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Coffeezilla, a YouTuber Exposing Crypto Scams

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Re: Coffeezilla, a YouTuber Exposing Crypto Scams

#141

Post by arcticbull »

abxytg wrote: post #73
Feriti wrote: post #70

Earlier quoted context omitted.

So what are real use cases in your opinion? Something which really need crypto/Blockchain and is really trustworthy? Something which doesn't break the trust Anker of a Blockchain by having any dependency outside of a Blockchain.

"Something which doesn't break the trust Anker of a Blockchain by having any dependency outside of a Blockchain." Only the critics look for this type of weird ideological purity. the rest of us just want somewhere to use the value we create.

> Only the critics look for this type of weird ideological purity. the rest of us just want somewhere to use the value we create.

Yeah it's called the entire existing global financial network. You're creating things that have no value. Sorry, it's tough to hear, but you've been building baloney. Just building isn't good enough.

Re: Coffeezilla, a YouTuber Exposing Crypto Scams

#142

Post by low_tech_love »

johnebgd wrote: post #42

Blockchain has two proven use cases: 1.) Speculative investment assets. 2.) Moving value outside of a financial system. Unregulated stable coins have proven to be as stable as the titanic was unsinkable. Number 1 is really a problem because of Number 2. Number 2 is a fancy way to describe a primary use case being money laundering. Of course though there are some instances where that’s helpful like backing a foreign g…

What do you mean it’s a “solution in search of a problem”? It solves a very clear problem: lack of scalability of traditional Ponzi schemes. That’s why most of the answers to criticism of cryptocurrencies is usually “it’s not much worse than the kind of thing that led to the 2008 crash”. For crypto enthusiasts the problem is not that scams exist; it’s that they didn’t get to join them early enough.

Re: Coffeezilla, a YouTuber Exposing Crypto Scams

#143

Post by low_tech_love »

syzygyhack wrote: post #62
johnebgd wrote: post #42

Blockchain has two proven use cases: 1.) Speculative investment assets. 2.) Moving value outside of a financial system. Unregulated stable coins have proven to be as stable as the titanic was unsinkable. Number 1 is really a problem because of Number 2. Number 2 is a fancy way to describe a primary use case being money laundering. Of course though there are some instances where that’s helpful like backing a foreign g…

> Unregulated stable coins have proven to be as stable as the titanic was unsinkable. When in the last five years have you had difficulty cashing out USDT, USDC, or DAI at dollar value?

If you can’t learn from examples, I guess you’re gonna have to learn by experience.

Re: Coffeezilla, a YouTuber Exposing Crypto Scams

#144

Post by low_tech_love »

everfree wrote: post #103
austinkhale wrote: post #100

Earlier quoted context omitted.

What do you mean “fully backed”? The last time I checked on USDT (which was a while ago) I thought they admitted it was a fractional reserve, primarily denominated in undisclosed commercial paper. Additionally, they had not yet received an unqualified audit report from any of the big four. Has something changed in the last year or so?

As I said, Tether (USDT) is an arguable exception. You seem to be arguing that exception. I don't disagree with you.

I’m genuinely curious, can you point me to credible information showing that some other stablecoin is actually fully backed?

Re: Coffeezilla, a YouTuber Exposing Crypto Scams

#145

Post by low_tech_love »

nyolfen wrote: post #44
johnebgd wrote: post #42

Blockchain has two proven use cases: 1.) Speculative investment assets. 2.) Moving value outside of a financial system. Unregulated stable coins have proven to be as stable as the titanic was unsinkable. Number 1 is really a problem because of Number 2. Number 2 is a fancy way to describe a primary use case being money laundering. Of course though there are some instances where that’s helpful like backing a foreign g…

your talking points are from like 2012 man. off the top of my head: remittances, online retail, trustless decentralized computational systems

A trustless descentralized system that manages to process a handful of operations a second by spending as much energy as a country?

Re: Coffeezilla, a YouTuber Exposing Crypto Scams

#146

Post by low_tech_love »

nyolfen wrote: post #121
messutied wrote: post #48

Earlier quoted context omitted.

Can you link a couple of sources that show companies that successfully leverage this use cases?

i run a small retail business that only accepts crypto and it's been doing fine

Could you tell us why you chose to do that?

Re: Coffeezilla, a YouTuber Exposing Crypto Scams

#147

Post by everfree »

low_tech_love wrote: post #144
everfree wrote: post #103

Earlier quoted context omitted.

As I said, Tether (USDT) is an arguable exception. You seem to be arguing that exception. I don't disagree with you.

I’m genuinely curious, can you point me to credible information showing that some other stablecoin is actually fully backed?

USDC backing, audited by a large US accounting firm: https://www.centre.io/usdc-transparency

GUSD backing, also audited by a large US accounting firm, subject to New York State Department of Financial Services regulations: https://www.gemini.com/cryptopedia/gusd-stablecoin-gemini-do...

USDP backing, also audited by a large US accounting firm and subject to New York State Department of Financial Services regulations: https://paxos.com/usdp/

DAI backing, viewable transparently on-chain. Currently backed 168% by collateral: https://daistats.com/#/overview

LUSD backing, viewable transparently on-chain. Currently backed 189% by collateral: https://dune.com/dani/Liquity

UST (Terra/Luna) and USDT (Tether) have/had nothing like this.

Re: Coffeezilla, a YouTuber Exposing Crypto Scams

#148

Post by dghlsakjg »

nyolfen wrote: post #121
messutied wrote: post #48

Earlier quoted context omitted.

Can you link a couple of sources that show companies that successfully leverage this use cases?

i run a small retail business that only accepts crypto and it's been doing fine

What do you sell/provide?

Re: Coffeezilla, a YouTuber Exposing Crypto Scams

#149

Post by lpolovets »

johnebgd wrote: post #42

Blockchain has two proven use cases: 1.) Speculative investment assets. 2.) Moving value outside of a financial system. Unregulated stable coins have proven to be as stable as the titanic was unsinkable. Number 1 is really a problem because of Number 2. Number 2 is a fancy way to describe a primary use case being money laundering. Of course though there are some instances where that’s helpful like backing a foreign g…

I disagree strongly that moving outside of the financial system is primarily used for money laundering. Bitcoin is great for censorship resistance, and for offering an alternative to oppressive monetary policies. Here's a good article touching on some of the use cases outside of the US: https://bitcoinmagazine.com/culture/check-your-financial-pri...

In the long run, I hope Bitcoin's existence will also lead to better monetary policies since governments have always assumed a monopoly on money, and now there's finally some true competition. And competition leads to better outcomes for consumers/citizens.

Re: Coffeezilla, a YouTuber Exposing Crypto Scams

#150

Post by formerly_proven »

arcticbull wrote: post #135
syzygyhack wrote: post #62

Earlier quoted context omitted.

> Unregulated stable coins have proven to be as stable as the titanic was unsinkable. When in the last five years have you had difficulty cashing out USDT, USDC, or DAI at dollar value?

> When in the last five years have you had difficulty cashing out USDT, USDC, or DAI at dollar value? Wow, naming USDT was a bold choice since Paolo's answer as to why they can't tell you what backs it was almost verbatim what Skilling said when asked why Enron couldn't provide a balance sheet. [1] [1] https://www.youtube.com/watch?v=kp5kv7aENxw

I thought I was listening to a podcast but it seems I accidentally stumbled into a butcher.
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