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Top stablecoins shed $7B in May as traders redeem tokens en masse

blockworks.co

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Re: Top stablecoins shed $7B in May as traders redeem tokens en masse

#51

Post by jacobr »

Jamie9912 wrote: post #9

I don't get all the bandwagon hate of crypto on this site.. Sure 99% of crypto schemes are b.s and ponzi. But I like to think in terms of use cases. Currently there is no way to send "money" to someone in another country on the other side of the world, in a decentralized way, and without transaction fees. Can this problem be solved without crypto? Probably, but currently crypto is looking like the best way to be able…

It’s a very niche use case. For most use cases, you can send money perfectly fine using a credit card or Apple Pay etc. To receive money you can open a Shopify store or whatever comes next. To send money to relatives in countries with little infrastructure, there’s already Hawala, Western Union, etc. Not perfect but will be incrementally improved.

Re: Top stablecoins shed $7B in May as traders redeem tokens en masse

#52

Post by agumonkey »

TekMol wrote: post #11

What are people holding all those stable coins for? In contrast to other crypto currencies, nobody is holding it for speculation. I doubt anybody expects stable coins to be a better store of "dollar value" than the dollar itself. Yet, someone holds those $150B worth of stable coins. Who and why?

-> is a non taxable event in some countries. You can decide when you get to convert to fiat and pay taxes.

Re: Top stablecoins shed $7B in May as traders redeem tokens en masse

#53

Post by tornato7 »

timmg wrote: post #17
Jamie9912 wrote: post #9

I don't get all the bandwagon hate of crypto on this site.. Sure 99% of crypto schemes are b.s and ponzi. But I like to think in terms of use cases. Currently there is no way to send "money" to someone in another country on the other side of the world, in a decentralized way, and without transaction fees. Can this problem be solved without crypto? Probably, but currently crypto is looking like the best way to be able…

> I don't get all the bandwagon hate of crypto on this site.. Sure 99% of crypto schemes are b.s and ponzi. To me, it’s strange that you can agree that most cryptos are scams but don’t understand why there is so much hate for them.

90% of emails and websites are spam or scams… doesn’t stop most people from loving the internet. You just have to look past the junk.

Re: Top stablecoins shed $7B in May as traders redeem tokens en masse

#54

Post by Jamie9912 »

vladgur wrote: post #28
Jamie9912 wrote: post #9

I don't get all the bandwagon hate of crypto on this site.. Sure 99% of crypto schemes are b.s and ponzi. But I like to think in terms of use cases. Currently there is no way to send "money" to someone in another country on the other side of the world, in a decentralized way, and without transaction fees. Can this problem be solved without crypto? Probably, but currently crypto is looking like the best way to be able…

I was able to send funds from US directly to a bank account of my friend in Ukraine near instantly for low single digit percent and I could do the same using western union(to my surprise). All without a fear that my currency will drop 10-20% in a day. Now about decentralization, I believe that most people hold their transactional crypto funds in a handful of exchanges and thus the dream of decentralized crypto transa…

Single digit percent is unacceptable to me. Also, how long did that take? I assume your friend needs a bank account too..

Re: Top stablecoins shed $7B in May as traders redeem tokens en masse

#55

Post by Jamie9912 »

abofh wrote: post #48
Jamie9912 wrote: post #42

Earlier quoted context omitted.

You never wanted to send your friend money for them to buy something in the moment?

And there are dozens and dozens of ways to do that: Venmo, PayPal, iPay, bill pay, ach, wire transfer, iBAN, payconiq, biscuit, cash, check, beer. And that's just in my neck of the woods, I'm sure I'm forgetting more.

Venmo is USA only. Paypal takes egregious transactio fees. Everything you listed has transaction fees except for biscuits, cash, check and beer. Which will take much longer than 60 seconds to arrive

Re: Top stablecoins shed $7B in May as traders redeem tokens en masse

#56

Post by Nursie »

OtomotO wrote: post #31
chii wrote: post #27

Earlier quoted context omitted.

> The interesting idea behind crypto once was to have a totally different system. the problem with this idea is that this idea of a "different" system is just merely going to evolve back into what we have today. The fundamental needs of a financial system doesn't change much, and what we have today is fit for purpose (mostly - there's efficiency to be had and red tape to cut).

It is until you're on a list, for whatever reason. When states and countries can just block your access to your bank accounts, because you're on the other side of interests, it gets...Interesting With a decentralised approach, such actions would've needed to be implemented in the real world, not merely by the flick of a virtual lever.

What’s truly decentralised? Miners are increasingly centralised and can effectively block/ignore transactions if they like. They may conceivably end up compelled to blacklist certain wallets, as some exchanges already do.

And that’s before we get to stuff like Luna, where the decentralised authorities took the centralised action of halting the chain entirely

Re: Top stablecoins shed $7B in May as traders redeem tokens en masse

#57

Post by abofh »

Jamie9912 wrote: post #55
abofh wrote: post #48

Earlier quoted context omitted.

And there are dozens and dozens of ways to do that: Venmo, PayPal, iPay, bill pay, ach, wire transfer, iBAN, payconiq, biscuit, cash, check, beer. And that's just in my neck of the woods, I'm sure I'm forgetting more.

Venmo is USA only. Paypal takes egregious transactio fees. Everything you listed has transaction fees except for biscuits, cash, check and beer. Which will take much longer than 60 seconds to arrive

Ach and bank wires cost me nothing, iBAN costs me nothing, payconiq p2p costs me nothing, all are roughly instantaneous, except ach which is still same day.

Re: Top stablecoins shed $7B in May as traders redeem tokens en masse

#58

Post by krzyk »

jen729w wrote: post #34
alpark3 wrote: post #16

Earlier quoted context omitted.

Easier to trade, no issues with tax&bank issues, and a lot of crypto exchanges charge to convert from crypto -> cash, whereas crypto -> crypto(stablecoin) is usually just exchange fees, less than the USD charge.

> no issues with tax&bank issues Sure about that bit? This may be the perception – that holding your assets in 'the crypto system' avoids tax issues – but the taxman will disagree. Swapping $BTC for $USDC or whatever your tether of choice is is a 'taxable event'. You've sold one security in exchange for another. It doesn't matter that they're both crypto. Now, it might be harder for the taxman to detect this event, w…

You mean taxable for US tax office?

In my country it is not taxable, only exchange to fiat currency is. (and this is explicitly mentioned).

Re: Top stablecoins shed $7B in May as traders redeem tokens en masse

#59

Post by cuteboy19 »

OtomotO wrote: post #31
chii wrote: post #27

Earlier quoted context omitted.

> The interesting idea behind crypto once was to have a totally different system. the problem with this idea is that this idea of a "different" system is just merely going to evolve back into what we have today. The fundamental needs of a financial system doesn't change much, and what we have today is fit for purpose (mostly - there's efficiency to be had and red tape to cut).

It is until you're on a list, for whatever reason. When states and countries can just block your access to your bank accounts, because you're on the other side of interests, it gets...Interesting With a decentralised approach, such actions would've needed to be implemented in the real world, not merely by the flick of a virtual lever.

It's so decentralised that Mr. Kwon can just turn off the blockchain when he wants to!

Re: Top stablecoins shed $7B in May as traders redeem tokens en masse

#60

Post by web4 »

vladgur wrote: post #28
Jamie9912 wrote: post #9

I don't get all the bandwagon hate of crypto on this site.. Sure 99% of crypto schemes are b.s and ponzi. But I like to think in terms of use cases. Currently there is no way to send "money" to someone in another country on the other side of the world, in a decentralized way, and without transaction fees. Can this problem be solved without crypto? Probably, but currently crypto is looking like the best way to be able…

I was able to send funds from US directly to a bank account of my friend in Ukraine near instantly for low single digit percent and I could do the same using western union(to my surprise). All without a fear that my currency will drop 10-20% in a day. Now about decentralization, I believe that most people hold their transactional crypto funds in a handful of exchanges and thus the dream of decentralized crypto transa…

the majority of crypto is being held in non custodial wallets, not exchanges.

a better way to frame your comment: why does the world use Stripe and PayPal when you can just go to your bank and ask them to setup a multi day long wire process from bank A to B for less fees?

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