121–130 of 388 posts
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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?
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> once I have acquired dollars and wish to send them to you I must involve a third party Cash. (There is no way to send electronic dollars without involving a third party, though more money is laundered using dollars and euros than cryptocurrencies. I'd argue leaving a permanent, public record of transactions is a poor price to pay for decentralized electronic transmission, particularly given the centralized issuer a…
> There is no way to send electronic dollars without involving a third party Yeah but that third party is everywhere, available to all (US isn't the only country in the world you know?) and isn't aware you are using his service for sharing cryptocurrencies or simply reading Hacker News. The current third parties for transferring money, well they all fail one or multiple of theses while cryptocurrencies dosen't.
Stablecoins, on the other hand, have zero advantages over U.S. dollars. Backer goes bust, someone steals the dollars, someone freezes their accounts, et cetera and your currency is worthless. A trusted third party rests at the centre who is less regulated and guaranteed than a bank.
(I'm sceptical that these schemes will pass AML muster. Using a stablecoin over U.S. dollars makes sense if you're (a) incompetent or (b) laundering money.)
Excited to see a reputable company like Coinbase launch this. Hopefully with their reputation we can avoid another Tether situation. The US government should launch their own stablecoin. A digital US dollar is a national need that shouldn’t be managed by a corporation in my opinion.
USD is already digital, the vast majority of dollars in circulation are not bills/coins
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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?
It 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…
(Granted, there's a huge difference, since WellsFargoCoin is backed by the FDIC... (Edit: maybe there is not so much of a difference; see the reply by omarchowdhury. I really don't know.))
It 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…
Earlier quoted context omitted.
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?
Earlier quoted context omitted.
Only if both wallets implement it, isn’t it silly not all wallets support all stable coins? Nope, it isn’t. Moreover there seems to be a misunderstanding, square cash allows you to instantly move money between bank accounts, via your bank, have at it, totally interoperable because dollars.
If I want to send money to someone via square cash, they have to have the square cash app. Same with Venmo, and PayPal, and everything else... Venmo and PayPal are even owned by the same company. Have you ever asked why they're not interoperable? The ACH system underneath links all US bank accounts, but it's so slow and burdensome that private companies need to build apps on top of it that abstract away all of its pr…
ACH is for cheap, remote batch transfers. Fedwire is for real-time, remote transfers. Cash is for cheap, real-time, in-person transfers. (FX exchanges, as centralized databases, are faster and safer than stablecoins.)