Anyone have any idea why this can't be used in New York?
Coinbase is launching support for the USDC stablecoin
111–120 of 388 posts
Re: Coinbase is launching support for the USDC stablecoin
#112Re: Coinbase is launching support for the USDC stablecoin
#113Earlier quoted context omitted.
It can be traded directly. It's just an erc20 token.
I understand its an ERC20 token. Do you understand how Coinbase and Circle will remain within regulatory compliance (AML/KYC) regarding USDC and the obvious potential for money laundering?
This is purely speculation but: since it's on the Ethereum chain anyone can see the history of tokens on any account, and as long as the tokens only move between accounts that are known then that should be good enough. They could very well make it so that if you transfer tokens outside of accounts controlled by or known to the exchanges then those tokens will become tainted and no longer redeemable.
Re: Coinbase is launching support for the USDC stablecoin
#114Earlier quoted context omitted.
The tokens only have value as long as your tokens are redeemable. Multiple things can make them non-redeemable: * Your tokens can be tainted, for instance because they were once owned by a blacklisted address. The value of your tokens will be effectively 0. * The issuer might run a fractional reserve (this is the accusation against Tether, the most popular stablecoin at the moment) * The asset backing the stablecoin…
Basically this. It's a shame people don't understand crypto at all.
I don't believe many Cryptocurrency advocates understand Cryptography
Re: Coinbase is launching support for the USDC stablecoin
#115Stablecoins seem like they would achieve most of the goals of the original cryptocurrencies such as Bitcoin: - Decentralized transactions - 24/7 access - Low fees - Store of value I suppose the only drawback here is that they're issued from a centralized authority. That said, for practical purposes the vast majority of Bitcoin holders didn't mine their own coins either. Despite this, no one on Twitter[1] seemed excit…
The US dollar already is exactly that with square cash or Venmo.
Square Cash
Confirm your country
United States
United Kingdom
There are two main requirements for using Venmo:
You must be physically located in the United States
You must have a U.S. cell phone that can send/receive text messages from short codes (please note that this phone number can not be on file with another Venmo account)
I can use USDC as much as I want yet I'm Canadian and that's true for any country in the world, whoever you are, whenever you are, however you do it.
Re: Coinbase is launching support for the USDC stablecoin
#116How are USD backed cryptocurrencies not considered illegal USD surrogates? If they aren't yet, maybe they will be once there's a lawsuit.
A money market account is also not considered an illegal USD surrogate.
Re: Coinbase is launching support for the USDC stablecoin
#117Earlier quoted context omitted.
The US dollar already is exactly that with square cash or Venmo.
Except you can't send between the two. Isn't that so silly? You can send USDC to/from any wallet that implements it. This is a benefit of the blockchain, a protocol for money.
You say that Venmo and Square are inferior to USDC, because the first two cannot communicate with each other.
Then, you say that USDC is superior, because it cannot communicate with the other two.
Re: Coinbase is launching support for the USDC stablecoin
#118Seriously, what is the point? Even if this is a perfectly honest and functioning system, if you're using a currency that is pretty much like the dollar, regulated as the dollar, inflated as the dollar, why not just use the dollar?
Since it's an Ethereum token, you can write smart contracts that use dollars instead of smart contracts that use ETH.
Re: Coinbase is launching support for the USDC stablecoin
#119Earlier quoted context omitted.
The tokens only have value as long as your tokens are redeemable. Multiple things can make them non-redeemable: * Your tokens can be tainted, for instance because they were once owned by a blacklisted address. The value of your tokens will be effectively 0. * The issuer might run a fractional reserve (this is the accusation against Tether, the most popular stablecoin at the moment) * The asset backing the stablecoin…
I would imagine that the secret service would take ownership of the coins and then reissue them thus resolving their criminality.
Why would the Secret Service start help laundering money?
Re: Coinbase is launching support for the USDC stablecoin
#120It is obscenely disingenuous, almost fraud, to put "USD" in the name of the coin. That's not what it is. The ability to convert to/from the coin is entirely based on the good graces of the issuer, and any regulators in the relevant jurisdiction(s). People see "USD" and think it's a dollar. Stablecoin authors know this.
Unlike more seedy exchanges, Coinbase is based in a state with useful regulators (in this case, the US). Like others have said here, expect them to stomp the shit out of this.
Unrelated: has anyone audited the contract?