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I paid a contractor in Vietnam to do a side project for me once in a stablecoin. Because it avoided the central bank, they could avoid the stealing of their har
by seibelj 4y ago
I paid a contractor in Vietnam to do a side project for me once in a stablecoin. Because it avoided the central bank, they could avoid the stealing of their hard currency via the standard international payment system.
One beneficial use case from the US perspective is further global dominance of USD (if you are into that sort of thing). This limits the ability of corrupt governments from inflating their fiat, which is generally a worse currency than USD fiat.
- hiq 4y ago> Because it avoided the central bank, they could avoid the stealing of their hard currency via the standard international payment system. How much was paid in fees in total, from your currency to theirs (I assume VND)? If it's a USD stablecoin, I assume they still had to convert it to VND, or at least they'd have to if they were paid mostly like this (to pay their taxes). Wise and others are quite cheap for the currencies they support.
- seibelj 4y agoI’m extremely deep in this space, so I will provide some more anecdotes. A lot of the Chinese crypto engineers (of which there are many) are paid in USDT. This avoids all of the capital controls and knowledge the state has. There is an entire subculture of Chinese who operate their businesses in USDT, mostly digital ones but it has bled into the physical world as well. In Hong Kong duffel bags full of paper currency would be swapped for USDT by various money changers. A lot of people look at crypto and see what’s on the surface. The easy, instant movement of essentially unlimited money without government oversight and intervention is scaring many authoritarian governments. See the total ban on crypto by the Chinese dictatorship.
- dmitriid 4y ago> This avoids all of the capital controls and knowledge the state has So. Illegal movement of money.
- seibelj 4y agoThe Chinese government has committed horrible atrocities. The US government to this day has people locked for life in prison because they sold marijuana for the third time and were sentenced to life. Prior governments worldwide sanctioned human slavery and collected taxes on slave sales. You say illegal - but I say immoral
- spupe 4y agoWhat a ridiculous argument for tax evasion. Your tax money also supports elderly care, orphanages and a range of essential services that you have already benefited from. What you are doing is immoral - freeloading.
- seibelj 4y agoI didn’t realize promoting free speech, which would get you arrested and potentially murdered in China, meant you were an immoral person. But with absolute government control over the payment rails, such activism is impossible without a sword over your neck.
- anon2020dot00 4y agoAren't North Korean Hackers using crypto for ransomware? So actually, crypto is used to finance and prop-up such dictatorial governments. Also, Russia is being sanctioned through freezing their USD accounts and imposing financial sanctions such as suspension from using SWIFT. If crypto is more wide-spread, then it will become more difficult to impose such financial restrictions to Russia and other international pariahs.
- seibelj 4y agoAren't drug dealers in the US and Europe using paper currency? Shouldn't we outlaw that so the government can track everything?
- hnaccount_rng 4y agoAnd what do those people do to interact with their local community. Eg how do they pay their supermarket bill? Their taxes? (Well I guess they will conveniently forget about income taxes.) That’s what the involvement if a central bank/state gives you.
- deleted 4y ago[deleted]