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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

#221

Post by [deleted] »

lawn wrote: post #199
hudon wrote: post #188

Earlier quoted context omitted.

Why the hell would I buy Bitcoin to buy stuff on Amazon through a proxy site that sells my BTC for me instead of just... buying on Amazon like a normal person? BTC will be way slower and more expensive than just using my credit card... Plus Visa will refund me in the case of fraud. Like I side, speculation is the only thing you buy BTC for (moon!!!111), and the exchanges will prevent you from doing this if you are re…

> Why the hell would I buy Bitcoin to buy stuff on Amazon through a proxy site Because they give discounts up to 15%. I'm sorry it doesn't fit your narrative but there are reasons to prefer cryptocurrencies.

[deleted]

Re: Coinbase is launching support for the USDC stablecoin

#222

Post by JohnJamesRambo »

colordrops wrote: post #154
lacker wrote: post #105

Earlier quoted context omitted.

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?

>Use cases for USDC today include:

>Improved send and receive. Two Ethereum wallets can quickly send and receive any amount of USDC at any time of day. Large transfers for business purposes become as easy as small e-commerce payments. Consumers can use the Coinbase app to send USDC to someone, while remaining confident the value is stable.

>Use in dApps and exchanges. There is a burgeoning ecosystem of crypto dApps, exchanges, and blockchain-based games. A USDC follows the ERC20 standard, which means it can be used with any app that accepts tokens based on that standard. The USDC can thus be used as a stable digital dollar to buy items in the crypto ecosystem, from Cryptokitties to tickets for blockchain-based games.

>A programmable dollar. For developers and fintech companies, a digital dollar like USDC is easier to program with. For example, given the private keys for USDC, a program can easily send and receive them back and forth using the public Ethereum blockchain.

Re: Coinbase is launching support for the USDC stablecoin

#223

Post by stilley2 »

lacker wrote: post #110
stilley2 wrote: post #94

Earlier quoted context omitted.

The article says USDC is an ERC20 coin, which means you can keep it in your own wallet (i.e., not the exchange). You are still trusting the centre consortium to maintain the coins value.

According to USDC's documentation, accounts can also be frozen by a 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 pro…

Ah interesting. While that's a bit disconcerting, it does offer some advantages. You get the flexibility of an ERC20 token, but the (potential) benefit of the consortium being able to give you back tokens that get stolen (blacklist theif's account, issue you new coins). Might be a good middle ground between the wild west/code is law state of crypto currency and the protections of traditional banking.

Re: Coinbase is launching support for the USDC stablecoin

#224

Post by krupan »

askafriend wrote: post #44
cheeseomlit wrote: post #36

Earlier quoted context omitted.

What if I want to save? Certainly seems kinda bad when my savings keeps losing value

Why not save shares of the S&P 500 index? You just sell some when you want to buy something like a car.

Unless the market happens to be down the week your old car dies?

Re: Coinbase is launching support for the USDC stablecoin

#226

Post by JumpCrisscross »

lallysingh wrote: post #158
jaycroft wrote: post #129

Earlier quoted context omitted.

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?

> Wouldn't the auction of stablecoins basically have to be at face value?

Almost certainly not. They would trade at a premium or discount, depending on a number of factors.

Re: Coinbase is launching support for the USDC stablecoin

#227

Post by atomical »

hudon wrote: post #182
lacker wrote: post #148

Earlier quoted context omitted.

At least according to this document, when your USDC account is blacklisted you may no longer send or receive tokens from it. With Bitcoin, even if Coinbase blacklists you, you can still send your Bitcoin to other accounts and exchange it for things. I'm sure it's a huge pain but your Bitcoin will not just be lost forever.

> With Bitcoin, even if Coinbase blacklists you, you can still send your Bitcoin to other accounts and exchange it for things This is not so. Coinbase and Gemini (I haven't checked others but I'm sure they're the same) will freeze your assets entirely if required by law or if you violate the user agreements in some flagrant way [0] [1]. [0] https://support.coinbase.com/customer/en/portal/articles/190... [1] https://g…

That's not actually true. If you attempt to send a transaction from Coinbase to an address they have blacklisted they will immediately suspend your account. You will be allowed to withdraw your funds before the account is closed.

Re: Coinbase is launching support for the USDC stablecoin

#228

Post by pjc50 »

lawn wrote: post #199
hudon wrote: post #188

Earlier quoted context omitted.

Why the hell would I buy Bitcoin to buy stuff on Amazon through a proxy site that sells my BTC for me instead of just... buying on Amazon like a normal person? BTC will be way slower and more expensive than just using my credit card... Plus Visa will refund me in the case of fraud. Like I side, speculation is the only thing you buy BTC for (moon!!!111), and the exchanges will prevent you from doing this if you are re…

> Why the hell would I buy Bitcoin to buy stuff on Amazon through a proxy site Because they give discounts up to 15%. I'm sorry it doesn't fit your narrative but there are reasons to prefer cryptocurrencies.

Why are they giving such a big discount? The transaction fees are nowhere near that high. Could it be that they're reselling fraudulent giftcards?

Re: Coinbase is launching support for the USDC stablecoin

#229

Post by dharma1 »

hudon wrote: post #195
mitchdoogle wrote: post #192

Earlier quoted context omitted.

I think they mean if you are using your own wallet to store your bitcoin, then coinbase and gemini have no control over what you do with it, except not using their own services

Then back to my original point: If no exchanges allow you to deposit BTC, what are you doing with it? Once you've shamir-secret-split your multi-sig cold-storage private keys, laminated them, placed them in fireproof envelopes and dug them deep in the ground in 5 different continents... what exactly do you DO with your BTC?

p2p trades

Re: Coinbase is launching support for the USDC stablecoin

#230

Post by asynchrony »

JohnJamesRambo wrote: post #220
asynchrony wrote: post #217

Earlier quoted context omitted.

Crypto assets are only valuable insofar as they can be exchanged for real world goods and services (mostly people seem to want US dollars). Purely crypto backed stable coins lack a stable relationship to the real world.

Interestingly, in dark web markets, it is often exactly the opposite scenario. No one wants USD and they all want crypto.

At some point they'll want to exchange their profits for real goods and services. They will rely on some exchange service to cash out eventually.
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