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As someone who hates SBF I think he was right on requiring proof of capitalization for stablecoins that say they're capitalized. USDT used to say this on their
by nailer 4y ago
As someone who hates SBF I think he was right on requiring proof of capitalization for stablecoins that say they're capitalized. USDT used to say this on their website, then removed it and now they just print money (Hacker News doesn't support emoji but I'd use the person throwing trash into the bin emoji here).
- blitzar 4y agoIf stablecoins are regulated then they are just USD's. They are just an excuse to earn transaction fees and print fake money in exchange for bypassing regulations, always has been - insert Always has been meme.
- nailer 4y agoI can send you a million USDC right now on the most popular blockchain, it’ll arrive in less than a card tap and the transaction fee is USD .00025.
- blitzar 4y agoI can write you a cheque for a billion actual USD for 0 cost.
- nailer 4y agoCool but: - my bank has an upper limit of 1500 GBP so I can't receive the cheque - if I could receive the cheque, the latency on me getting the funds is a few orders of magnitude more than 400ms
- blitzar 4y agoAnd getting 1 mil of USDC to your bank account would take longer and be more problematic!
- nailer 4y agoI don’t need a bank account to use the USDC. I can store it myself, buy goods at retail or online, and purchase tokenised investments (eg real estate, equities, ETFs) with the USDC, invest in physical art, pay people I need to pay, etc.
- blitzar 4y agoBut you cant actually do any of that (yet) - well except for buying tokenised gifs
- nailer 4y agoI’ve done most of those in the last month. The future is here it’s just not evenly distributed.
- blitzar 4y agoI have done all of those since the day I was born - I was of course born a long time in the past and the past was pretty evenly distributed
- deleted 4y ago[deleted]
- nailer 4y agoCool. Now you don’t need someone else to take half to six percent of your money every time you move it and make you wait days to receive it.