Stablecoins are often pitched as a stopgap method, or a friendly tool for people in the developing world who cannot handle the volatility of Bitcoin. They are framed as something complementary to Bitcoin, not in competition with it. Nothing could be further from the truth.

Bitcoiners have commonly used the meme of a trojan horse to justify many things over the years, rationalizing many shortcomings and compromises made over time as what is necessary to sneak…

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