Cryptocurrency Market - Is Stable Coins Censorship Resistant?

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Stable coins are this base unit that people have given so much power to because it made a lot of things easier. People want to be able to trade against a dollar, against a stable unit of account,. It makes their trades make sense. When you start to give a single entity that control, you eliminate the only defining or valuable feature about it. If these stable coins were not sent in the system, it would be much more difficult for people to invest and get involved in the crypto market.

Paris Marx is joined by Bennett Tomlin to discuss last week’s crash of Terra and Luna, the problems with stablecoins, and whether this collapse will finally force regulators to take action on cryptocurrency.

Bennett Tomlin is a co-host of Crypto Critics’ Corner and writer of the FUD Letter. Follow Bennett on Twitter at @BennettTomlin.

Tech Won’t Save Us offers a critical perspective on tech, its worldview, and wider society with the goal of inspiring people to demand better tech and a better world. Follow the podcast (@techwontsaveus) and host Paris Marx (@parismarx) on Twitter, and support the show on Patreon.

Find out more about Harbinger Media Network at harbingermedianetwork.com.

Also mentioned in this episode:

Paris wrote about the Terra/Luna collapse and why we can’t let those who promoted crypto scams escape blame for their actions.
Bennett references George Soros’ attack on the British pound in 1992, also known as Black Wednesday.
Do Kwan was behind the failed Basis Cash stablecoin.
Vitalik Buterin backed a proposal for an FDIC-like response to rescue “small holders” who lost money in the Luna collapse.
Investors recently pulled $7 billion out of Tether, which still won’t be open about its reserves. It was hacked in 2017.
FTX CEO Sam Bankman-Fried described yield farming as a Ponzi scheme.
Justin Sun has already launched a copycat of the failed Terra algorithmic stablecoin. The Verge did a deep dive on him in March.
a16z says the crypto winter is here.