7 ms·

Faster and cheaper transactions that don't get locked up by the whims of a bureaucracy. They continue to operate on non-business days.

• irishcoffee 8mo ago
  At the end of the day, for better or worse, the US dollar is backed by the US military. Virtual coins are backed by the greater fool. What a strange toss-up.
  • Onavo 8mo ago
    But the stable coins are also backed by the US military. All major USD stablecoins have sanctions mechanisms baked into their smart contract. See for yourself the blacklist features https://github.com/circlefin/stablecoin-evm/tree/master/scripts/hardhat https://github.com/circlefin/stablecoin-evm/tree/master/scri...
  • anukin 8mo ago
    Usdc is backed by US dollar denominated treasuries for most major issuers.
    • Hamuko 8mo ago
      Is there actually any proof of this or is it Tether-tier magic money?
    • bandrami 8mo ago
      It's broadly agreed that hasn't been the case for a while now, but that at the moment it's better for everybody if we pretend it still is
  • deleted 8mo ago
    [deleted]
  • zx8080 8mo ago
    > US dollar is backed by the US military. No, it's not. It's not possible to come to the US soldiers with a bunch of US dollars and some demands and get what's demanded in return for the dollars. Only trust of the other market participants backs the US dollar.
    • direwolf20 8mo ago
      It's the other way around. If you don't trade in dollars, the military comes and demands that you do.
      • RealityVoid 8mo ago
        Is the peso backed by the Mexican government? Because I'm afraid of all these militaries coming and knocking down my door to use their money.
• Aurornis 8mo ago
  That’s also a downside: When your funds can be transferred away by anyone who happens to acquire the key without triggering any fraud prevention or additional verification checks, losing your entire bank account at 4AM Sunday morning becomes much easier.
  • koakuma-chan 8mo ago
    [flagged]
    • pertymcpert 8mo ago
      Unnecessary rudeness.
      • koakuma-chan 8mo ago
        Strong language used for emphasis. I apologize if anyone was offended.
        • vasco 8mo ago
          It's also a lie, you can pay for many things without raising limits.
          • koakuma-chan 8mo ago
            Why does the bank decide what I can pay for? That's bullshit.
            • nananana9 8mo ago
              Because you put your money there and agreed to their rules.
            • mschild 8mo ago
              What limit are we talking about though? Credit or debit? Debit I'd agree would suck because it is your money. Credit cards on the kther hand is you lending mkney from the bank.
• Ekaros 8mo ago
  Is there some magic in redeeming them? And by redeeming I mean going to issuer and getting the face value in seconds?
  • direwolf20 8mo ago
    You can redeem stablecoins in blocks of a million if you are a registered bank. This is the only way to redeem them. Otherwise you can only trade them.