runbathtime

14 ms·

91.
by runbathtime 5y ago
Thanks for the clarification. The api is used to send instructions to the money transmitter. I am imagining the product is more UX and aggregation of data for the end user. Congrats on your launch.
92.
by runbathtime 5y ago
I'm trying to understand, by passing the trade request you are like a hosted wallet that you control? Instead of the user broadcasting a transaction, the hosted wallet does that? I don't understand how that isn't money transm
93.
by runbathtime 5y ago
Do you have money transmitter licenses in all the states? Do you plan on getting them?
94.
by runbathtime 5y ago
If you just write the code that does money transmission and share it on github, not host it, not put it in production, then no you aren't doing money transmission, you just wrote some code and shared it. If someone takes that code and
95.
by runbathtime 5y ago
Nice approach to explaining an IPO with the narrative, but I think it would be even more helpful to start in the beginning of a share's life when the company is first incorporated, when shares are created from nothing and assigned base
96.
by runbathtime 5y ago
So the banks are lending their cash to the Fed or (repo market), and holding the treasuries (making interest) to let other banks or the Fed borrow the cash for some reason overnight. The only thing I get from it is that banks are flush with
97.
by runbathtime 5y ago
That is what courts are for- to interpret the spirit of a contract. There is a point where hiding deliberate pump and dumps/ fraud/ ponzi schemes through complicated tokenomics or incompetence (we couldn't predict all the edg
98.
by runbathtime 5y ago
Ignorance or not understanding the money transmitter rules is not a defense. Focus directly on the entity doing the money transmission in this case- the smart contract IRON. They take in USDC and give out IRON and TITAN. IRON and TITAN are
99.
by runbathtime 5y ago
USDC's system didn't fail. The money transmitter (smart contract- IRON/TRON) failed, if the USDC is indeed 'locked' or not able to be transmitted. USDC can't be compelled by anyone to 'fix' this. If U
100.
by runbathtime 5y ago
If a code error that was made that was supposedly 'dumb' wasn't caught that tells me the people behind this acted recklessly. This code error being described wasn't just dumb, it was catastrophic- locking up all the coll
101.
by runbathtime 5y ago
USDC represents a claim on USD, but why would Circle want to help out this contract and lose 262 million? If a stablecoin issuer like USDC can make arbitrary decisions to null any USDC token and they use that power, that is a good argument
102.
by runbathtime 5y ago
Does this contract have a money transmission license? Selling an IRON or a TRON for USDC is money transmission. BSA requires money transmitters to be licensed in states where they operate, as well as register with FICEN, etc. How can we enf
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by runbathtime 5y ago
Looking up the definitions of security, financial asset, debt instrument, bank deposits, and thinking about really what tether is and the statements they make about 'backing' I come to the conclusion that tether is an unregistered
104.
by runbathtime 5y ago
A stablecoin issuer that makes claims about converting the tokens for dollars is a money transmitter (Circle), in that like a bank they receive deposits/reserves (actual dollars). A bank receives payment instructions through checks&#x2
105.
by runbathtime 5y ago
The El Salvador government is directing a state run energy company to provide 'cheap' (does that mean free?) energy to those mining bitcoin in El Salvador. Are these miners even locals or are they Americans? The miners will be get
106.
by runbathtime 5y ago
How is changing a number not changing the code? The autonomous claim that you have made more than once, whether true or not, does not change the fact that the smart contract is doing money transmission.
107.
by runbathtime 5y ago
Zooming out a bit, I do agree that bitcoin is set up as a fiat money transfer system and that in order for the miners to keep making bitcoin they do need to sell it to people to make a profit, so I can't just narrow in on the productio
108.
by runbathtime 5y ago
I would say that the protocol code is conducting money transmission and leave the argument that some humans wrote it aside. In the docs, Uniswap says they don't currently take a protocol fee, but might add it in the future. This fee w
109.
by runbathtime 5y ago
I think you provided the right framework for thinking about this question. I would say that the miners are making bitcoin using raw materials, including electricity and computers, as inputs to a process. The miners are producing or issuing
110.
by runbathtime 5y ago
Did Uniswap3 write itself? Are there humans that wrote the code and deployed it? Why is Uniswap3 protected with copyright law and who does that protect? Why is there a company called Uniswap? Why were they funded? Does the protocol receive
111.
by runbathtime 5y ago
The reason why I believe mining isn't being labeled as money transmission is because the miners never take custody of any bitcoin, they collect/handle transactions themselves, but these transactions are p2p, the bitcoin do not go
112.
by runbathtime 5y ago
Not the unbanked population that most think of when they hear about the unbanked. It is meant more for people that are ousted from banking or traditional payments, like pornhub or Trump, or Loomer.
113.
by runbathtime 5y ago
The main benefit from this that I can see is that El Salvador will attract bitcoin businesses with a lot of money and other bitcoin whales who might move there and start businesses, employing locals and injecting money into the El Salvador
114.
by runbathtime 5y ago
Does anyone know how the Strike app works? They say they use bitcoin to move usd to usd? Strike is the partner with the El Salvador gov that will help convert bitcoin to usd for any merchant who doesn't want the bitcoin. Merchants will
115.
by runbathtime 5y ago
Does anyone know how Strike works? Strike is the private partner to the El Salvador government that will help convert bitcoin to usd that merchants are forced to accept.