The lawyer maintains that creating a stablecoin is “an excellent deal.” He also referred to other products as scams within the realm of cryptocurrencies.
“Stablecoins are a type of scam,” said Argentine lawyer Camilo Jorajuría de León in a question and answer session on Bitcoin.
During the talk that the legal and accounting consultancy We & Law organized, the coordinator of Legal and Accounting Issues of the NGO Bitcoin Argentina expressed himself about some issues related to cryptocurrencies, such as the so-called stable currencies.
Stablecoins are cryptocurrencies that keep parity with another financial asset, generally the US dollar. Among the most popular are Tether (USDT), DAI, and USD Coin (USDC).
Jorajuría de León argued that “fiat money of the States is a scam because they create money, distribute it among themselves and then they proceed to steal the money from everyone else who uses it.” He also added that “the creators of those currencies are scamming every single user of fiat currency.”
This lawyer also ensures that “all cryptocurrencies are scams except for bitcoin.” For this reason, his convictions are that a stablecoin would be “a scam on top of a scam.” He commented that creating a stablecoin is “a profitable business” and that these coins “are very fashionable.”
“You create your stablecoin and ‘tie it’ to that scam [a fiat currency]. So your stablecoin is a shitcoin guaranteeing the price of the money and its decrease as the price of the fiat currency decreases, “said the professional.
When saying the latter, the consultant referred to the devaluation suffered by fiat currencies, even those considered most rigid such as the dollar or the euro.
An example of this is the decline of US currency’s purchasing power, the lowest drop in 10 years. The lawyer referred to this decline with a question:
“Do stablecoins guarantee that they go down in value depending on how the dollar goes down?” The lawyer asked.
Jorajuría de León also says that cryptocurrency can still be useful in many areas, maybe for traders. He maintains that it would be better for traders when It doesn’t have to be in a state-tied coin.
The Lawyer Describes Ethereum as a Scam
The conversation’s passing led the lawyer to pronounce his opinion on the cryptocurrency that occupies second place. “Ethereum is a scam,” he declared.
The exponent’s argument goes in favor of that statement. He said that there are many proposals about the things that Ethereum could do.
“The only achievement of Ethereum is a series of scams called ICOs [initial coin offering, for its acronym in English].”
“To get investments, you have to comply with specific legal regulations. You cannot get money from a user just like that because there is a system that seeks, at least in theory, to protect investors, “he said. He also added that With these ICOs, the management could bypass those regulations and get money from unsuspecting investors by promoting projects that will never happen.
By: Jenson Nuñez