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People overpaying for serial numbers loosely related to jpgs is terrible in my opinion. There's truly intelligent and useful things going on in cryptocurrency.

People overpaying for serial numbers loosely related to jpgs is terrible in my opinion. There's truly intelligent and useful things going on in cryptocurrency. Don't like the bubbles? There's billions in stable coins tied to the dollar, like the $11 billion in US based USDC. There's scams galore, just like in all other markets, but this one actually makes technical progress day by day.

dehrmann 5y ago
> Don't like the bubbles? There's billions in stable coins tied to the dollar, like the $11 billion in US based USDC. Unless I'm trying to avoid high transaction fees when exchanging currency with an undeveloped banking system with dollars, what's the point? My dollars already work fine, and for large amounts, international wire transfers work well.
- timbit42 5y ago
  > My dollars already work fine Only if you don't mind the deflation.
  - fwip 5y ago
    USDC is (supposedly) tied exactly to the price of USD. If USD deflates, USDC deflates.
dmitriid 5y ago
> like the $11 billion in US based USDC. "USDC is issued by regulated financial institutions, backed by fully reserved assets, redeemable on a 1:1 basis for US dollars" $11 billion dollars in reserved assets? Instantly redeemable? Why does this remind me of another scam with similarly "backed by assets" USDTs
- 0tt049 5y ago
  Try to cash $11B out of a bank then
  - dmitriid 5y ago
    While uncommon, this happens from time to time when a lot of people try to withdraw money from a bank: in times of crises, when there are rumours of troubles at a bank etc. And no, not even banks have that kind of money backed up by real assets (that's why there's usually a government-mandated minimum insurance on all deposits). And you want me to believe that some scammers with no accountability have 11 billion dollars in assets backing up their claims? Just because they have the magical word "crypto"?

dehrmann 5y ago

> Don't like the bubbles? There's billions in stable coins tied to the dollar, like the $11 billion in US based USDC. Unless I'm trying to avoid high transaction fees when exchanging currency with an undeveloped banking system with dollars, what's the point? My dollars already work fine, and for large amounts, international wire transfers work well.

timbit42 5y ago
> My dollars already work fine Only if you don't mind the deflation.
- fwip 5y ago
  USDC is (supposedly) tied exactly to the price of USD. If USD deflates, USDC deflates.

dmitriid 5y ago

> like the $11 billion in US based USDC. "USDC is issued by regulated financial institutions, backed by fully reserved assets, redeemable on a 1:1 basis for US dollars" $11 billion dollars in reserved assets? Instantly redeemable? Why does this remind me of another scam with similarly "backed by assets" USDTs

0tt049 5y ago
Try to cash $11B out of a bank then
- dmitriid 5y ago
  While uncommon, this happens from time to time when a lot of people try to withdraw money from a bank: in times of crises, when there are rumours of troubles at a bank etc. And no, not even banks have that kind of money backed up by real assets (that's why there's usually a government-mandated minimum insurance on all deposits). And you want me to believe that some scammers with no accountability have 11 billion dollars in assets backing up their claims? Just because they have the magical word "crypto"?