this post was submitted on 17 Aug 2025
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I don’t understand why people first think of memecoins when there are a few stablecoins like USDT or USDC?
Because the "have fun being poor (as I gamble my life savings on a website with pump and dump basically in the name)" crowd outnumbers and is much louder than the "I am using this decentralized currency because authoritarians will inevitably strangle anything with a single point of control" crowd.
Branding and public image is a large part of currency circulation, as far as I'm aware. My first impression and instinctual thoughts on cryptocurrencies as a whole are vehicles for money-laundering and general fraud, even if there are examples to the contrary.
Same reason why the Russian ruble or the Chinese Yuan aren't generally used as foreign reserve currencies for the majority of nations - too volatile, and histories of manipulation.
isn't USDT tether, which is completely unbacked?
it's also not always easy to buy those. nobody wants to use cryptocurrency unless it is easy to get cryptocurrency
I was gifted crypto from two crypto projects for my (crypto-unrelated) open source work. It was a baffling hassle to pay out. Over multiple conversions and significant gas fees and waiting for hours for a transaction and having to juggle wallets and exchange platform service… yeah. From my experience, cryptocurrencies are not feasible for normal, regular payments.
There's no better payment infrastructure for USDT than for €. It adds additional concerns and technical complexities.
Yeah it's an enormous pain in the ass. I don't bother anymore