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Blockchain-based stablecoins seem like a really convoluted and environmentally wasteful way to implement centralized, cryptographically secure USD based account transfers. Why not just use Chaumian ecash [0] - which is perfectly suitable for this purpose and doesn't require mining? [0] - http://sceweb.sce.uhcl.edu/yang/teaching/csci5234WebSecurity...
https://medium.com/poa-network/poa-network-partners-with-mak...
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…
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…
The US dollar already is exactly that with square cash or Venmo.
You can send USDC to/from any wallet that implements it.
This is a benefit of the blockchain, a protocol for money.
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...
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.
Earlier quoted context omitted.
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…
> Decentralized transactions are distinct from decentralized issuance Dollars can be transacted, online and offline, through a variety of means ranging from at the Federal Reserve to totally de-centralised.
It could be argued that this requires permission as well since there will be 'know your customer' laws that surround buying and selling them, but to what extent they will require permission might remain to be seen.
Earlier quoted context omitted.
The government's "stable coin" lost 96% of its value since 1913. Time to try something different? https://comparegoldandsilverprices.com/news/economics-101/do...
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.
How are USD backed cryptocurrencies not considered illegal USD surrogates? If they aren't yet, maybe they will be once there's a lawsuit.
Earlier quoted context omitted.
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…
> Decentralized transactions are distinct from decentralized issuance Dollars can be transacted, online and offline, through a variety of means ranging from at the Federal Reserve to totally de-centralised.
I have no position in any cryptocurrency and am not trying to argue that USDC is better than USD. I'm just saying that stablecoins achieve most of the goals of a decentralized currency yet despite this they are not appealing to today's cryptocurrency community.
Earlier quoted context omitted.
The US dollar already is exactly that with square cash or Venmo.
Except you can't send between the two. Isn't that so silly? You can send USDC to/from any wallet that implements it. This is a benefit of the blockchain, a protocol for money.
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.
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…