81–90 of 388 posts
How are USD backed cryptocurrencies not considered illegal USD surrogates? If they aren't yet, maybe they will be once there's a lawsuit.
It looks like a repeat of the Liberty Dollar to me, and that whole affair ended with charges of money laundering, mail fraud, wire fraud, counterfeiting, and conspiracy. https://en.wikipedia.org/wiki/Liberty_dollar_(private_curren...
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…
Unfortunately, its value is inalienably attached to the dollars that it can be redeemed for. And so long as Coinbase has to take legitimate AML and KYC measures, many people who need access to the redemption market will not have it (e.g. poor families using it for international remittances, and cartels).
Earlier quoted context omitted.
It can be traded directly. It's just an erc20 token.
I understand its an ERC20 token. Do you understand how Coinbase and Circle will remain within regulatory compliance (AML/KYC) regarding USDC and the obvious potential for money laundering?
[1] https://support.coinbase.com/customer/en/portal/articles/263...
Earlier quoted context omitted.
Only if both wallets implement it, isn’t it silly not all wallets support all stable coins? Nope, it isn’t. 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.
Only in the United States and with stringent per day limits? Cryptowallets work no matter where you’re at and without limitations.
Earlier quoted context omitted.
If they're already connected, why would moving digital include more of them in banking? They're not using physical banking now, I don't see how digital banking would convert them.
I meant having more ways to spend their money directly from their phones would allow them to avoid having to withdraw from physical ATMs, and more digital acceptance options means not having to deposit at ATMs. Those are kind of the last vestiges of the physical banking system. These problems are being solved though. Basically any time you’ve seen a “cash only” sign, it’s a blocker to totally digital banking. Low inc…
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…
This is wrong on several levels. Decentralization was not for transactions, it is for censorship resistance. These exchange stable coins fail this requirement. As anyone who has been licked out of an exchange account knows, your funds are never yours when they're on an exchange, much less if the only place to redeem those coins is a place that has locked you out. Your observations about the community is flawed. Many…
BitcoinTalk is the launchpad of virtually every ICO that has violated these core principles. I am very skeptical of your claim that it's a haven for those who care about the technology and its principles when they have boards solely dedicated to announcement of new ICOs: https://bitcointalk.org/index.php?board=159.0
I understand why stablecoin's are useful to the end user. I also understand how Bitfinex is cashing in on Tether. However how is Coinbase making money with USDC? They clearly will have considerable expenses (keeping reserve, legal team, development etc. etc.). But if I give them 1USD and get back 1USDC, which later can be exchanged back to 1 USD, where are they making money?
Historically that's basically how banks have made money. Issuing bank notes while earning interest on the capital they hold. Typically they juice the rate via fractional reserve lending, ie they lend out more money than they have. However if they aren't able to do that, they still get to keep the interest from the deposits (say by buying Treasuries).
My guess is that the stable coins will continue to be more and more common, but then cryptocurrencies will rediscover fractional reserve lending, and new ideas like pegging a coin to the S & P. The pegger will charge a small service fee, the holders will be able to rapidly move money they spend, almost instantly between S&P (or other basket) pegged coins and stable coins.
There will be enough competition over being the holder of stable coins and enough competition in that system they I would expect them to offer rebates on transactions, and not have to charge merchant fees. And since they will be centrally cleared and not have to deal with mining and so on, the transactions ought to clear instantaneously.
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…
Earlier quoted context omitted.
Only if both wallets implement it, isn’t it silly not all wallets support all stable coins? Nope, it isn’t. 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.
USDC is an ERC20 token, so the vast majority of wallets support it out of the box.
Hey wouldn’t you know it they support their own stablecoin, but not others...pretty sure that’s the type of centralization cryptocurrency/Blockchain was trying to avoid.