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An emerging use-case is a bank account for AI agents. I read that Coinbase 'Base' Ethereum layer2 is popular for AI banking.
Or you could just give your agents a debit card number loaded with only as much money as you specify.
The weird thing about it to me is that it lumbers on. There was that time I’d dread going to parties because that crypto guy was there. That time Bloomberg got its best writer to write a whole issue of Businessweek about it a week before the SBF fraud broke. Then there was that weird time between when crypro brown jumped on the AI bandwagon before Ezra Klein did. And now the crypto bros are still talking… to each oth…
Perhaps it is actually useful to some people.
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I assume he is referring to the uptick in stablecoin adoption. USD Stable coins are US dollar-backed cryptocurrency tokens that are intended to always hold a value of $1 USD. Stablecoins are not backed by a central bank. Instead their source of value comes from a private company that holds actual US dollars or USD-equivalent reserves (like treasury bills, etc).
I've always wondered, how do the companies that run stablecoins make a profit? Are they buying treasury bonds?
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The global poor already had ways to store value in dollars. They could simply exchange whatever meager savings they had into... real dollars! And they have been doing that for decades. I don't know whether anyone in the west really believes in this bullshit of cryptocurrencies that give the global poor options.
This is simply not true. In South Africa, one of the largest African economies, you cannot hold foreign currency unless you are traveling and then you have to sell it back within 30 days of returning to the country. You can open a foreign currency account with a minimum of eg R1500 which is half the monthly minimum wage. Then there are the exchange fees to talk about. You are oversimplifying.
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>Outside of that, as an EU/US citizen I don't see why I'd hold stablecoins instead of fiat. because fiat can be taken away from you.
Hate to break it to you, but anything can legally be taken away from you by the justice system. And fighting the government can put you in prison, too. It's just LARPing.
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>Outside of that, as an EU/US citizen I don't see why I'd hold stablecoins instead of fiat. because fiat can be taken away from you.
Hate to break it to you, but anything can legally be taken away from you by the justice system. And fighting the government can put you in prison, too. It's just LARPing.
Usually LARPers are conscious that they don't have magic or any sword skills. I'm pretty sure the person who you respond too really think what he wrote.
Cryptocurrency is very much a double edged sword, on one hand it enables people to transact monetary value bypassing for-profit operators such as western union and paypal as well as hinders corrupt government institutions from confiscating or otherwise devaluing what you own. Of course this also allows people with harmful intentions to do the same, bypass centralized systems that keep fraud in check, mitigate theft a…
You are not even getting rid of that, you are just replacing them with a different set of middlemen in the crypto ecosystem who are demanding substantially higher fees than, say, a Wise does.
I've been deep into crypto for years and I was a big stablecoin supporter. I was fascinated by the tech and I still am. But everything outside the tech itself is just trash, scams, and gambling. I've come to believe that "pure" decentralization is neither practical nor particularly convenient. The only real use case that makes sense to me is giving people in developing countries access to a stable currency they can a…
The logical conclusion of this train of thought (which I agree with) is that people who heavily invested in crypto may significantly benefit from weakening strong currencies and institutions. Make of that what you will.
>Meet Mike. Mike is a college freshman who is exposed to crypto through social media. He downloads Coinbase, buys ten dollars of CumRocket because his friend group is in on it, watches the price move, and feels for the first time the dopamine rush of gambling on non-economic random walks. By his sophomore year he is onto harder drugs: 0DTE options on triple-leveraged single-stock ETFs he does not understand, traded o…
This is a "vice" thing. Vices are things which match this pattern like alcohol or drugs: - many people don't indulge at all - many people indulge occasionally to no real harm - some people indulge in a way that makes a short term recoverable mess - a few people get addicted and are unable to stop. May or may not also be harmed at this point, but this tends to lead to cumulative harm - a few people really mess up trag…
Cryptocurrency is very much a double edged sword, on one hand it enables people to transact monetary value bypassing for-profit operators such as western union and paypal as well as hinders corrupt government institutions from confiscating or otherwise devaluing what you own. Of course this also allows people with harmful intentions to do the same, bypass centralized systems that keep fraud in check, mitigate theft a…
I’m ignorant of this but it seems wrong. 30% lost in fees?? Can they not manage to open a dollar-backed account somewhere? Also: > being stored in a currency that might lose a majority of its value overnight I for sure put crypto in this same category. “Stablecoin” or not.
Which country will take 30% cut from incoming foreign transaction? The highest combined fees I could find are for Sub-Saharan Africa and those are below 10%, supporting tax/social evasion claim.
Could be completely legal but when folks don't provide details its often safe to assume the worse scenario when it comes to money, taxation and screwing the government.