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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

#151

Post by skybrian »

lawn wrote: post #146
hudon wrote: post #145

Earlier quoted context omitted.

Same drawback applies to Bitcoin. Send BTC from Coinbase to a blacklisted entity and see how quickly CB, Gemini, etc. shut down your accounts. Then you’re left with your local client but you can’t trade anywhere... and speculation is crypto’s only use case today.

> but you can’t trade anywhere Just trade on all the other less regulated exchanges. Or localbitcoin. Or, you know, buy stuff. > and speculation is crypto’s only use case today. Or you buy stuff... For example: * Webhallen (huge Swedish online shop) * scan.co.uk (uk based computer online shop) * purse.io (buy stuff from amazon) * fastmail (emails) * VPN/VPS/domains from various providers * darknetmarkets

If they don't use the blacklist, will they get added to the blacklist? (Is it viral?)

Re: Coinbase is launching support for the USDC stablecoin

#152

Post by celticninja »

buildbuildbuild wrote: post #125
cheeseomlit wrote: post #8

Earlier quoted context omitted.

USD is already digital, the vast majority of dollars in circulation are not bills/coins

Consumers currently cannot hold USD electronically without a bank.

Pre paid visa card? Gift card?

Re: Coinbase is launching support for the USDC stablecoin

#153

Post by omarchowdhury »

ehrtt wrote: post #136
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?

In this case, the issuer of USDC, Circle, would be the one to decide which fork of Ethereum to support. It's not like USDC the ERC20 token is worth anything without Circle's backing.

Re: Coinbase is launching support for the USDC stablecoin

#154

Post by colordrops »

lacker wrote: post #105
Permit wrote: post #11

Stablecoins 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…

Another key drawback of USDC is that your account can be frozen by the centralized authority: USDC tokens are ERC-20 compatible and can be used with any ERC-20 compatible digital wallet. However, a global blacklist is maintained by CENTRE for USDC, which prevents tokens from being sent into or from blacklisted addresses. Reasons for blacklisting could include known fraudulent or illegal activity, or a legal order or…

So what benefits does this have over PayPal then?

Re: Coinbase is launching support for the USDC stablecoin

#156

Post by skykooler »

bjoveski wrote: post #134
Vector919 wrote: post #111

Anyone have any idea why this can't be used in New York?

NY has special license requirements regarding crypto currencies https://en.wikipedia.org/wiki/BitLicense

But according to that page, Coinbase already has a BitLicense?

Re: Coinbase is launching support for the USDC stablecoin

#157

Post by [deleted] »

seanalltogether wrote: post #52
larrysalibra wrote: post #12

Earlier quoted context omitted.

Presumably they'll charge you a fee to buy, sell and trade it just like any other asset. If coinbase is involved in keeping the reserve, they can invest it various assets and keep the earnings - think money market fund, but you don't earn any interest - coinbase/circle keep the interest.

> If coinbase is involved in keeping the reserve, they can invest it various assets and keep the earnings If that's the case I wish they were up front about that fact. I think its completely reasonable that they would keep any earned interest as compensation for managing the coin, so just be honest about it.

[deleted]

Re: Coinbase is launching support for the USDC stablecoin

#158

Post by lallysingh »

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.

Wouldn't the auction of stablecoins basically have to be at face value? Just by market forces: You don't auction dollars.

Then they'd just cash then in at coinbase, right?

Re: Coinbase is launching support for the USDC stablecoin

#159

Post by omarchowdhury »

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!

Hey there Jesse. Question for you: Will Coinbase Commerce also be integrating support for USDC? Thanks!

Re: Coinbase is launching support for the USDC stablecoin

#160

Post by lez »

lacker wrote: post #105
Permit wrote: post #11

Stablecoins 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…

Another key drawback of USDC is that your account can be frozen by the centralized authority: USDC tokens are ERC-20 compatible and can be used with any ERC-20 compatible digital wallet. However, a global blacklist is maintained by CENTRE for USDC, which prevents tokens from being sent into or from blacklisted addresses. Reasons for blacklisting could include known fraudulent or illegal activity, or a legal order or…

I always look at askance to USD-in-a-bank-account backed stablecoins. There's no innovation in them.

Their value also depends on how many USD's stored in that bank account (not transparent to ordinary people), and the inherent problem with USD - that the FED, a central authority prints it, remains still.

There are other - in my opinion more honest - crypto-only stablecoins, like Dai (of MakerDAO) or Augmint, which are not freezable by any authority, nor cheatable by bribed auditors. They are backed solely by crypto assets, all transparent.

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