alternative system

 

[Clinamenic]

yes that's bitcoin in its essence, it's just an idiosyncratic asset. if you want a crypto ecosystem however you need something more than bitcoin, which in practice you have

Yeah bitcoin wasn't designed to be a "settlement layer" for smart contracts (thus it is deemed a "generation-one blockchain"), but there are ongoing projects that prosthetically attach smart contract functionality "atop" Bitcoin.

 

[Clinamenic]

the "stablecoins" which everyone slates are in fact essential to the functioning of the alternative system

I think so too. And I think they actually may serve to bolster dollar hegemony, rather than threaten it. I mean, after all, the value of all these things is still denominated in dollars.

 

[vimothy]

but the question is whether the additions to bitcoin which make it functional are inline with its original vision or are subversive of it's original intent

 

[Clinamenic]

but the question is whether the additions to bitcoin which make it functional are inline with its original vision or are subversive of it's original intent

I'm not sure I would go as far as to call them subversive, but I do think web3 is evolving beyond the initial visions behind Bitcoin. Again I haven't read Nakamoto's paper or cypherpunk email correspondences, so I can't really speak to the initial visions, but I suspect what we're seeing today, yet alone what we now see on the horizon, is simply beyond said initial visions.

 

[Clinamenic]

And if Bitcoin was intended to replace the dollar as a daily medium of exchange, I think it's safe to say it has failed at that and will likely never succeed. But I think it will go on to succeed in other, perhaps more complex ways.

 

[vimothy]

crypto will succeed only by failing

 

[vimothy]

ie in terms of it's original aims

 

[Clinamenic]

crypto will succeed only by failing

Yeah if Bitcoin's initial vision was just to replace the dollar as a stable medium of exchange, and do so beyond the discretion of governments, then yeah I'd say the real potential of this tech can be realized despite (or maybe even by virtue of) this initial vision failing.

 

[Clinamenic]

Because I think the potential for this goes way beyond an uncensorable global currency, and thats saying something. Here I assume Nakamoto didn't foresee smart contracts, but I could be wrong. If my assumption is right, then I'd say the bulk of crypto's potential is beyond the initial visions of Bitcoin.

 

[luka]

@Mr. Tea I'm about to have a cup of tea, it's almost finished brewing. im going to leave the bag in though

 

[luka]

tea is the most mysterious drink cos you can make it the same way every time and one day its soul-healing, intense pleasure and other days its completely inspid and uninspiring

 

[yyaldrin]

do you drink it with milk?

 

[luka]

yes. only ladies drink it black.

 

[Mr. Tea]

yes. only ladies drink it black.

Or foreigns.

 

[yyaldrin]

i exclusively drink green tea with honey. sometimes i add some drops of umckaloabo.

 

[luka]

umckaloabo?

 

[yyaldrin]

yeh it's a magic potion, i'm not sure if it really does something though but i believe in its placebo effect. https://en.wikipedia.org/wiki/Pelargonium_sidoides