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I was asked to work on a project that used USDC. I ended up not doing it, but in reading the docs and discussing the project, there seemed to be a hand-wavy asp
by bdcravens 5y ago
I was asked to work on a project that used USDC. I ended up not doing it, but in reading the docs and discussing the project, there seemed to be a hand-wavy aspect to USDC. My impression is relying on it was a way to bypass many of the concerns (ie, regulations) about using the banking system.
- rattlesnakedave 5y agoTokenized dollars and dollar equivalents have many uses. One big one is that they make it possible to take advantage of defi products on Ethereum. It's not just "bypassing regulations" lol
- bdcravens 5y agoPerhaps, but that wasn't true in the project I referenced. (perhaps I didn't make it clear that I wasn't generalizing)
- ethbr0 5y agoThat's the bit of the dollar coin universe that freaks me out. The same behavior (which has happened with multiple participants) could be attributed to their: 1) Trying to avoid obviously falling under banking / financial / market regulations 2) Fraud The travesty of the situation is that there's so much ignorant money in crypto that there's little pressure for them to actually clarify, even if they have the best intentions. The market doesn't care, and isn't pushing them to do so.