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Report on Stablecoins [pdf]

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Re: Report on Stablecoins [pdf]

#661

Post by jkhdigital »

shkkmo wrote: post #458
jkhdigital wrote: post #391

Earlier quoted context omitted.

> Since you asked, yes. I do. To me, it's like asking if a beehive will always have a queen. It's in our DNA. Not the asker, but thank you for answering this--it goes a long way toward understanding where your arguments are coming from.

Places without a functional government have a history of doing pretty poorly. I think the burden of proof that there is a possible future without government lies on those making that claim. That burden has definitely not been met and the thus the feverent belied in that claim by cryptocurrency bulls is not rational.

This is kind of a straw man… while I’m sure there are some fringe John McAfee-types who think crypto is the door to anarcho-capitalism, I don’t take any of them seriously. So I’m not sure who you’re directing your argument towards.

Re: Report on Stablecoins [pdf]

#662

Post by lowkey »

sizzle wrote: post #568
lowkey wrote: post #525

Earlier quoted context omitted.

Look into the Terra stablecoin network and read the whitepaper before dismissing it. The returns are very real. There is a reason that decentralized finance is the fastest growing industry in history. You may want to investigate with an open mind.

Thoughts on UST? Is it related to Luna?

UST is the stablecoin pair to Luna which is the native token of the Terra network - an algorithmic stablecoin platform. It's an innovative approach to stablecoins across multiple currencies and it is growing amazingly fast.

I would encourage everyone who feels like they missed out on Bitcoin or Ethereum to understand that Decentralized Finance is yet another opportunity of a lifetime. Centralized banking is the legacy play here and it is being disrupted at an amazing pace by DeFi. If you have an open and curious mind and are able to do some research down the rabbit hole, this is a space that will provide handsome returns to the enthusiast - already has.

Re: Report on Stablecoins [pdf]

#663

Post by epinephrinios »

midev wrote: post #463
epinephrinios wrote: post #363

Earlier quoted context omitted.

I can protect my own money, thank you. I do not need a nanny. Anonymity might seem redundant to you and other people who "have nothing to hide". However, in a slightly more dystopian reality -e.g. when we are forced to use CBDCs- the government might choose to block you from using your hard earned money because you posted a criticism of the president on twitter.

> I can protect my own money, thank you. I do not need a nanny I love when people out themselves as having never worked on anything significant. Yeah, sure, for your pocket change, I'm sure you can reasonably protect it. For any significant transaction, I want the ability to reclaim my money if the other side turns out to be fraudulent.

> people out themselves as having never worked on anything significant I really don't understand how you jumped to this condescending conclusion.

> the other side turns out to be fraudulent Crypto is not here to protect you from falling victim to fraud. It is here to replace a faulty and completely outdated financial infrastructure. The same laws against criminals apply whether they use crypto or not.

Re: Report on Stablecoins [pdf]

#664

Post by epinephrinios »

TrackerFF wrote: post #557
epinephrinios wrote: post #360

Earlier quoted context omitted.

And the market rebounded without a government bailout.

...and that's the dilemma. Did the market rebound because there's a organic growth of buyers, or did printing tethers out of thin air help this?

Tether maybe used to be a huge risk for the Bitcoin price a few years back. Notice that we are only talking about the $ price here and not the tech.

The market is way more robust now, especially now that Ethereum is so huge and provides way cleaner alternatives like DAI and USDC.

Re: Report on Stablecoins [pdf]

#665

Post by epinephrinios »

seoaeu wrote: post #377
epinephrinios wrote: post #360

Earlier quoted context omitted.

And the market rebounded without a government bailout.

Which is pretty clear evidence that those crashes weren't "catastrophic". That doesn't provide any proof that a future crash won't be substantially worse

Similar crashes in the TradFi space would be considered worse than "catastrophic". Media would struggle to find words to describe them.

Re: Report on Stablecoins [pdf]

#666

Post by Igelau »

sanderjd wrote: post #656
Igelau wrote: post #628

Earlier quoted context omitted.

It was a bit brusque. I think that's the word you're looking for. If that's what bad faith means to you (which still seems a stretch of the definition so you can get the guidelines invoked and win the internet) then both sides of the discussion are guilty of this. On the other side of the aisle, we have people pointing out that there aren't any interesting dApps, with the reply being: "Sure there are! Here's a list d…

There's a difference between "pointing out that there aren't any interesting dApps" and saying "This is just pathetic". The former is a reasonable point to make while the latter is a bad faith insult.

Instead of the thinly veiled ad hominem of trying to paint the user as a troll by crying "bad faith! bad faith!" Why didn't you provide some killer examples instead? This omission is as frequent as it is telling.

Re: Report on Stablecoins [pdf]

#667

Post by panarky »

TheAlchemist wrote: post #587
panarky wrote: post #545

Earlier quoted context omitted.

There wasn't this loud of a chorus continuously yelling that Madoff and Gox were scams, in every possible media outlet from blogs to Bloomberg, for seven years. There wasn't a well publicized US federal indictment and investigation of Madoff and Gox, settled with a fine and no injunction. I'm not saying Tether is clean or 100% funded, I don't know. But unlike Madoff and Gox, accusations have been very loud and very p…

There were a lot of people saying Madoff was a fraud for years. Check this guy: https://en.m.wikipedia.org/wiki/Harry_Markopolos

Few have heard of this guy, while everybody has heard about how Tether is a scam.

Re: Report on Stablecoins [pdf]

#668

Post by lowkey »

SavantIdiot wrote: post #178
lowkey wrote: post #167

Earlier quoted context omitted.

Yes, but you likely live in a first-world country with generous options for banking. Bitcoin can serve anyone anywhere, regardless if they live in a privileged country or not. Try using your USD bank to send/receive money as a citizen of Iran or Libya or Nigeria. There are over 1 billion unbanked in the world today. They cannot use the US dollar easily online.

This is the fallback argument crypto enthusiasts use when their primary arguments fail. I'd like to learn more about the truth to this claim.

I work on an international team and 2 of our devs are based in Nigeria. Nigeria currently suffers from 16% annual inflation and so the people have flocked to crypto as a store of value. Over 20% of the population uses cryptocurrencies. There are many more examples including Venezuela, Iran, the West Bank, and El Salvador.

Re: Report on Stablecoins [pdf]

#669

Post by lowkey »

mosdl wrote: post #639
lowkey wrote: post #167

Earlier quoted context omitted.

Yes, but you likely live in a first-world country with generous options for banking. Bitcoin can serve anyone anywhere, regardless if they live in a privileged country or not. Try using your USD bank to send/receive money as a citizen of Iran or Libya or Nigeria. There are over 1 billion unbanked in the world today. They cannot use the US dollar easily online.

You still need internet and some device to use crypto. Many don't have that.

Consider that many more have internet and a smartphone than a bank account. There are over 1 billion unbanked in the world, many of those have internet and smartphones. You would be surprised at the spread of smartphones amongst the world's poor - much greater than the prevalence of bank accounts with FDIC insurance or the equivalent.

Re: Report on Stablecoins [pdf]

#670

Post by oarabbus_ »

graeme wrote: post #571
oarabbus_ wrote: post #495

Earlier quoted context omitted.

>That same thing will happen if crypto has a major run. The exchanges already conveniently "go down" when Bitcoin dumps even now To this point specifically: is there any proof this is malicious? Amazon, Facebook, Google have all had outages before; shouldn't we apply Hanlon's Razor when a cryptocurrency exchange fails to serve requests during a massive traffic spike?

The exchanges never go down when the crypto price rises, only when it falls. Further, an honest exchange makes money on people’s trades. Going down when volume is high means giving up peak profits. Equivalent of amazon reliably going down on black friday.

Well, I still don't think that's concrete evidence of maliciousness.

First and most importantly, the crypto market can drop 15-20%+ in a 24 hour period; similar rises take multiple days on high-volume, large-cap coins. This is actually not specific to cryptocurrencies, there's a well known phrase in the equity markets "bulls take the stairs, bears take the elevator (or 'the window')".

Similarly, with such volatile assets, when the price falls dramatically, many people are running for the exits. On the other hand, when the price is skyrocketing, many people have a "hodl" mentality, think the price will rise up further, etc. If the price falls off a cliff everyone is trying to sell, but when the price spikes many feel "I missed my chance, better wait for a dip" and aren't rushing to buy.

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