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Eventually, the US will figure this out and make a USD crypto that will be used as THE stablecoin. It seems obvious to me that a stablecoin needs a solid gover
by swamp40 4y ago
Eventually, the US will figure this out and make a USD crypto that will be used as THE stablecoin.
It seems obvious to me that a stablecoin needs a solid governmental backing, since there is no profit in it and you need unlimited deep pockets in case of a run.
The advantage is then that the USD remains the world's premier reserve currency, even into the digital age.
- xwolfi 4y agoW...why do you want something more digital than the existing system ? I dont want each dollar to be tracked from its infancy to where I spent it, I m quite fine with withdrawing my digital money back to cash at the ATM and spending it anonymously thereafter. The system is perfect, why change it to liquefy the dumb investment a few crypto lunatics made ?
- swamp40 4y agoThe existing system would stay the same. A USD stablecoin would be something new - a cryptocurrency that is backed 1:1 by the USD and the US Government. It's too big of a job for private finances and too prone to corruption because there is zero profit if you do it properly.
- malermeister 4y agoBut why should the US government build something just so crypto folks have something to gamble with? Why does the government need to enable their habit? What benefit is there to its people?
- klyrs 4y agoWhat value does "cryptocurrency" add to a centralized currency? I can see that we'd be better off with a standardized protocol for sending money around, but plenty of countries have done that fine. The US is stuck in a technological backwater, yes, but I fail to see why "cryptocurrency" would decrease the number of problems.
- dxhdr 4y ago> W...why do you want something more digital than the existing system ? > The system is perfect Still amazes me how conservative the HN crowd is when it comes to finance. Move fast and break things... except not the monetary system; that, is perfect.
- ProjectArcturis 4y agoWhat could you do with a USD stablecoin that you can't do with a regular old dollar? Other than let everyone see your transactions and account balances.
- bpodgursky 4y agoExchange it for another coin in less than 3-5 business days
- ceejayoz 4y agoMy Dad sends me money via Zelle. It shows up instantly in my account, with zero fees, even if it's 10pm on a Sunday. https://mashable.com/article/ethereum-gas-fees-skyrocket-bored-ape-yacht-club-otherside-nft-launch https://mashable.com/article/ethereum-gas-fees-skyrocket-bor... > If you were trying to complete a transaction on the Ethereum network last night, you might have been taken aback by the ridiculously high gas fees you saw. For example, one user purchased a $25 NFT on Saturday evening. Their total price? $3,325. That's $3,300 just in fees. I'll stick with USD, I think.
- SparkyMcUnicorn 4y agoZelle has strict limits on how many transactions you can do and how much you can transfer. Yeah, ETH has high fees. Don't use it directly. Use an L2, Polygon, or something else where fees are pennies or less. ETH is not a good chain to be on for the average user, unless you have a lot of money to waste on gas.
- postalrat 4y agoSo don't use ethereum because the fees are too high?
- SparkyMcUnicorn 4y agoYes
- lampshades 4y agoThat's what Circle is for. Only a matter of time before it becomes an arm of the Federal Reserve.
- malfist 4y agoThe US government already backs a stablecoin. It's called the dollar.
- deleted 4y ago[deleted]