Stablecoins threaten state monetary control

"You can’t open your own private mint moving that kind of liquidity and hope to stay under the regulatory radar."

~ Roy Sheinfeld

Stablecoins are booming, but are they building toward something bigger - or just recreating the old system with a crypto coat of paint? Roy Sheinfeld breaks down why centralization guarantees regulation, and I go deep on why the real shift isn't technological - it's monetary. If stablecoins can't escape the state, and Bitcoin can, who wins the utility race in the long run?

Check out the original article: Stablecoins: Evolution, not a Revolution (Link: https://bitcoinmagazine.com/featured/stablecoins-evolution-not-a-revolution)

References from the episode

• My recent conversation with Roy on Chat_157 - It's Time to Walk the Walk where we discussed the evolution of Lightning, Breeze, Spark and PearDrive (Link: https://fountain.fm/episode/EpG58Rgz9cWjjLckHhD6)
• BTC Sessions' "Why Are We Bullish" panel show with Matt Odell, Brandon Quittem and myself. (Link: https://fountain.fm/episode/EHSfEfSKtnHd3HWYhud8)

• The film Black Rain by Ridley Scott, cited by Roy in his article as a reference for how seriously states take control over their currency. (Link: https://www.youtube.com/watch?v=woY1UH9Ki28)

• Historical sociologist Charles Tilly's book Bringing the State Back In and its Chapter 5: War Making and State Making as Organized Crime, calling states "protection rackets" and "organized crime". (Link: https://www.cambridge.org/core/books/abs/bringing-the-state-back-in/war-making-and-state-making-as-organized-crime/7A7B3B6577A060D76224F54A4DD0DA4C)

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