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Coinbase is launching support for the USDC stablecoin

blog.coinbase.com

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Re: Coinbase is launching support for the USDC stablecoin

#131

Post by compcoffee »

billions wrote: post #14
buildbuildbuild wrote: post #5

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.

The government's "stable coin" lost 96% of its value since 1913. Time to try something different? https://comparegoldandsilverprices.com/news/economics-101/do...

>The government's "stable coin" lost 96% of its value since 1913.

Most of the cryptocurrencies out there have lost that much value since January.

Re: Coinbase is launching support for the USDC stablecoin

#132

Post by paulmd »

Permit wrote: post #18
Pharmakon wrote: post #15

Earlier quoted context omitted.

You go from saying it achieves the goal of being decentralized, and in the next breath point out that it’s centralized. I don’t get it.

Decentralized transactions are distinct from decentralized issuance. Decentralized issuance doesn't matter to most people in the cryptocurrency ecosystem. They have been happy to participate in ICOs where coins are issued from a central authority. That said, I haven't yet heard anything on how transactions are actually verified (ie. Proof of work vs Proof of Stake) Edit: It appears to be an Ethereum-based token: http…

If a centralized authority can blacklist addresses, it is not actually decentralized.

Or rather, it's "decentralized transactions" in the same sense that Paypal users are decentralized when they initiate transactions. You ask, and Paypal decides whether to send the money.

In this case, you ask, and CENTRE decides whether to include the transaction in the blocks they mine. Same thing, But With Blockchain™.

Of course, it's illegal to operate as an unlicensed money transmitter, and trading bearer bonds does not change that, so if it was truly decentralized they would be going to jail once the SEC got around to paying them a visit. People have been trying to get around such laws for ages and the law takes a very dim view of it.

Re: Coinbase is launching support for the USDC stablecoin

#133

Post by jatsign »

jessepollak wrote: post #107

Hi all — head of engineering for the consumer product at Coinbase here (iOS, Android, coinbase.com). Happy to answer any questions that people have — also, just wanted to make a plug that we're hiring. If you're interested in building an open financial system for the world, shoot me a note at jpollak@coinbase.com. Especially interested in iOS & Android engineers!

Have you published the USDC contract to the network?

Re: Coinbase is launching support for the USDC stablecoin

#135

Post by arcticbull »

dwild wrote: post #115
arcticbull wrote: post #20

Earlier quoted context omitted.

The US dollar already is exactly that with square cash or Venmo.

Square Cash Confirm your country United States United Kingdom Venmo 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) Your definition of the term exactly doesn't seems exact at all. I can use USDC as m…

Why are you sending US Dollars between yourselves as Canadians? You can’t spend them in Canada, why not use a free and instant Interac e-Transfer? If you want to hold USD (as a hedge against CAD) open a US Dollar denominated account at any major Canadian bank but that’s an investment not a store of value. Or open an interactive brokers account if you want to trade currencies. And if you want to move money to another country where they also can’t spend USDC Funbux without cashing them out just use TransferWise or whatever compareremit.com recommends, it’s really cheap and easy these days. No need to find an exchange that’ll sell you funbux and let your recipient cash them out. This is just useless.

This is not solving a problem that isn’t otherwise solved except money laundering and skirting AML/KYC rules. Look I may well be wrong, but can you suggest a use case I haven’t considered?

Re: Coinbase is launching support for the USDC stablecoin

#136

Post by ehrtt »

jessepollak wrote: post #107

Hi all — head of engineering for the consumer product at Coinbase here (iOS, Android, coinbase.com). Happy to answer any questions that people have — also, just wanted to make a plug that we're hiring. If you're interested in building an open financial system for the world, shoot me a note at jpollak@coinbase.com. Especially interested in iOS & Android engineers!

What will Coinbase do if there is a contentious hard-fork of the Ethereum chain and different USDC supporting exchanges decide to follow different forks?

Re: Coinbase is launching support for the USDC stablecoin

#137

Post by compcoffee »

billions wrote: post #95
wcarron wrote: post #34

Earlier quoted context omitted.

What a strawman. Inflation BAAAAAD, right guys? C'mon. We all know why the Fed targets a relatively consistent rate of inflation. It's because deflation suppresses consumer spending. Not what you want in a consumer economy.

"What a strawman." -@wcarron Below is a list of 590+ failed fiat currencies, 150 caused by hyperinflation. Seems the Straw Man argument is yours alone. https://trader2trader.co/tag/historic-graphs/page/3/

>Below is a list of 590+ failed fiat currencies

Below is a list 1000+ cryptocurrencies, 99.9% of which no one has heard of, many of which have lost 90%+ of their value in a matter of months.

https://coinmarketcap.com/all/views/all/

Re: Coinbase is launching support for the USDC stablecoin

#138

Post by jf- »

donatj wrote: post #123
jf- wrote: post #112

Earlier quoted context omitted.

Would that be a good idea? Do you want your money to be in a state where it can very easily become unrecoverable?

Like cash?

Hmm. So you can’t see any differences between a flash drive and cash?

If you withdrew your life savings in cash, that cash couldn’t become corrupted, unless by physical damage. Your life savings in cash would also be large enough that you wouldn’t be likely to lose it, or have the container it sits in easily stolen or accidentally smashed. You also are not very likely to forget or misplace the password to your cash.

Or, you could just use a credit card and have fraud protection.

Re: Coinbase is launching support for the USDC stablecoin

#139

Post by arcticbull »

beaner wrote: post #102
arcticbull wrote: post #39

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…

Venmo and Cash use push-to-debit, which is instant, and fall back on ACH only if the bank you use doesn’t support it. There’s your common unified protocol.

Re: Coinbase is launching support for the USDC stablecoin

#140

Post by VMG »

jaycroft wrote: post #129
VMG wrote: post #119

Earlier quoted context omitted.

Why would the Secret Service start help laundering money?

Parent was probably implying that the Secret Service would sieze the tainted assets and the auction them off to new bidders, thus removing the taint for the new owner. the reason for the auction instead of just funding the treasury is that the USG deals in dollars, not in securities or other obligations or paper instrumnets. Compare the actions of the US Marshalls after siezing the Silk Road Bitcoins.

That doesn't help with the problem of accepting possibly tainted tokens, and the resulting loss of the stablecoin stability.
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