Matt Huang

@matthuang ↗

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Last Checked Sept. 23, 2022

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Sun Jun 19 18:57:58 +0000 2022

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Matt Huang @matthuang

@justindross Many of those other commodities are also volatile. Crypto volatility should decrease over time. You are right that normal users who just want to use the rails don’t have to own the L1 assets, but they are also the best way to participate in the upside of the new crypto economy. — PolitiTweet.org

Posted June 19, 2022

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Matt Huang @matthuang

@justindross 1) Value is relative to a chosen unit of account. Your framing is specific to USD (probably best current choice). But subjectivity of USD monetary policy is a real concern. 2) USD coins assume an L1 asset is valuable enough to secure a chain (or be used as collateral). — PolitiTweet.org

Posted June 19, 2022

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Matt Huang @matthuang

@justindross Btw, the stronger claim re point 2 above is that without L1 assets being valuable, no stablecoin works, even the custodial ones. — PolitiTweet.org

Posted June 19, 2022