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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

#351

Post by ibeckermayer »

asynchrony wrote: post #344
hndamien wrote: post #339

Earlier quoted context omitted.

I don't find it at all desirable that some people have the right to devalue my holdings. It is farcical to think that people would hold the medium of exchange forever if it kept increasing in value because at some point they would either have so much that they would prefer to convert (some of) it into material wealth or chase something with a higher rate of return. Alternatively they would have so little that they wo…

Please don't take this the wrong way, but you sound financially illiterate. Cash is not meant to be held long term. It's meant to be spent or invested. That's how the economy continues to grow.

Says the guy that blatantly apes business school propaganda...

Re: Coinbase is launching support for the USDC stablecoin

#352

Post by tomhoward »

asynchrony wrote: post #344
hndamien wrote: post #339

Earlier quoted context omitted.

I don't find it at all desirable that some people have the right to devalue my holdings. It is farcical to think that people would hold the medium of exchange forever if it kept increasing in value because at some point they would either have so much that they would prefer to convert (some of) it into material wealth or chase something with a higher rate of return. Alternatively they would have so little that they wo…

Please don't take this the wrong way, but you sound financially illiterate. Cash is not meant to be held long term. It's meant to be spent or invested. That's how the economy continues to grow.

> you sound financially illiterate

That's not really something that can be taken as anything other than an insult. On HN we like points to be made without personal swipes. Aside from making this place a more pleasant place to be, points are often more persuasive that way.

Re: Coinbase is launching support for the USDC stablecoin

#353

Post by imaginenore »

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…

Except on of the most attractive aspects of most cryptocurrencies: limited supply.

Also, USD is not a good store of value. It lost 97% of its purchasing power in 100 years.

Re: Coinbase is launching support for the USDC stablecoin

#354

Post by kakarot »

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…

I don't know the exact numbers, Eternal September has probably happened two or three times in the cryptocurrency community by now, but there was a time where the majority of people involved didn't give a rats ass about their "investment", but the ideology behind cryptocurrency itself.

If the coins weren't issued from a central authority, I would welcome the USDC stablecoin as an addition to the crypto market.

Re: Coinbase is launching support for the USDC stablecoin

#355

Post by mettamage »

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…

I hope merchants will be excited. I kind of am. I'm excited about the ease of integration.

Re: Coinbase is launching support for the USDC stablecoin

#356

Post by pjc50 »

hndamien wrote: post #312
asynchrony wrote: post #283

Earlier quoted context omitted.

Your premise is to "fix" the monetary system, but you failed to articulate the issues that you want to resolve.

Currency debasement.

This all comes down to "MV=PQ", a description of the relation between money supply and real economic activity. Normally as the real economy expands (+Q) the amount of money is increased to keep it growing (+M). Without that either the quantity of transactions falls (-V) or the price level falls (deflation, -P).

Alternatively, think about what price stability really means. If a loaf of bread costs $1, an hour of work $10, a barrel of oil $50, and a house $500k today ... how do you really ensure that they cost exactly that in 50 years when you come to retire? You can't. In a real economy there are real reasons for shifts in the price level.

Re: Coinbase is launching support for the USDC stablecoin

#357

Post by gammateam »

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 are your thoughts on MakerDao which uses the MKR and Dai tokens for decentralized collateral backed stablecoins called Dai?

Their implementation is happening a bit slower due to the novelties but it offers the MKR which is a profit incentive for proliferation, and may be more resilient than centralized stablecoins

Re: Coinbase is launching support for the USDC stablecoin

#360

Post by jki275 »

a_t48 wrote: post #234
hudon wrote: post #215

Earlier quoted context omitted.

No, you misread. "et cetera" is latin for "and the rest"... I put that there because exchanges are all tied. A ban on one leads to a ban on another, depending on the severity of your crime. > There's nothing preventing you from taking your BTC to some other exchange I've already showed you that exchanges can freeze your assets, so yes they can prevent you from sending to other exchanges. > some guy that accepts BTC f…

Can’t you just do a private transfer to a fresh wallet?

It doesn't work that way, every transaction is fully traceable all the way back to the block the coin was mined in.
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