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Well this is the first time I've ever been impressed by an application of crypto, notwithstanding some major concerns. Thing is though that this is not a wire
by bfeynman 4y ago
Well this is the first time I've ever been impressed by an application of crypto, notwithstanding some major concerns.
Thing is though that this is not a wire transfer, and lot of places where wire transfers are used are specifically used because of the infrastructure and guarantees around it. Would be interesting to a shift in adoption though
Do you guys just eat cost of minor fluctuations in stablecoin prices?
- zachrosen23 4y agoThanks! Fortress can also slot into legacy infrastructure. Finality guarantee is also actually stronger with a stablecoin payment (cryptographically irreversible) vs a wire (99.9% irreversible, absent a bank mistake or court order).
- zachrosen23 4y agoFully backed stablecoins are redeemable from their issuer 1:1, regardless of what they're trading at on secondary markets
- pffft8888 4y agoBut Binance just stopped all USD withdrwals. Circle is the only other issuer and requires you being licensed in every state as an MSB, plus compliance. And the fact that there is nothing to it tecnologically speaking. The whole moat is in having regulatory approval.
- pcthrowaway 4y agoI don't believe they stopped USDC withdrawals, just actual USD
- pffft8888 4y agoI meant to do a wire in the US you need to get USD out.
- PCP7 4y agoWhich stablecoin are you using and any particular reasons for choosing it?
- zachrosen23 4y agoUSDC. Audited + backed by cash and US treasuries