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Reserve – A flexible pool of stablecoins designed to reduce risk

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Re: Reserve – A flexible pool of stablecoins designed to reduce risk

#111

Post by fock »

rglullis wrote: post #108
arcticbull wrote: post #105

Earlier quoted context omitted.

(1) IMO your point about scale is asinine. If it doesn't scale, it can only help a small number of people so the net welfare increase is negligible. Might as well not exist if it can't scale. I'm not saying to everyone, I'm saying to more than a single Costco . As I said, Layer 2 doesn't count because you can just as easily set up a fiat bank as an exchange, and with far less regulation in exchanges you take on way m…

(1) substitute "people" for a "clusters of people with insular trust". Most of these people can not setup an account, but some of them can. They collectively managed their internal accounting and only need to go to the blockchain when a settlement with someone from the outgroup needs to be done. What is so hard to understand about this? (2) Yes. IN EUROPE . I talked about Brazil. How many times is it going to take fo…

> (1) substitute "people" for a "clusters of people with insular trust". Most of these people can not setup an account, but some of them can. They collectively managed their internal accounting and only need to go to the blockchain when a settlement with someone from the outgroup needs to be done. What is so hard to understand about this?

Great, now we are at the 10k libertarian tribes, which conveniently want to impose a great cost (energy-wise - and no, you didn't mention how this is set to improve) on society for their personal freedom. I understand that. Most often these libertarian interests align with criminal interests, I also understand that this is what happens with a bunch of sociopaths...

> (3) You can not hold CAD or NZD or USD or EUR on a bank from Brazil. You have to convert it and there is a 6% fee for it. This is on top of the exchange rate fee from transfer wise.

Can you just communicate with your libertarian tribes there, if you are not one of the persons actually allowed to communicate internationally ;).

Re: Reserve – A flexible pool of stablecoins designed to reduce risk

#112

Post by arcticbull »

rglullis wrote: post #108
arcticbull wrote: post #105

Earlier quoted context omitted.

(1) IMO your point about scale is asinine. If it doesn't scale, it can only help a small number of people so the net welfare increase is negligible. Might as well not exist if it can't scale. I'm not saying to everyone, I'm saying to more than a single Costco . As I said, Layer 2 doesn't count because you can just as easily set up a fiat bank as an exchange, and with far less regulation in exchanges you take on way m…

(1) substitute "people" for a "clusters of people with insular trust". Most of these people can not setup an account, but some of them can. They collectively managed their internal accounting and only need to go to the blockchain when a settlement with someone from the outgroup needs to be done. What is so hard to understand about this? (2) Yes. IN EUROPE . I talked about Brazil. How many times is it going to take fo…

> Transferwise uses rates close to what the central bank/governments is paying, which is far from the actual market rate. Plus the whole 6% fee.

No, you're not listening. TransferWise Borderless is a bank account into which you can deposit and retain US dollars or Euros or CAD or NZD, and any other currency you want, even in Brazil. There's no 6% fee because there's no conversion. There's no exchange rate because there's no conversion. Unless you elect to. Read about it and then reply. It stays in the currency which you receive. It's a multi-currency online bank account.

They give you an account number and a routing number in the US, and in SEPA, and in the UK, and in Australia, and so on. You receive a domestic transfer. It shows up in your account in the foreign currency. And it stays in the foreign currency. Then you can send it elsewhere if you want. Or hold onto it.

Doesn't expanding TWB sound way better than crypto? It's nice and regulated, and insured too!

[1] https://transferwise.com/us/multi-currency-account/

Re: Reserve – A flexible pool of stablecoins designed to reduce risk

#113

Post by CryptoPunk »

TheColorYellow wrote: post #86
CryptoPunk wrote: post #68

Earlier quoted context omitted.

Regulators work for us, and should be answerable to the people through their democratically elected representatives. Their job shouldn't be to protect and expand the control the state wields. It should be exclusively to further the public interest, whether that is through expanding state power, or relinquishing it to make way for new non-governmental mechanisms of socio-economic coordination. I understand your point…

What proof do you have that decentralization technology furthers public interest? I'm sorry, but the institutions are in place today precisely because it is society that upholds them or tears them down. The gears may turn slowly when it comes to implementing change, but they very much are answerable to the public in democratic societies.

My point is regulators shouldn't be reflexively opposed to decentralization and the retreat of state power. Their agenda should be exclusvely to advance the public interest, and it's by no means established that centralization and state control is always and everywhere in the public interest.

>>I'm sorry, but the institutions are in place today precisely because it is society that upholds them or tears them down.

That's one theory. Another is that the institutions that are in place are there because that was the best we could do with the technology of the time. Representative democracy combined with a market economy was as decentralized as we could go 200 years ago with the communication/coordination technology available at the time.

Another theory is that institutions are a trial and error process, and when they start to fail, people naturally form alternatives.

A reflexive anti-decentralization position by a party wielding regulatory power is reckless and not in the public interest.

And society holds up decentralized institutions just as much as it holds up state-based ones. The former could be argued to be an even more direct expression of society's will, as the maintainers of decentralized institutions are the users themselves, rather than delegates that form their own insitituonal interest groups.

Re: Reserve – A flexible pool of stablecoins designed to reduce risk

#114

Post by CryptoPunk »

notahacker wrote: post #82
CryptoPunk wrote: post #55

Earlier quoted context omitted.

>>KYC processes are, essentially, the law They do not apply to all financial interactions. Fortunately they have not yet passed KYC laws that apply to many types of peer-to-peer financial activity, as the ones in force were designed for an era where electronic transactions were only intermediated by large trusted third parties, and largely exempt direct p2p transactions. So this sudden opportunity to legally engage i…

> Similar to how the internet forced governments to back off on censorship laws, cryptocurrency has the potential to force the political class to rethink current financial crime laws and liberalize people's access to money. Or it has the potential to force the political class to rethink current financial crime laws, and tighten up P2P loopholes cryptoenthusiasts are exploiting to make their product more attractive to…

The internet also created new classes of crime. It doesn't mean we're worse off for liberalizing access to telecommunicatiom.

As for which I think is more likely, I think it's liberalization of finance and the retreat of the surveillance state. The new DeFi system is so much more efficient than the traditional financial system and the restrictions it's straddled with, that economic value will flow to it, and economic interests will trump the institutional inertia of the up-to-now steadily advancing surveillance state.

And it's fortunate too. If not for the sudden splash of financial liberalization brought about by cryptocurrency, the frog in the pot would have slowly been boiled by the creeping centralization of finance that has occurred over the last 40 years.

The last 40 years has seen regulatory institutions increase the restrictions they impose, the staff they employ, and the budgets they oversee, while becoming increasingly intertwined with the corporate giants they are meant to regulate through campaign contributions, political lobbying and the revolving door that exists between them and the private sector.

Re: Reserve – A flexible pool of stablecoins designed to reduce risk

#115

Post by CryptoPunk »

riffraff wrote: post #88
CryptoPunk wrote: post #55

Earlier quoted context omitted.

>>KYC processes are, essentially, the law They do not apply to all financial interactions. Fortunately they have not yet passed KYC laws that apply to many types of peer-to-peer financial activity, as the ones in force were designed for an era where electronic transactions were only intermediated by large trusted third parties, and largely exempt direct p2p transactions. So this sudden opportunity to legally engage i…

> how the internet forced governments to back off on censorship laws Did they? Governments regularly censor stuff on the internet all over the world.

One example is that obscenity laws stopped being enforced in some states as authorities gave up on trying to stop internet pornography.

That's maybe not the best example for making a pro-liberalization case, as pornography isn't exactly a public good, but it's what comes to mind as a clear case of the legal strategy employed by the state changing due to new technology.

Re: Reserve – A flexible pool of stablecoins designed to reduce risk

#116

Post by rglullis »

fock wrote: post #111
rglullis wrote: post #108

Earlier quoted context omitted.

(1) substitute "people" for a "clusters of people with insular trust". Most of these people can not setup an account, but some of them can. They collectively managed their internal accounting and only need to go to the blockchain when a settlement with someone from the outgroup needs to be done. What is so hard to understand about this? (2) Yes. IN EUROPE . I talked about Brazil. How many times is it going to take fo…

> (1) substitute "people" for a "clusters of people with insular trust". Most of these people can not setup an account, but some of them can. They collectively managed their internal accounting and only need to go to the blockchain when a settlement with someone from the outgroup needs to be done. What is so hard to understand about this? Great, now we are at the 10k libertarian tribes, which conveniently want to imp…

> energy-wise (...) you didn't mention how this is set to improve

Not on this thread, but yes, I did talk about work on Proof-of-Stake on Ethereum and the work on layer-2 projects.

If you are interested, take a look at Loopring or Raiden, both projects allow value transfers between people at near-zero costs. Loopring is a bit more centralized than Raiden but its UX is easier, Raiden still is complicated to setup but can scale linearly with the number of nodes in the network.

> Most often these libertarian interests align with criminal interests.

Get rid of the weasel-words and try again. What is your actual condemnation here?

For whatever it is you think it is a crime, ask yourself (a) if crypto is enabling criminal actions that would be otherwise prevented and (b) how much these activities would not exist if the institutions were actually working at the best interest of the people.

Money laundering, drug/gun/people trafficking already exist without crypto. It's not like criminals will become good citizens if we get rid of crypto. Black markets come to exist because of oppressive regimes, not despite them.

Re: Reserve – A flexible pool of stablecoins designed to reduce risk

#117

Post by rglullis »

arcticbull wrote: post #112
rglullis wrote: post #108

Earlier quoted context omitted.

(1) substitute "people" for a "clusters of people with insular trust". Most of these people can not setup an account, but some of them can. They collectively managed their internal accounting and only need to go to the blockchain when a settlement with someone from the outgroup needs to be done. What is so hard to understand about this? (2) Yes. IN EUROPE . I talked about Brazil. How many times is it going to take fo…

> Transferwise uses rates close to what the central bank/governments is paying, which is far from the actual market rate. Plus the whole 6% fee. No, you're not listening. TransferWise Borderless is a bank account into which you can deposit and retain US dollars or Euros or CAD or NZD, and any other currency you want, even in Brazil . There's no 6% fee because there's no conversion. There's no exchange rate because th…

Alright, it does help with the holding. Still, it misses the point that unless you get the people in your local economy to adopt it, you still need to withdraw it to use it.

> Doesn't expanding TWB sound way better than crypto?

whynotboth.jpg? Why do you want to deprive yourself and others of the option?

> It's nice and regulated.

And under the control and monitoring of a government that people do not trust. And that can be killed by the government if people start using extensively for their own benefit and starts hurting the government's bottom line.

Re: Reserve – A flexible pool of stablecoins designed to reduce risk

#118

Post by bastawhiz »

CryptoPunk wrote: post #55
bastawhiz wrote: post #38

> Crypto-as-money is still young. We have a lot to do. Do you remember Napster? Tether is kinda like Napster – it's taking off, people love it, it's a little sketchy, and it's probably not the design that will last. We don't want to make the equivalent of Kazaa – another blip in the history that ultimately doesn't ultimately work out. The challenge is to build a platform that's as robust as BitTorrent and as great to…

>>KYC processes are, essentially, the law They do not apply to all financial interactions. Fortunately they have not yet passed KYC laws that apply to many types of peer-to-peer financial activity, as the ones in force were designed for an era where electronic transactions were only intermediated by large trusted third parties, and largely exempt direct p2p transactions. So this sudden opportunity to legally engage i…

> Similar to how the internet forced governments to back off on censorship laws, cryptocurrency has the potential to force the political class to rethink current financial crime laws and liberalize people's access to money.

To do this the currency needs to win in a battle against every government without being blocked or made illegal. It doesn't matter what you think about KYC laws: trying to subvert them means taking on governments, and that is almost never a winning strategy. Especially when your strategy is "build a technical system that outfoxes the government by strong-arming them into my way of thinking".

Re: Reserve – A flexible pool of stablecoins designed to reduce risk

#119

Post by gogopuppygogo »

bulgar73 wrote: post #69
CryptoPunk wrote: post #16

Earlier quoted context omitted.

Well, you don't have to have a standalone coin to get the features you desire. For example the AZTEC Network, which is a privacy protocol, can be used with any Ethereum-based ERC20 token, including algorithmic stablecoins like DAI, and soon Reserve. A demo a couple years ago showed AZTEC being used to conduct privacy-protected DAI transactions for the first time: https://twitter.com/avsa/status/1068536063470125056 Si…

You are wrong. We have one which is what he want !!! Asset “xUSD” - first and only untraceable private stablecoin in monero based blockchain developed by www.havenprotocol.org team. XUSD was started 07/2020 and soon in 02-03/2021 team also start next four assets - xEUR, xCNY, xGOLD and xSILVER. All in private haven protocol.

xUSD seems to be worth $0.94 at this time on: https://coinmarketcap.com/currencies/xusd-stable/

Sounds like a near stable coin but 6% depreciation is still not stable.

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