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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

#91

Post by stanleydrew »

orthecreedence wrote: post #65

Coinbase has USDC, Gemini has GUSD. Will be interesting to see how this plays out. I'm curious if adoption becomes a function of which fly-by-night exchanges start launching pairs. But then again, if the fees are low enough (if my $1 truly gets me one token, and one token gets me $0.9999 back) these tokens are going to be useful in themselves without needing to be traded on seedy exchanges. It would be great for taki…

Somewhat unrelated, but the reason micropayments aren't a thing isn't that transaction fees are too high. The reason is that consumers hate them.

http://www.shirky.com/weblog/2009/02/why-small-payments-wont...

Re: Coinbase is launching support for the USDC stablecoin

#92

Post by wslh »

orthecreedence wrote: post #65

Coinbase has USDC, Gemini has GUSD. Will be interesting to see how this plays out. I'm curious if adoption becomes a function of which fly-by-night exchanges start launching pairs. But then again, if the fees are low enough (if my $1 truly gets me one token, and one token gets me $0.9999 back) these tokens are going to be useful in themselves without needing to be traded on seedy exchanges. It would be great for taki…

> I'd like to see the actual "contracts" behind these tokens.

https://github.com/centrehq/centre-tokens and https://github.com/paxosglobal/pax-contracts give you some idea. There is obviously an external system minting and burning these tokens.

Re: Coinbase is launching support for the USDC stablecoin

#93

Post by bduerst »

jabits wrote: post #66
JumpCrisscross wrote: post #48

Earlier quoted context omitted.

> once I have acquired dollars and wish to send them to you I must involve a third party Cash. (There is no way to send electronic dollars without involving a third party, though more money is laundered using dollars and euros than cryptocurrencies. I'd argue leaving a permanent, public record of transactions is a poor price to pay for decentralized electronic transmission, particularly given the centralized issuer a…

Ok, here’s a twenty in the palm of my hand...take it...oh wait...

Mail it.

And if you're going to split hairs by saying DHL, USPS, and FedEx are considered third parties, then so are Comcast, Verizon, and other ISPs who provide you the means to transact.

Re: Coinbase is launching support for the USDC stablecoin

#94

Post by stilley2 »

alistproducer2 wrote: post #68
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…

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…

The article says USDC is an ERC20 coin, which means you can keep it in your own wallet (i.e., not the exchange). You are still trusting the centre consortium to maintain the coins value.

Re: Coinbase is launching support for the USDC stablecoin

#95

Post by billions »

wcarron wrote: post #34
billions wrote: post #14

Earlier quoted context omitted.

The government's "stable coin" lost 96% of its value since 1913. Time to try something different? https://comparegoldandsilverprices.com/news/economics-101/do...

What a strawman. Inflation BAAAAAD, right guys? C'mon. We all know why the Fed targets a relatively consistent rate of inflation. It's because deflation suppresses consumer spending. Not what you want in a consumer economy.

"What a strawman." -@wcarron

Below is a list of 590+ failed fiat currencies, 150 caused by hyperinflation. Seems the Straw Man argument is yours alone.

https://trader2trader.co/tag/historic-graphs/page/3/

Re: Coinbase is launching support for the USDC stablecoin

#96

Post by jf- »

I have to wonder what these coins actually offer the consumer. If they’re to be used as a real world currency for transactions, they would need to have some utility over credit/debit cards. I don’t see what that utility is. I can already make instantaneous purchases via contactless, and while there is a fee for international purchases, it’s not large enough, nor do I encounter it frequently enough, for me to look for an alternative. Why as an ordinary consumer would I bother with these?

Re: Coinbase is launching support for the USDC stablecoin

#97

Post by lacker »

ThrustVectoring wrote: post #63

"Stablecoin" in general generates a ton of legal risk for the operators. If you can make peer-to-peer transactions with it, then the coin operators are definitely not complying with Know Your Customer and Anti-Money Laundering laws. This will pretty reliably get the US Feds to raid your offices, seize your website and servers, arrest the principles responsible, and prosecute them. See also: Liberty Reserve. On the ot…

If you can make peer-to-peer transactions with it, then the coin operators are definitely not complying with Know Your Customer and Anti-Money Laundering laws.

You can certainly make peer-to-peer transactions with it.

But I think you are misinterpreting the KYC laws. Circle (who operates USDC) isn't trying to be secretive about this. They are regulated as a "money transmitter" and a "money services business" - https://www.circle.com/en/usdc . IANAL but Circle certainly seems prepared to take on any legal risks involved here.

Re: Coinbase is launching support for the USDC stablecoin

#99

Post by jatsign »

jf- wrote: post #96

I have to wonder what these coins actually offer the consumer. If they’re to be used as a real world currency for transactions, they would need to have some utility over credit/debit cards. I don’t see what that utility is. I can already make instantaneous purchases via contactless, and while there is a fee for international purchases, it’s not large enough, nor do I encounter it frequently enough, for me to look for…

An ordinary consumer wouldn't. For me, likely use cases are:

- Transmitting money overseas. This should be way cheaper. - Vendors who are tired of paying 2.5% to credit card companies giving a discount to using crypto.

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