I’m going to keep this short but I just fell down the rabbithole of crypto again and maybe it isn’t as bad as I thought. Many of their ideas are very similar to the fediverse’s. The idea of decentralized finance using a stablecoin sounds awesome to me. (though i’d much prefer to live in a world where money isn’t needed) Maybe the technology is actually good but the techbros and scammers ruin it with their false promises and complicated words. Hopefully, in a few years after the rest of those scammers have moved on to scamming with AI this tech could be truly used for meaningful purposes.
stablecoins aren’t really decentralized in any meaningful sense. a traditional stablecoin requires complete trust in the centralized organization that claims to hold the money and can print any amount of coins they want, while an algorithmic stablecoin is even worse since they by design are doomed to doomspiral as every major algorithmic stablecoin in existence has done so far