71–80 of 376 posts
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BUSD is just rebranded Paxos Standard iirc.
You’re thinking about USDP, if I am not mistaken. BUSD is Binance dollar.
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Wow, what a use-case.. sending money from the main NATO member to a country that the NATO supports and wants to win the war. Now do the same thing with sending money to Russia. I just checked WISE. "We temporarily stopped sending money to Russia". Yeah.. thanks..
Okay, so how much has the Ukraine situation actually resulted in crypto transactions? Enough to justify multi trillion valuations?
Most Americans - particularly those who grew up before globalization - underestimate the scale of global markets. The U.S. is about 4% of the world's population and about 15% of global GDP. Anything that's Internet-based and has truly global appeal will be significantly larger than anything we would've been familiar with pre-globalization. Hell, the product I work on has about 3B users, 10x the population of the United States.
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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…
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…
wish i could frame this quote
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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?
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?
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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.
and now there is one more way to do that: crypto. it is like asking “Why Does PayPal Exist When We Have iBAN?” obviously some subset of the globe finds it more useful than iBAN transfers for their needs (like setting up an online shop).
The big question with Tether has been, if they are holding commercial paper, whose commercial paper? Traders who deal in commercial paper of real companies that do real stuff don't see Tether present in that market. The dollar amounts are too big to hide. The suspicion is that their "commercial paper" is high-interest loans to other cryptocurrency companies. With the whole crypto sector in decline, those loans are at…
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Centralised mechanisms solve the problem for less cost
Okay, tell me how I can send money to my friend in Macedonia from Australia without transaction fees.
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Okay, so how much has the Ukraine situation actually resulted in crypto transactions? Enough to justify multi trillion valuations?
Note that Microsoft, Apple, Google, and Amazon all have $1T+ market caps, and before the recent market meltdown had multi-trillion valuations. Most Americans - particularly those who grew up before globalization - underestimate the scale of global markets. The U.S. is about 4% of the world's population and about 15% of global GDP. Anything that's Internet-based and has truly global appeal will be significantly larger…
I just never actually see evidence that crypto has taken over global finance or is well on its way to doing so.