3 ms·

My mistake, it’s Grant Thornton: https://blog.coinbase.com/fact-check-usd-coin-is-the-largest-regulated-stablecoin-in-the-world-6e7f3c06cbf0 https://blog.coinba

My mistake, it’s Grant Thornton: https://blog.coinbase.com/fact-check-usd-coin-is-the-largest-regulated-stablecoin-in-the-world-6e7f3c06cbf0 https://blog.coinbase.com/fact-check-usd-coin-is-the-largest.... Now I’m no CoinBase apologist, they’re accused of stuff that would make Dutsche blush, but USDC is a completely different animal than Tether. I won’t take payment someone’s share of dinner in USDT or ETH for that matter, I will happily hold USDC for short periods of time.

aaaaaaaaata 5y ago
You'll hold USDC for short periods, but not ETH? Because of volatility, or something else?
- benreesman 5y ago
  Yeah, I'm generally bullish on `ETH` long-term, but it's a vague sentiment not a tradable thesis. The concrete reason is that I'm not (nor interested in being) a currency speculator, and so I do all my currency speculation in the form of being at least somewhat long the one currency I understand reasonably well, which is `USD`.
jqpabc123 5y ago
So just to recap --- they're not random, they're not really audits and they're not done by E&Y. Basically, you're just trusting Coinbase.
- benreesman 5y ago
  I'd propose a different summary: I'd rather trust a publicly-traded company in the United States which has serious accountants certifying the validity of their books and plenty of assets subject to seizure in the the same jurisdiction I live in than some guys who at least one state has already decided don't have the money. I'm working on my HN etiquette but it's been a long week. If I act a like a fucking smartass, call me on it, and I'll return the favor. Don't be a smartass.
  - jqpabc123 5y ago
    Don't be a smartass. Agreed! But I'd propose refraining from just making stuff up off the top of your head that is demonstratedly wrong on every level. Don't be an idiot.
    - benreesman 5y ago
      I'm going to posit that the burden is on the person carrying both an empty briefcase as far as new information/insight and the word "idiot" is also carrying the burden to issue a substantiative challenge to a thesis that is legible if not eloquent. What part of "I'd much prefer to hold USDC than USDT personally because I think not all accountants are Arthur Anderson-level criminals" are you objecting to exactly? Use your words.
      - benreesman 5y ago
        Joke's on me: `February 21, 2020`. I've got to stop doing this.

aaaaaaaaata 5y ago

You'll hold USDC for short periods, but not ETH? Because of volatility, or something else?

benreesman 5y ago
Yeah, I'm generally bullish on `ETH` long-term, but it's a vague sentiment not a tradable thesis. The concrete reason is that I'm not (nor interested in being) a currency speculator, and so I do all my currency speculation in the form of being at least somewhat long the one currency I understand reasonably well, which is `USD`.

jqpabc123 5y ago

So just to recap --- they're not random, they're not really audits and they're not done by E&Y. Basically, you're just trusting Coinbase.

benreesman 5y ago
I'd propose a different summary: I'd rather trust a publicly-traded company in the United States which has serious accountants certifying the validity of their books and plenty of assets subject to seizure in the the same jurisdiction I live in than some guys who at least one state has already decided don't have the money. I'm working on my HN etiquette but it's been a long week. If I act a like a fucking smartass, call me on it, and I'll return the favor. Don't be a smartass.
- jqpabc123 5y ago
  Don't be a smartass. Agreed! But I'd propose refraining from just making stuff up off the top of your head that is demonstratedly wrong on every level. Don't be an idiot.
  - benreesman 5y ago
    I'm going to posit that the burden is on the person carrying both an empty briefcase as far as new information/insight and the word "idiot" is also carrying the burden to issue a substantiative challenge to a thesis that is legible if not eloquent. What part of "I'd much prefer to hold USDC than USDT personally because I think not all accountants are Arthur Anderson-level criminals" are you objecting to exactly? Use your words.
    - benreesman 5y ago
      Joke's on me: `February 21, 2020`. I've got to stop doing this.