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I really hope the government stays out of this. We need alternatives to their monopoly, and regulating stablecoins will ultimately limit people's choices.

by ponow 5y ago

LogonType10 5y ago
That's kind of the point, no? Limit your ability to buy only stablecoins with factual claims of backing.
- ponow 5y ago
  No. There is no protection from a lack of due diligence.
asah 5y ago
the issue isn't you individually losing some money, but the risk of contagion: millions of people all losing a lot of money and this affecting the livelihoods of the people (you!) who didn't bet on it (e.g. usdt).
victor106 5y ago
"I want the government to stay out of this" till everyone launch stable coins and enough people get scammed. After that you will hear the same people cry "What the hell was the government doing?"
- thrill 5y ago
  The government being "in" something certainly doesn't prevent scams.
codyb 5y ago
I’m curious what value alternatives to the USD would offer me? It’s an incredibly stable medium of exchange accepted universally in this nation and in many places around the world. My deposits are backed by the FDIC so if I get hacked or there’s a bank run I’ll be made whole up to certain limits most people won’t reach. It’s simple, well understood, easy to use. It’s hard and/or expensive to do certain things with such as send money to certain places. Maybe you can give some good reasons as to why we really need alternatives, as historically, our fragmented monetary system after independence was a total mess.
- landemva 5y ago
  'what value alternatives to the USD would offer me?' I relate to the privileged lifestyle in western society with stable banking that gets bailed out when there are missteps. Stablecoins have much more utility for those without access to well-developed banking. There are places with limited or dysfunctional currency services.

I really hope the government stays out of this. We need alternatives to their monopoly, and regulating stablecoins will ultimately limit people's choices.

by ponow 5y ago

I really hope the government stays out of this. We need alternatives to their monopoly, and regulating stablecoins will ultimately limit people's choices.

LogonType10 5y ago

That's kind of the point, no? Limit your ability to buy only stablecoins with factual claims of backing.

ponow 5y ago
No. There is no protection from a lack of due diligence.

asah 5y ago

the issue isn't you individually losing some money, but the risk of contagion: millions of people all losing a lot of money and this affecting the livelihoods of the people (you!) who didn't bet on it (e.g. usdt).

victor106 5y ago

"I want the government to stay out of this" till everyone launch stable coins and enough people get scammed. After that you will hear the same people cry "What the hell was the government doing?"

thrill 5y ago
The government being "in" something certainly doesn't prevent scams.

codyb 5y ago

I’m curious what value alternatives to the USD would offer me? It’s an incredibly stable medium of exchange accepted universally in this nation and in many places around the world. My deposits are backed by the FDIC so if I get hacked or there’s a bank run I’ll be made whole up to certain limits most people won’t reach. It’s simple, well understood, easy to use. It’s hard and/or expensive to do certain things with such as send money to certain places. Maybe you can give some good reasons as to why we really need alternatives, as historically, our fragmented monetary system after independence was a total mess.

landemva 5y ago
'what value alternatives to the USD would offer me?' I relate to the privileged lifestyle in western society with stable banking that gets bailed out when there are missteps. Stablecoins have much more utility for those without access to well-developed banking. There are places with limited or dysfunctional currency services.