61–70 of 174 posts
If the admins can "lock all transactions", what's the point of it being a crypto?
Exactly. Stablecoins make zero sense.
In EU countries, you can't now buy a car with cash. You have to buy a bearer's check from your bank, which is expensive, requires that both parties have a brick and mortar bank, and doesn't work cross-border. Stablecoins solve this.
Earlier quoted context omitted.
Stablecoins aren't cryptocurrencies in any sense of the word. It's just electronic FIAT.
I mean they use Blockchain, right? Isn't that like the only real requirement for the name crypto? As long as you burn as much electricity as Andorra does in a week just to make a transaction, you're probably a cryptocurrency. And that's their sole benefit it seems.
Earlier quoted context omitted.
Exactly. Stablecoins make zero sense.
Stablecoins enable cash-like (instantly redeemable and verifiable) payments for large amounts, for almost free. In EU countries, you can't now buy a car with cash. You have to buy a bearer's check from your bank, which is expensive, requires that both parties have a brick and mortar bank, and doesn't work cross-border. Stablecoins solve this.
Earlier quoted context omitted.
They’re not really meant to go up in value. The main use is just having something dollar-like that you can move around easily. That’s useful outside the US, but also for plenty of people inside the US depending on what they’re doing; especially businesses that have a hard time getting or keeping normal banking (cough gambling, porn, weed cough). They’re handy inside crypto since you can move in/out of other assets wi…
Ah, so we're basically battling the prudishness of VISA and MasterCard? That... Actually makes sense.. Which is a rare feat for crypto!
What is the point of stable coins? Like why does anyone buy them? It seems to me that their initial value is 1usd per token (or some other fiat I guess) and that's also the roof of their value: they kinda guarantee that they won't become more valuable than that. They are less usable than fiat: more businesses accept fiat than crypto, especially weird and small coins like all stable coins are. There isn't really a flo…
But obviously...things happen. Just like cash is usually relatively non-volatile, but financial crashes happen.
Earlier quoted context omitted.
To take advantage of the ability to send money that way without the volatility
Let’s be honest, it’s principally for illicit use, a tiny fraction of privacy folks and then a lot of people caught in between who don’t understand yield but want to bet on a volatile asset and have to use a stablecoin to go between. (Because the backers of the volatile thing are doing something illicit.)
Earlier quoted context omitted.
I am outside the US. Many of my assets are in USD and USD-denominated securities. I've never touched a stablecoin. Waiting to hear what "most people outside the US" are supposed to need those stablecoins for.
Most people don't realize they're inside a plexiglass shielded financial jail until they try to do something like wiring money for some legal activity in someplace spicy or on the FATF grey list. If you fall into the middle bands of uses, or in the upper class that can just bend or make the rules, then the financial system is well oiled and it looks like the people questioning it are just cranks. It's true that a lot…
According to a writeup at https://www.chainalysis.com/blog/lessons-from-the-resolv-hac... this started with a plain old hack that compromised their signing key. They also had a smart contract which didn't do some proper checks, but the hack was only possible with the stolen private key. Whoever held the private key was able to mint a lot of money, unchecked. So there was a traditional hack at the core of this heist,…
Is there any proof, or even indication, that this wasn't an inside job?
Earlier quoted context omitted.
I mean they use Blockchain, right? Isn't that like the only real requirement for the name crypto? As long as you burn as much electricity as Andorra does in a week just to make a transaction, you're probably a cryptocurrency. And that's their sole benefit it seems.
>I mean they use Blockchain, right? Isn't that like the only real requirement for the name crypto? Absolutely not. Cryptocurrently exclusively refers to permissionless, decentralized, cryptographically secured, irreversible, fungible monetary system with a disinflationary or non-inflationary supply, following a voluntary, collectivized governance model. A vast majority of tokens colloquially referred to as "cryptocur…