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The post you are replying to did not state that they were. You can easily look up practical application of cryptocurrency by looking up stablecoin usage over ti

by nailer 2y ago

The post you are replying to did not state that they were. You can easily look up practical application of cryptocurrency by looking up stablecoin usage over time.

ajkjk 2y ago
You're gonna convince people there are practical applications of cryptocurrencies outside of grift and crime when they actually see them and find them useful in their own lives, and not before.
- nailer 2y ago
  Yes. Stablecoins are a proxy for real world usage.
  - UberFly 2y ago
    You trying to boost it to make your investment viable? It doesn't really exist for anything other than that like most crypto.
    - nailer 2y ago
      My investment in…. stablecoins?
  - ajkjk 2y ago
    What does that mean?
not2b 2y ago
"stablecoin" is a misnomer. Perhaps they should be called temporarily stable coins, because they tend to fail under pressure. https://chainsec.io/failed-stablecoins/ https://chainsec.io/failed-stablecoins/
- nailer 2y ago
  USDC is more collateralised than your bank is (if you bank in the US).
  - beaglesss 2y ago
    It's not. The FDIC is ultimately collateralized by the entire US economy and will change the rules on a whim to collateralize ineligible depositors as seen in the silicon bank fiasco. On paper there is a limit but in practice it is as high as the rich and powerful like. It's not even a problem if they run out of imaginary money because the fed can simply ease in more to the FDIC via debt shell games.
    - dvt 2y ago
      > On paper there is a limit but in practice it is as high as the rich and powerful like. I'm not particularly bullish on crypto, but this is definitely not the flex you think it is.
      - beaglesss 2y ago
        Who says it is a flex? It is simply reality, he who holds the central bank will tilt it and insuring institutions to favor powerful depositors, it's almost an axiom of governance and another reason why founders hated and warned against central banks.
    - qqqult 2y ago
      USDC just holds 90% in government treasuries custodied by blackrock & 10% in cash in a "too big to fail" US bank that's systemically important. Your local bank has a 0% reserve requirement[1]. Ofc it'll most likely get bailed out by the FDIC (by taxpayers) in case of emergency but US regulated stablecoins are in no way more risky than US banks 1: https://www.federalreserve.gov/monetarypolicy/reservereq.htm#:~:text=As%20announced%20on%20March%2015,requirements%20for%20all%20depository%20institutions https://www.federalreserve.gov/monetarypolicy/reservereq.htm....

by nailer 2y ago

The post you are replying to did not state that they were. You can easily look up practical application of cryptocurrency by looking up stablecoin usage over time.

ajkjk 2y ago

You're gonna convince people there are practical applications of cryptocurrencies outside of grift and crime when they actually see them and find them useful in their own lives, and not before.

nailer 2y ago
Yes. Stablecoins are a proxy for real world usage.
- UberFly 2y ago
  You trying to boost it to make your investment viable? It doesn't really exist for anything other than that like most crypto.
  - nailer 2y ago
    My investment in…. stablecoins?
- ajkjk 2y ago
  What does that mean?

not2b 2y ago

"stablecoin" is a misnomer. Perhaps they should be called temporarily stable coins, because they tend to fail under pressure. https://chainsec.io/failed-stablecoins/ https://chainsec.io/failed-stablecoins/

nailer 2y ago
USDC is more collateralised than your bank is (if you bank in the US).
- beaglesss 2y ago
  It's not. The FDIC is ultimately collateralized by the entire US economy and will change the rules on a whim to collateralize ineligible depositors as seen in the silicon bank fiasco. On paper there is a limit but in practice it is as high as the rich and powerful like. It's not even a problem if they run out of imaginary money because the fed can simply ease in more to the FDIC via debt shell games.
  - dvt 2y ago
    > On paper there is a limit but in practice it is as high as the rich and powerful like. I'm not particularly bullish on crypto, but this is definitely not the flex you think it is.
    - beaglesss 2y ago
      Who says it is a flex? It is simply reality, he who holds the central bank will tilt it and insuring institutions to favor powerful depositors, it's almost an axiom of governance and another reason why founders hated and warned against central banks.
  - qqqult 2y ago
    USDC just holds 90% in government treasuries custodied by blackrock & 10% in cash in a "too big to fail" US bank that's systemically important. Your local bank has a 0% reserve requirement[1]. Ofc it'll most likely get bailed out by the FDIC (by taxpayers) in case of emergency but US regulated stablecoins are in no way more risky than US banks 1: https://www.federalreserve.gov/monetarypolicy/reservereq.htm#:~:text=As%20announced%20on%20March%2015,requirements%20for%20all%20depository%20institutions https://www.federalreserve.gov/monetarypolicy/reservereq.htm....