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Coinbase suspending USDC:USD conversions over the weekend

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Re: Coinbase suspending USDC:USD conversions over the weekend

#261

Post by globalreset »

CydeWeys wrote: post #257
globalreset wrote: post #219

Earlier quoted context omitted.

That's also a myth that doesn't make sense. If it was about taxes people would just hold something else and converted some temporarily to pay their taxes leaving government with currency nobody wants. It's all about people's trust and willingness to store savings and make loans in a given current.

> If it was about taxes people would just hold something else Not following this at all. You having to pay tax in USD means you're going to prefer holding USD and being paid in USD as well. Anything else would be strictly inferior, as now you have to worry about doing conversions all the time. Note that it's mandatory for taxes to be withheld with each paycheck, and those withheld taxes must be paid in, you guessed i…

> You having to pay tax in USD means you're going to prefer holding USD and being paid in USD as well.

Huge part of the world have to pay taxes in their local currencies and yet prefers storing savings in USD.

> Anything else would be strictly inferior, as now you have to worry about doing conversions all the time.

You weight it against other pros and cons. Even US billionairs do not store their savings in USD cash, and don't seem to mind "conversions all the time".

Re: Coinbase suspending USDC:USD conversions over the weekend

#262

Post by mtlmtlmtlmtl »

alphanullmeric wrote: post #258
mtlmtlmtlmtl wrote: post #256

Earlier quoted context omitted.

If you want to climb down an antivaxx rabbit hole, go waste someone else's time. As for dollars, I hold zero. Same for bitcoin, ethereum, ScamCoin, and RugPullCoin. Your turn. Defensive are we?

I don’t care what you think about vaccines. It’s a question of whether or not you believe force is only justified in response to force, which you clearly don’t. So as I was saying, crypto does a great job of keeping your fingers off of other people’s wallets.

Do you think crypto is somehow immune to use of force?

And how about those holdings?

Re: Coinbase suspending USDC:USD conversions over the weekend

#263

Post by pclmulqdq »

HWR_14 wrote: post #253
pclmulqdq wrote: post #182

Earlier quoted context omitted.

Perhaps they could learn that doing consecutive 50-75 bps rate hikes for an entire year will bring with it a lot of adverse effects in a world where they are expected to hike 25 bps at a time? Nobody pricing interest rate risk would have priced what happened last year correctly - it would have been considered a one-in-a-million event, not a routine response to high inflation.

I don't know anyone who expected sub 50 bps raises each quarter for a while now.

SVB bought those assets 2 years ago, prior to the yield curve inversion or any of the current macro conditions. Also, the last rate hike was 25 bps, and early in 2022 people were expecting a slowdown to 0-point hikes by now. Prognosticating about this stuff to price long-term fixed-income vehicles is tricky.

Re: Coinbase suspending USDC:USD conversions over the weekend

#264

Post by alphanullmeric »

mtlmtlmtlmtl wrote: post #262
alphanullmeric wrote: post #258

Earlier quoted context omitted.

I don’t care what you think about vaccines. It’s a question of whether or not you believe force is only justified in response to force, which you clearly don’t. So as I was saying, crypto does a great job of keeping your fingers off of other people’s wallets.

Do you think crypto is somehow immune to use of force? And how about those holdings?

Not immune, but close. Hear it from the government themselves:

https://www.forbes.com/sites/kellyphillipserb/2020/09/14/irs...

Re: Coinbase suspending USDC:USD conversions over the weekend

#265

Post by wesapien »

EVa5I7bHFq9mnYK wrote: post #117

Haha, after a decade of FUD, turns out USDT were more cautious and diligent with their funds, than the "regulated and transparent" USDC. Still risky, of course. No substitute to holding proper BTC.

Circle/USDC apparently was the one that told SEC to go after Paxos/BUSD. USDC depegs and then Coinbase halts USDC/USD trapping people to either sell for a loss or wait for a miracle everything works out. The irony of it all.

Re: Coinbase suspending USDC:USD conversions over the weekend

#266

Post by mtlmtlmtlmtl »

alphanullmeric wrote: post #264
mtlmtlmtlmtl wrote: post #262

Earlier quoted context omitted.

Do you think crypto is somehow immune to use of force? And how about those holdings?

Not immune, but close. Hear it from the government themselves: https://www.forbes.com/sites/kellyphillipserb/2020/09/14/irs...

This is mostly about tracing crypto transactions. I don't see how the government can't just seize your keys, or freeze/seize your exchange assets. I can think of ways around key seizure if you literally just memorise your keys, then only storing them encrypted. But now we're talking about some intensely tech and security savy antivax truckers here...

Re: Coinbase suspending USDC:USD conversions over the weekend

#267

Post by me_again »

acomar wrote: post #252
me_again wrote: post #248

Earlier quoted context omitted.

What countries peg to the dollar that you think are in danger of being invaded?

a lot of the African nations moving closer to China come to mind

Per https://en.wikipedia.org/wiki/List_of_circulating_fixed_exch... the only African country with a currency pegged to the dollar is Eritrea. Not really seeing it.

Re: Coinbase suspending USDC:USD conversions over the weekend

#268

Post by acomar »

merlinoa wrote: post #247
acomar wrote: post #238

Earlier quoted context omitted.

if you think tether is well run, I have a bridge to sell you

Better run than other stables. I have some USDC to sell you. Do you have any tether?

I mean if you set the bar beneath the floor, yeah, sure. but my bar is "not a scam" so hell no. why the hell would I touch tether or any other stable coin following six whole years of reporting on how much of a scam stable coins are? am I supposed to trust their reserve "audits", which amount to a "trust us bro" letter sent to the auditor? are you aware that these verifications of reserves were done by depositing the requisite amount of money into a bank account that was set up for the auditors to have access, with no indication of where the money came from or whether it even belongs to tether? are you aware of their incestuous relationship with bitfinex, a fact that should raise a hell of a lot of questions, especially after the collapse of Alameda and FTX?

you can't sell me USDC because I'm not buying. "X scam is more of a scam than Y scam" is not a sales pitch for Y. it's a statement that should lead you to reconsider why you have any money with any of these people. or, you know, you can be another notch on the belt of the grifters, scammers, and vultures that dominate crypto. I guess the second is a more exciting way to live.

Re: Coinbase suspending USDC:USD conversions over the weekend

#269

Post by acomar »

me_again wrote: post #267
acomar wrote: post #252

Earlier quoted context omitted.

a lot of the African nations moving closer to China come to mind

Per https://en.wikipedia.org/wiki/List_of_circulating_fixed_exch... the only African country with a currency pegged to the dollar is Eritrea. Not really seeing it.

you're aware that barrels of oil are sold in USD and this status is what maintains the American position as the world's reserve currency, right? you're also aware of the wars, coups, and sanctions that have been used over the past 60 years to maintain that position? Venezuela and Iran are the only two countries to have left that standard and we've ratcheted up sanctions on both in response.

Re: Coinbase suspending USDC:USD conversions over the weekend

#270

Post by me_again »

acomar wrote: post #269
me_again wrote: post #267

Earlier quoted context omitted.

Per https://en.wikipedia.org/wiki/List_of_circulating_fixed_exch... the only African country with a currency pegged to the dollar is Eritrea. Not really seeing it.

you're aware that barrels of oil are sold in USD and this status is what maintains the American position as the world's reserve currency, right? you're also aware of the wars, coups, and sanctions that have been used over the past 60 years to maintain that position? Venezuela and Iran are the only two countries to have left that standard and we've ratcheted up sanctions on both in response.

I wouldn't claim the US is some miracle of innocence.

You said "countries that depeg". Pegging, in the context of cryptocurrencies and regular ones, means something specific: ensuring that the exchange rate between the 2 is fixed within a certain band. I don't believe that the US is threatened by whether other countries peg their currency to the dollar or not.

The dollar's use as reserve currency is a separate matter.

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