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Large banks like JPMorgan Chase are also looking into launching their own stablecoins, just because it has less regulation than normal banking. In fact Jamie Di
by kccqzy 1y ago
Large banks like JPMorgan Chase are also looking into launching their own stablecoins, just because it has less regulation than normal banking. In fact Jamie Dimon himself says so. The idea is really simple: creating stablecoin deposit accounts for customers allows banks to skip existing customer protections that are normally afforded to traditional deposit accounts.
- dangero 1y agoYes — similarly I work in cryptocurrency and constantly try to tell people that credit cards are unbeatable for payments because of the consumer protections. Chargebacks are an insanely consumer friendly feature. Nobody ever wants to engage in that conversation.
- topranks 1y agoYep. And the White House will let them now.
- gamblor956 1y agoStablecoins will end subject to just as much regulation as a normal bank, maybe even more. JPMorgan Chase, BofA, and their ilk have R&D budgets large enough to have already launched a dozen stablecoins by now. They haven't, not because they can't (on a technical level) but because they don't actually see the value to it (on a business level). They're simply paying lip service to crypto because it pumps up share value, the same way every business was bragging about their AI investments just a few months ago.
- Ericson2314 1y agoI certainly hope you are right! It depends on how deep the trump admin 2 rot will go.
- immibis 1y agoIs Uber subject to taxi regulations yet?
- gamblor956 1y agoOutside of the U.S., Uber is subject to taxi regulations in most of the places it operates. In the U.S., it is subject to a new set of regulations governing "rideshares" that are similar to the regulations governing taxis. The primary differences are that medallions aren't required for rideshare vehicles, nor are rideshare drivers required to know anything about the location in which they're driving. Objectively speaking, the taxi drivers and companies that are still alive today provide better service than their rideshare counterparts. I can tell a taxi driver "the Z building" at the airport and they'll know what it is, where it is, and how to get there. Most rideshare drivers need to look it up, and they'll be damned if they actually follow the google directions to get there without getting lost on the way.
- seanmcdirmid 1y agoI’m pretty sure most rideshare services are forcing drivers to use their own map software. They aren’t using google, at least directly, and they are using routes recommended by the ride sharing companies themselves. Just replace them with AI already, Waymo was really good when I tried it in SF. Not technically ride share anymore though, I bet we see robo taxis eventually regulated like taxis when they eventually take over the market.
- Jommi 1y agoyes in many many many countries.
- te_chris 1y agoYes. Just look at London - where it’s private hire, not taxi, but still very regulated.
- piker 1y agoAnd basically sucks.
- Anon84 1y agoBanks are already using stable coins internally (case in point https://en.wikipedia.org/wiki/JPM_Coin https://en.wikipedia.org/wiki/JPM_Coin) it just hasn’t been made available externally yet.
- deleted 1y ago[deleted]
- ericpauley 1y agoClicking just a few links down on that article shows that JPM Coin is a Blockchain in branding only. It's backed by a centralized (in trust principals if not in compute) ledger and used for transactions between mutually-trusting parties.
- thehappypm 1y agoVenmo is essentially a stable coin
- benjaminwootton 1y agoYou are correct but with Venmo or PayPal there’s a middleman charging fees who can lock your funds. A decentralised PayPal is appealing.
- topranks 1y agoNot really. The “solution” for decentralisation - proof of work - makes the system a lot more expensive (think: higher fees) than a centralised database.
- jekrb 1y agoPayPal also has their own stablecoin, PyUSD https://www.paypalobjects.com/devdoc/community/PYUSD-Solana-White-Paper.pdf https://www.paypalobjects.com/devdoc/community/PYUSD-Solana-...
- lern_too_spel 1y agoThat middleman can be compelled by the government to return your funds. A foreigner who empties your wallet on a decentralized PayPal cannot.
- thehappypm 1y agoWhat fees?
- kccqzy 1y agoAn implicit fee by not paying you any interest for money held in Venmo. Also notice there's no option to automatically transfer received money into your real checking account. They are banking on you forgetting your money is there and they are earning the interest but not passing it to you. For this reason I prefer receiving money via Zelle but pay with Venmo.
- justin66 1y ago> Large banks like JPMorgan Chase are also looking into launching their own stablecoins, just because it has less regulation than normal banking. That always works out great. Can't wait for the next explosion, followed by government bailout, followed by some portion of all our wealth vaporizing, all to the benefit of a small number of people.