Earlier quoted context omitted.
no but expect the US to start invading weaker countries that depeg from the dollar. the US is, at present, the world's reserve currency. that status is what creates the petrodollar. as countries move towards Russia or China, that hegemony is threatened.
What countries peg to the dollar that you think are in danger of being invaded?
Coinbase suspending USDC:USD conversions over the weekend
271–280 of 282 posts
Re: Coinbase suspending USDC:USD conversions over the weekend
#272Earlier quoted context omitted.
USD is backed up by USA army. If a country refuses to accept USD they will have a democracy problem and get attacked.
This is a really bad misunderstanding of how governmental monopoly on violence affects the acceptance of its currency. The USD has value because you need to pay your taxes in USD, and if you don't pay your taxes, the government will take away your freedom. It has nothing to do with people in other countries transacting in that country's local currency.
See what happens to countries that decide to sell their oil in € instead of $…
Re: Coinbase suspending USDC:USD conversions over the weekend
#273Earlier quoted context omitted.
USD is backed up by USA army. If a country refuses to accept USD they will have a democracy problem and get attacked.
So, when will the USA military invade Norway? I assume per your definition of "country" Norway should be a country as well. Norway is a major party in selling oil and gas, but doing it so in NOK. Norway is not even part of NATO. At least until now. So when do you expect an attack by the USA military?
> Norway is not even part of NATO.
Odd… because the head of NATO is Norwegian.
Your entire comment is completely misinformed.
Re: Coinbase suspending USDC:USD conversions over the weekend
#274Earlier quoted context omitted.
That was an Algorithmic Stablecoin. USDC is not, it was backed by dollars in banks with a 1:1 backing and 3rd party audited.
Many the mortgage bonds in the 2008 crisis were AAA or AA rated by a "third party". And they were dogshit. Is it audited by the SEC or some "auditing firm"?
I’ll repeat. How is a stable coin a Ponzi scheme.
A Ponzi scheme pays a dividend or share of fake “revenue.” Stablecoins don’t make money, unless lent out.
Re: Coinbase suspending USDC:USD conversions over the weekend
#275Earlier quoted context omitted.
I said "a country"… are you under the impression that "a coffee shop" is "a country"? How could you mistake a coffee shop for a country? Seems like you want to misread me on purpose?
Many "countries" don't do business in USD, they do business in their own currency. Why haven't those countries already been invaded if what you're saying is true?
Can they buy oil with their own currency? No, they have to use their currency to buy USD and then buy oil.
If they get a deal with an oil selling country that says otherwise, USA sends in the army (usually to the seller, not the buyer).
Re: Coinbase suspending USDC:USD conversions over the weekend
#276Earlier quoted context omitted.
> Decentralisation never lasts Mycorrhizal networks, to pick just one of myriad counterexamples, would like a word. Decentralization is just something that humans are (so far) bad at designing for. > paying with crypto is always going to be more painful [than fiat] unless you use an exchange Always is a long time. As governments figure out how to add features to fiat via CBDC's I can definitely image some bloat that…
We're talking about complex social structures here, not fungi. The fact that you bring up fungi is just absurd. It proves beyond a shadow of a doubt that you have no understanding of what I was getting at.
Well then perhaps you should be more specific, because there are obvious counterexamples to the generalizations you're throwing around.
USDC is a bridge across which supply and demand signals flow between centralized and decentralized networks.
Mycorrhizal networks are a similar bridge. Both are complex social structures, but only one is falling apart.
If we're going to get this right, it's not going to be by writing off cases where this kind of problem has been elegantly solved, especially in the absence of alternatives to try.
Re: Coinbase suspending USDC:USD conversions over the weekend
#277Earlier quoted context omitted.
Many "countries" don't do business in USD, they do business in their own currency. Why haven't those countries already been invaded if what you're saying is true?
Can they buy oil with their own currency? No, they have to use their currency to buy USD and then buy oil. If they get a deal with an oil selling country that says otherwise, USA sends in the army (usually to the seller, not the buyer).
India is buying oil in rubles right now. Let me know when the US invades.
Re: Coinbase suspending USDC:USD conversions over the weekend
#278Earlier quoted context omitted.
All the people involved are institutional investors. 0% of people who have USD savings under $250k are affected by this. On the other hand, anybody who has a significant portion of their net worth tied up in cryptocurrency is affected by this.
Minor correction, people employed by companies that banked with SVB are also heavily affected here.
Indeed, if your company is in the banking business without understanding the banking business, you might have a surprise coming up. As in most other industries.
Re: Coinbase suspending USDC:USD conversions over the weekend
#279Earlier quoted context omitted.
It helps that you can only turn it into real money in 100k chunks.
You can turn it into real money in any amount by selling it on the market. Market makers will handle the “100k chunks” problem for you.
Exactly. It’s a neat way to prevent a run, especially if the market makers are acting in cahoots.
Re: Coinbase suspending USDC:USD conversions over the weekend
#280Earlier quoted context omitted.
Can they buy oil with their own currency? No, they have to use their currency to buy USD and then buy oil. If they get a deal with an oil selling country that says otherwise, USA sends in the army (usually to the seller, not the buyer).
India is buying oil in rubles right now. Let me know when the US invades.
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