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This is step 1. I'm surprised it arrived this late. I root for cryptocurrencies, but I think the government will deem them to be to risky for their monopoly on

This is step 1. I'm surprised it arrived this late. I root for cryptocurrencies, but I think the government will deem them to be to risky for their monopoly on printing money. Not to mention China investing tons of money into cryptos.

cdiddy2 6y ago
The thing is that cryptocurrencies in their current form are generally good for the US and the dollar. The US is already a fairly open jurisdiction in that you can move money in and out of the country without too much hassle, that isnt the case for a place like China. So stablecoins, which are vastly dominated by dollar denominated coins, actually increase the dominance of the dollar and allow people to get around chinese currency controls in ways I am not sure they like. https://www.scmp.com/economy/china-economy/article/3098981/cryptocurrencies-help-chinese-evade-capital-and-currency https://www.scmp.com/economy/china-economy/article/3098981/c...
- cdiddy2 6y ago
  A second point here is that the US already using stablecoins like USDC to support semi controversial foreign policy in places like Venezuela. "According to the company’s blog post, the Treasury Department and the Federal Reserve deposit funds seized by the U.S. into a bank account in the U.S. tied to the Guaidó government, which converts the funds into USDC that Circle then sends to Airtm." https://www.coindesk.com/circle-usdc-venezuela-airtm https://www.coindesk.com/circle-usdc-venezuela-airtm
- arcticbull 6y ago
  The overwhelming majority of stablecoins are Tether which are backed by literally nothing. $20B market cap and rising at the rate of $2B/month with no banking infrastructure - and the target of 6? lawsuits including by the NYAG. WCGW?
DarthGhandi 6y ago
> Not to mention China investing tons of money into cryptos. Cryptocurrencies are for the most part banned in China, it's probably one of the most difficult places on Earth to own them, have no idea how people come to conclusions like this other than just playing some blatant jingoistic angle.
wonderwonder 6y ago
This was doubled down on today with the STABLE act. https://tlaib.house.gov/media/press-releases/tlaib-garcia-and-lynch-stableact https://tlaib.house.gov/media/press-releases/tlaib-garcia-an... Biggest meritorious gold rush in decades with the potential to drastically uproot a very class based financial system and minorities have to be protected from it? This is absolute insanity. We have had these laws in place for decades in the banking system and minorities have constantly been discriminated against. The last thing we need is for these same laws to be put in place in an arena where millionaires are printed overnight and no one even needs to know the color of your skin.

cdiddy2 6y ago

The thing is that cryptocurrencies in their current form are generally good for the US and the dollar. The US is already a fairly open jurisdiction in that you can move money in and out of the country without too much hassle, that isnt the case for a place like China. So stablecoins, which are vastly dominated by dollar denominated coins, actually increase the dominance of the dollar and allow people to get around chinese currency controls in ways I am not sure they like. https://www.scmp.com/economy/china-economy/article/3098981/cryptocurrencies-help-chinese-evade-capital-and-currency https://www.scmp.com/economy/china-economy/article/3098981/c...

cdiddy2 6y ago
A second point here is that the US already using stablecoins like USDC to support semi controversial foreign policy in places like Venezuela. "According to the company’s blog post, the Treasury Department and the Federal Reserve deposit funds seized by the U.S. into a bank account in the U.S. tied to the Guaidó government, which converts the funds into USDC that Circle then sends to Airtm." https://www.coindesk.com/circle-usdc-venezuela-airtm https://www.coindesk.com/circle-usdc-venezuela-airtm
arcticbull 6y ago
The overwhelming majority of stablecoins are Tether which are backed by literally nothing. $20B market cap and rising at the rate of $2B/month with no banking infrastructure - and the target of 6? lawsuits including by the NYAG. WCGW?

DarthGhandi 6y ago

> Not to mention China investing tons of money into cryptos. Cryptocurrencies are for the most part banned in China, it's probably one of the most difficult places on Earth to own them, have no idea how people come to conclusions like this other than just playing some blatant jingoistic angle.

wonderwonder 6y ago

This was doubled down on today with the STABLE act. https://tlaib.house.gov/media/press-releases/tlaib-garcia-and-lynch-stableact https://tlaib.house.gov/media/press-releases/tlaib-garcia-an... Biggest meritorious gold rush in decades with the potential to drastically uproot a very class based financial system and minorities have to be protected from it? This is absolute insanity. We have had these laws in place for decades in the banking system and minorities have constantly been discriminated against. The last thing we need is for these same laws to be put in place in an arena where millionaires are printed overnight and no one even needs to know the color of your skin.