Stablecoin and digital economy

[Joy_learns_crypto]

I was find digital economy conversation very satisfying.
So according to this post https://x.com/cointelegraph/status/2082375816889970940?s=46 CZ of Binance believes that stablecoin can help improve countries digital economy.

Digital economy is the future, so many eras in human existence has passed and the country or regions that has found a way to be ahead in any era has been the most influential.

The other time Elon musk strongly believe that we will not need money in ten years from now, because Ai could cover our needs, he may be wrong but we can from it pick that the world economy will depend on its digital prowess.

What effect can having a local stablecoin on the countries digital economy.

[_act_]

The other time Elon musk strongly believe that we will not need money in ten years from now, because Ai could cover our needs, he may be wrong but we can from it pick that the world economy will depend on its digital prowess.

Elon Musk is saying rubbish. This is not the first time he said it, he said it few months ago, but he said it again now. He is only deceiving people with some things.

People will have to work.
Mars can not be habitable, although it is in habitable zone just like venus.

What effect can having a local stablecoin on the countries digital economy.

All I know is that it will be good for international transactions. But with the look of things, people prefer to use stable coins backed by United States dollar.

[asriloni]

I would not be surprised CZ said that because Binance holds majority of stable coins on its reserve. As i know from what already tweeted by cryptoquant if Binance holds around 65% of stable coin issued (USDC & USDT). So i guess he said that stable coin would improve countries because his business would be getting lots of benefit from it.

Beside that i don't see the urgentcy for countries to have their own local stable coin because it gives nothing. The value of stable coin is also depending on how strong their economic.

So what CZ said was the only thing that would give benefit for his own business, and no more.

[Kryptowerk]

The other time Elon musk strongly believe that we will not need money in ten years from now, because Ai could cover our needs, he may be wrong but we can from it pick that the world economy will depend on its digital prowess.

Elon Musk is saying rubbish. This is not the first time he said it, he said it few months ago, but he said it again now. He is only deceiving people with some things.

100% agree. Trusting Musk on anything he's tweeting is like trusting your government that the recent tax increases are just to serve you in the long run: Naive.
He has his own incentives and I highly doubt his ability to predict the future, especially when it comes to things like AI and currency and world economy etc.

Generally, regarding stable coins, I believe there is a small merit to them, when it comes to doing business and you want to avoid price fluctuations and short term coin-instability complications.
However all these USD-linked stable-coins are usually very far away from what true decentralized crypto (Bitcoin) was meant to be. I also highly doubt they will "help improve countries digital economy" - They will be just another way to increase mass-surveillance.

[Hypnotizer]

The other time Elon musk strongly believe that we will not need money in ten years from now, because Ai could cover our needs, he may be wrong but we can from it pick that the world economy will depend on its digital prowess.

Elon Musk is saying rubbish. This is not the first time he said it, he said it few months ago, but he said it again now. He is only deceiving people with some things.

People will have to work.
Mars can not be habitable, although it is in habitable zone just like venus.

Elon musk couldn’t even give a good answer to the questions he was asked when he said so, proving he’s just saying things that’s doesn’t make sense.

If AI could really help people with their need in the coming future.. will the AI do it for free? I don’t think so and this has said it all, we still need money no matter what.  Even if what we would use is not money directly then there must be a means/medium of exchange for the service AI would provide for us.

What effect can having a local stablecoin on the countries digital economy.

All I know is that it will be good for international transactions. But with the look of things, people prefer to use stable coins backed by United States dollar.

Generally speaking stablecoins have helped with international transaction and remittances, most people that send money from other continents back home would prefer to use stablecoins for such rather than the traditional channels because it’s easier and yes the likes of USDT and USDC are mostly used.

[Moreno233]

I know Elon Musk to be a strong authority in his area but he need to add more explanation to that equivocal statement of AI meeting all our needs in 2036 where money will no longer be needed according to him. As of today, AI is already doing great things, disrupting businesses and creating many new jobs but unfortunately,  most of those AI services are not free as they require subscription to access. Hence, I wonder what Elon Musk mean or if he is building AI system that is free of charge with all features and funtionalities accessible to all.

[348Judah]

What effect can having a local stablecoin on the countries digital economy.

I don't know what you mean by referring to when it comes to local stable coins but I will assume you are referring to USD or probably USDT as the case may be, one thing I want us to understand is that if we want to operate a decentralized economy, then we have every ability to detest for anything that has to come through a centralized entity, and we can only have this control over an individual or general economy when we embrace on a decentralized economy and that is where bitcoin comes in first in cryptocurrency and should be considered for that change.

[Charles-Tim]

I know Elon Musk to be a strong authority in his area but he need to add more explanation to that equivocal statement of AI meeting all our needs in 2036 where money will no longer be needed according to him. As of today, AI is already doing great things, disrupting businesses and creating many new jobs but unfortunately,  most of those AI services are not free as they require subscription to access. Hence, I wonder what Elon Musk mean or if he is building AI system that is free of charge with all features and funtionalities accessible to all.

There is no explanations that Elon Musk is having that can convince people. We all know that he is only lying. Even 10 years is very early, what AI will be capable of doing after the next 10 years will be more and AI will be more cheaper in the future if compared to the 10 years that he is talking about. Even when the AI is cheap, people have to control and also repair the AI in a way that people will be needed and not AI. And no matter how cheap AI can be, some people will not be able to afford to purchase it.

[Zlantann]

What effect can having a local stablecoin on the countries digital economy.

A stablecoin is simply fiat on the blockchain. Local stablecoins could promote monetary sovereignty, reduce dependence on the dollar, and facilitate smooth and fast transboundary trade. But if the local currency is not strong and stable, people would seek alternatives. In a world that is higly dollarsied, citizens would always be attracted to a dollar-pegged stablecoin. 

Elon Musk is saying rubbish. This is not the first time he said it, he said it few months ago, but he said it again now. He is only deceiving people with some things.

It might not be in ten years, but it might happen in the future. Some of these tech gurus have a way of predicting the future. It might not be precise, but there might be some truth in their forecast. Elon's late 2000s predictions about electric cars are coming to pass.

[Taricoins]

I would not be surprised CZ said that because Binance holds majority of stable coins on its reserve. As i know from what already tweeted by cryptoquant if Binance holds around 65% of stable coin issued (USDC & USDT). So i guess he said that stable coin would improve countries because his business would be getting lots of benefit from it.

Beside that i don't see the urgentcy for countries to have their own local stable coin because it gives nothing. The value of stable coin is also depending on how strong their economic.

So what CZ said was the only thing that would give benefit for his own business, and no more.

I see your point about Binance bias since they have massive shares in leading stablecoins but if it brings about advantage in domestic economies am all for it. To be sincere i have always thought about the benefits of stablecoins to global economy especially transactions and if CZ and them all can make this happen which Is very hard, it would be very beneficial as time and cost for cross country transactions would be greatly cut down.

[_act_]

It might not be in ten years, but it might happen in the future. Some of these tech gurus have a way of predicting the future. It might not be precise, but there might be some truth in their forecast. Elon's late 2000s predictions about electric cars are coming to pass.

I can believe that there will be electric cars. I can even believe a car to be using solar. I also believe that his robocar is possible. But I can not believe that AI will be working for humans in a way that humans will not have to do anything anymore, it is a lie. And his first lie that people will be living in mars or having a hotel in mars is what I can not believe. We are moving closer to 2030 that he said, but no mission to mars yet.

[Gozie51]

The other time Elon musk strongly believe that we will not need money in ten years from now, because Ai could cover our needs, he may be wrong but we can from it pick that the world economy will depend on its digital prowess.

It is just a media hype that Elon musk is doing because he is in most of the AI system. If he is saying AI will cover our needs, it means human will not work again to earn a living right? Then human will just acquire an AI gadget that will continuously print money for them? That is chaos. There will be chaos in the society if the government allows everyone to have an AI gadget that will be printing money for them because it is going to increase inflation. Moreover, Elon musk will no longer be the richest man on it with such hypothetical system.

What effect can having a local stablecoin on the countries digital economy.

Stable coins is more like the fiat with low and controlled volatility but it is going to have positive effect because it is pegged with the dollar. In terms of foreign transactions, it will stabilize the financial exchange system, it can increase foreign reserve and build trust in the economy giving access to loan facilities.

[Oluwa-btc]

It might not be in ten years, but it might happen in the future. Some of these tech gurus have a way of predicting the future. It might not be precise, but there might be some truth in their forecast. Elon's late 2000s predictions about electric cars are coming to pass.

I can believe that there will be electric cars. I can even believe a car to be using solar. I also believe that his robocar is possible. But I can not believe that AI will be working for humans in a way that humans will not have to do anything anymore, it is a lie. And his first lie that people will be living in mars or having a hotel in mars is what I can not believe. We are moving closer to 2030 that he said, but no mission to mars yet.

He prolly got investment and invested in that shit so he'll want to see that and work towards. People can shape the future they want, I don't think he's saying nonsense but he is simply self centered billionaire who cares all about himself or intends to project his ideas on every other human beings. I feel like AI technology comes with a lot innovative and we could also see it implemented when it comes to our digital currencies likewise. The complete end of using money? Hell no! That'll be pure bullshit.

[Alpha Marine]

It doesn't take a genius to see that a time will come when most of the world will be digital, and most things will be purchased digitally. This is still a long time away from happening, but it's slowly approaching. Cash will go extinct with time.
Elon Musk is very wrong if he truly believes that money will be useless by 2036. Something eras have always had in common is that money has always been constant. It may take different forms, but the fact remains that every era had a means of exchange. We would never live in a world where everything that we need can be gotten for free. There will always be a cost of production, and if there is a cost of producing something, that thing will have a price to be paid for it.
As always, money, in the future, may take a different form. It might even be in a form that has not been developed yet, but the point is, there will be money.

[sunsilk]

So what CZ said was the only thing that would give benefit for his own business, and no more.

This makes sense. It's for the benefit of his business and what he's with.

He's into crypto and telling it to the world that they need stable coin despite that there are a lot of it and fiat of the government is also transitioning into digital is already there.

We've got a lot of it and I think what he wants to tell is to centralized everything and no doubt that stable coins have helped with the transfer of money from here and there. But we can't remove that fact that he probably have some advantage for it.

[justdimin]

I know Elon Musk to be a strong authority in his area but he need to add more explanation to that equivocal statement of AI meeting all our needs in 2036 where money will no longer be needed according to him. As of today, AI is already doing great things, disrupting businesses and creating many new jobs but unfortunately,  most of those AI services are not free as they require subscription to access. Hence, I wonder what Elon Musk mean or if he is building AI system that is free of charge with all features and funtionalities accessible to all.

He is not a strong authority in basically anything. SpaceX, I have to give him the rights, he did build it himself. While I understand the criticism he got because his entire company was built based on taxpayers' money, so a socialistic way of making someone capitalistically rich was definitely not a smart move for the country, it was good for the world itself. But aside from that, what has he built? Tesla was already a company that someone else founded, and the only reason he was able to get it was that he had the means for it, if the founders had money, they would have done the same. His ability was only having money, he did nothing else. Or Twitter, same, it was better before him but even with him, all he did was acquire a company that was already running. So he is not really "expert" in anything, maybe space, but that's about it. Economy? He has absolutely no clue.

Basically, stablecoins are not needed for a country's economy in my opinion. If needed, government will work on CBDC and will not adapt crypto stablecoins. So far all stablecoins in market (including DAI) are not truly decentralized which means may get seized at any time. So, not relying on stablecoins for any reason will help for sure.

[henmark]

The other time Elon musk strongly believe that we will not need money in ten years from now, because Ai could cover our needs, he may be wrong but we can from it pick that the world economy will depend on its digital prowess.

That's total BS, and I don't even understand in what context he must have said that. Is AI going to bring us food or help us get all the things that are currently bought using money? One could say that you could make money through AI, but saying that you won't need money at all doesn't make any sense at all.

What effect can having a local stablecoin on the countries digital economy.

There is no doubt that the world is moving towards digitalization very rapidly, and we will probably not have paper money or cash in the future because everything will be digital, but we can't be sure whether we will be using cryptographic digital currencies or stable coins or there will only be digital fiat currencies that will be completely under the control of the government. I know that even the stable coins are centralized, but they are at least different in nature, and if in the future, we will be using stable coins, they will most probably all be created by the governments that will be forced upon the people just like fiat currencies.

They are surely not going to allow decentralized currencies, Bitcoin might be around, but it would still not be as widely used as we expect it to be.

[Zaka1221]

If a local stable coin is well regulated and back by reliable financial system then it can strengthen countries digital economy and can make digital payment faster reduces their transaction costs, and improve their access to financial services that you for those people who are under served by traditional banks. They can also make payments cross the borders and remittance very efficiently that is the advantage for many developing economies.
Issuing a local stable coin does not guarantee economic success cyber security public trust, and monetary stability are all very essentials if the stable coin is not managed in a good way or it is manage poorly than it lack transparency that's could undermine confidence in the financial system rather than strengthing it.

[lombok]

If a local stable coin is well regulated and back by reliable financial system then it can strengthen countries digital economy and can make digital payment faster reduces their transaction costs, and improve their access to financial services that you for those people who are under served by traditional banks. They can also make payments cross the borders and remittance very efficiently that is the advantage for many developing economies.
Issuing a local stable coin does not guarantee economic success cyber security public trust, and monetary stability are all very essentials if the stable coin is not managed in a good way or it is manage poorly than it lack transparency that's could undermine confidence in the financial system rather than strengthing it.

Indeed, with new discoveries like the use of stable local currencies, the lengthy financial transaction processes can be reduced. Small businesses rejoice with the costs of transferring funds overseas being reduced and quicker. But, the danger of cybercrime and manipulation of financial reporting looms should there be laxity by regulators. In the absence of the assurnances of technological stability, and transparency in auditing, these technical benefits will suffer a crisis of confidence by the asset holders.

[TastyChillySauce00]

So according to this post https://x.com/cointelegraph/status/2082375816889970940?s=46 CZ of Binance believes that stablecoin can help improve countries digital economy.

I agree with CZ because stablecoin improves accessibility for a currency that was lesser known and enable people around the world to use it which will increase the currency strength. That statement isn't some random statement. I think he knows best about it.

The other time Elon musk strongly believe that we will not need money in ten years from now, because Ai could cover our needs, he may be wrong but we can from it pick that the world economy will depend on its digital prowess.

Elon musk possibly backtracked on this statement after he unfollowed the biggest UBI activist @AndrewYang therefore take it with grain of salt. He probably sees UBI hard to ever realize or completely changed his mind about it.