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You think the same system that chose to bail out the banks in 08 should be fully responsible for our financial future? I believe a more distributed financial sy

You think the same system that chose to bail out the banks in 08 should be fully responsible for our financial future? I believe a more distributed financial system would provide more stability for all of us. The GENIUS Act establishes some very strong standards that I believe will strengthen the economy, the dollar, and enable more people to enter the financial services industry in a competitively healthy way. A scammer would have a hard time 1:1 backing their stablecoins with bonds and equivalently stable assets.

queenkjuul 1y ago
That system is still deciding your financial future
- coderatlarge 1y ago
  i use one of the largest credit unions in the usa (grown through m&a over the last twenty years). their ability to follow instructions is at best at tech-intern level. their fees are incredibly fat and their people exhibit serious cya and complacency in almost every interaction. my confidence is at an all-time low in their competence.
  - queenkjuul 1y ago
    I don't care about them; the big banks are still deciding how things work, even with regards to crypto
    - coderatlarge 1y ago
      i still find the original idea of credit unions appealing: ie a small local organization focused on outserving a specific membership who are naturally bound together by meaningful preexisting ties. the trouble seems to come when the credit union decides it needs to “scale “ sort of defeating the original thing that made it any good. perhaps that comes from just greed (ie the ability to charge fees on a larger customer base) or maybe it’s a requirement of the costs of providing an ever-widening array of newly “expected” services.
      - queenkjuul 1y ago
        I mean i enjoy the idea as well, it doesn't change that our socioeconómico (i'll leave this autocorrect lol) system is controlled by the giant financial institutions, and the moves they're making with regards to crypto are only to ensure their existing positions
        coderatlarge 1y ago
        yes i love the ideas of crypto. but the irs checkbox about owning it gives me pause.
wmf 1y ago
Despite its "mismanagement", people in shithole countries seem to prefer USD not EUR/CNY/RUB/XAU. I do hope regulation drives Tether out of business.
- derangedHorse 1y ago
  That's thanks to the legacy of Bretton Woods and other things like the petrodollar. It's not a result of our monetary policy or output. The US is good at war and has the benefit of convenient geography. Those are the things that hold up the hegemony we see today.

queenkjuul 1y ago

That system is still deciding your financial future

coderatlarge 1y ago
i use one of the largest credit unions in the usa (grown through m&a over the last twenty years). their ability to follow instructions is at best at tech-intern level. their fees are incredibly fat and their people exhibit serious cya and complacency in almost every interaction. my confidence is at an all-time low in their competence.
- queenkjuul 1y ago
  I don't care about them; the big banks are still deciding how things work, even with regards to crypto
  - coderatlarge 1y ago
    i still find the original idea of credit unions appealing: ie a small local organization focused on outserving a specific membership who are naturally bound together by meaningful preexisting ties. the trouble seems to come when the credit union decides it needs to “scale “ sort of defeating the original thing that made it any good. perhaps that comes from just greed (ie the ability to charge fees on a larger customer base) or maybe it’s a requirement of the costs of providing an ever-widening array of newly “expected” services.
    - queenkjuul 1y ago
      I mean i enjoy the idea as well, it doesn't change that our socioeconómico (i'll leave this autocorrect lol) system is controlled by the giant financial institutions, and the moves they're making with regards to crypto are only to ensure their existing positions
      - coderatlarge 1y ago
        yes i love the ideas of crypto. but the irs checkbox about owning it gives me pause.

wmf 1y ago

Despite its "mismanagement", people in shithole countries seem to prefer USD not EUR/CNY/RUB/XAU. I do hope regulation drives Tether out of business.

derangedHorse 1y ago
That's thanks to the legacy of Bretton Woods and other things like the petrodollar. It's not a result of our monetary policy or output. The US is good at war and has the benefit of convenient geography. Those are the things that hold up the hegemony we see today.