This is as wrong as everytime someone says "the benefit of Bitcoin is you can just walk all your assets across the border!"
It fundamentally misunderstands how foreign exchange works, or how government backed currency works.
You cannot "opt out" of the local currency: period. It is the only currency which can extinguish tax obligations. And even if it wasn't government backed, you can't trade in a currency no one wants in the first place.
This should be trivially obvious from the observation that how much water a gold bar in the desert buys you is going to be pretty highly variable.
And now western countries can also have ultra corrupt, opaque and controlled by a small oligarchy group currency system, just like some 3rd world countries. Yay, progress :)
davidlee1435|5 months ago
My point is stablecoins give you choice to opt out of that. The only way to opt out before was very expensive
XorNot|5 months ago
It fundamentally misunderstands how foreign exchange works, or how government backed currency works.
You cannot "opt out" of the local currency: period. It is the only currency which can extinguish tax obligations. And even if it wasn't government backed, you can't trade in a currency no one wants in the first place.
This should be trivially obvious from the observation that how much water a gold bar in the desert buys you is going to be pretty highly variable.
Yizahi|5 months ago