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The biggest issue with stable coins at this time is that none of the primary stable coin providers will agree to follow GAAP and have trusted 3rd party audits.

The biggest issue with stable coins at this time is that none of the primary stable coin providers will agree to follow GAAP and have trusted 3rd party audits. As a result, it is hard not to see the whole cryptocurrency ecosystem as a house of cards on an unstable foundation. Will Glo allow 3rd party audits by an accredited firm? If so, THAT is how you'll get people to switch over.

glocoin 4y ago
Yes, we will allow those. In general we'll aim to be as transparent as possible, which we believe can give us a competitive advantage over other stablecoins [1]. I personally think that being a non-profit helps with being credible in that respect. 1: https://www.globalincomecoin.com/articles/stablecoin https://www.globalincomecoin.com/articles/stablecoin
- bb88 4y ago
  Ok that is today, but what about in the future when your board of directors changes, or your morals change? Wouldn't it be better to just make a new security fund and then literally create new shares based upon the returns and give them to the poor? Yes, you'd have to follow SEC rules. But, you'd also appear more legitimate, rather than trying to legitimize yourself with empty promises.
  - setgree 4y ago
    Hi there, Right now, Glo the organization is still taking shape. As we formalize, we'll have things like a board of directors, and all the standard protections/checks that nonprofits have to stop them from being evil. Will that suffice to garner trust? I am not sure, but at face value, lots of nonprofits, including those that handle cash transfers, are trusted. To reframe this question, what would suffice to elevate Glo to the same level of trustworthiness as GiveDirectly, assuming we were structured similarly?
    - bb88 4y ago
      > To reframe this question, what would suffice to elevate Glo to the same level of trustworthiness as GiveDirectly, assuming we were structured similarly? Why another shitty stablecoin? Stable coins have been anything but recently. Why does this have to be on blockchain? What happens to my money when you fold? What happens to my money if there's a backdoor in your coin? Where's the fund manager? When there's a run on your coin are you going to buoy it up by selling your treasury holdings? What happens on a weekend or a holiday when a run is happening on the coin and the treasury and the markets are closed? It can't all be in TBills, some of it has to be in USD. What's the breakdown? Where is it published? What's to say tomorrow you won't rug pull and leave the country in a yacht? Or the leader who takes after you? Where's your true heart at? Is it for the poor? Or are you going to transition from a non-profit to a for-profit organization, once you get a good amount of money in your coffers? And then I see this: To end extreme poverty, Glo would need to replace 7% of all the money in the world. While ambitious, this is not impossible: We'd be at 100% of our goal if 87% of US savings deposits ($10.6 trillion) were converted to Glo We'd be at 63% of our goal if all cash held by US companies ($5.8 trillion) were converted to Glo Look you guys are clearly smart, but you've drunk the kool-aid.
      - jeffmgic 4y ago
        Stablecoins offer a lot of utility already. Glo will be fully-backed by reserve assets to maintain stability. This is much different than stablecoins you might consider not so trustworthy. Blockchain allows a new form of money to be created and used in a very efficient manner. There is no need to build out new financial infrastructure or payment network to use this new form of money. Blockchains have proven to be trusted forms of ledgers. If we were to cease operations, we'd ensure that every Glo stablecoin outstanding is still redeemable for $1. We are taking extreme care in our development to prevent any potential vulnerabilities in the stablecoin itself and the processes we incorporate as an organization. We have expertise around managing funds and are also looking to add talent in that domain. Treasuries will be liquidated to make sure redemption demand is met. We have no profit incentive to take any liquidity risk with reserve assets. The breakdown between USD and treasuries will be real-time transparent. At smaller market caps, we'll have to lean towards greater liquidity. At larger market cap, we'll conservatively estimate a trustworthy composition of assets. Global Income Coin will exist solely for the benefit the mission.

glocoin 4y ago

Yes, we will allow those. In general we'll aim to be as transparent as possible, which we believe can give us a competitive advantage over other stablecoins [1]. I personally think that being a non-profit helps with being credible in that respect. 1: https://www.globalincomecoin.com/articles/stablecoin https://www.globalincomecoin.com/articles/stablecoin

bb88 4y ago
Ok that is today, but what about in the future when your board of directors changes, or your morals change? Wouldn't it be better to just make a new security fund and then literally create new shares based upon the returns and give them to the poor? Yes, you'd have to follow SEC rules. But, you'd also appear more legitimate, rather than trying to legitimize yourself with empty promises.
- setgree 4y ago
  Hi there, Right now, Glo the organization is still taking shape. As we formalize, we'll have things like a board of directors, and all the standard protections/checks that nonprofits have to stop them from being evil. Will that suffice to garner trust? I am not sure, but at face value, lots of nonprofits, including those that handle cash transfers, are trusted. To reframe this question, what would suffice to elevate Glo to the same level of trustworthiness as GiveDirectly, assuming we were structured similarly?
  - bb88 4y ago
    > To reframe this question, what would suffice to elevate Glo to the same level of trustworthiness as GiveDirectly, assuming we were structured similarly? Why another shitty stablecoin? Stable coins have been anything but recently. Why does this have to be on blockchain? What happens to my money when you fold? What happens to my money if there's a backdoor in your coin? Where's the fund manager? When there's a run on your coin are you going to buoy it up by selling your treasury holdings? What happens on a weekend or a holiday when a run is happening on the coin and the treasury and the markets are closed? It can't all be in TBills, some of it has to be in USD. What's the breakdown? Where is it published? What's to say tomorrow you won't rug pull and leave the country in a yacht? Or the leader who takes after you? Where's your true heart at? Is it for the poor? Or are you going to transition from a non-profit to a for-profit organization, once you get a good amount of money in your coffers? And then I see this: To end extreme poverty, Glo would need to replace 7% of all the money in the world. While ambitious, this is not impossible: We'd be at 100% of our goal if 87% of US savings deposits ($10.6 trillion) were converted to Glo We'd be at 63% of our goal if all cash held by US companies ($5.8 trillion) were converted to Glo Look you guys are clearly smart, but you've drunk the kool-aid.
    - jeffmgic 4y ago
      Stablecoins offer a lot of utility already. Glo will be fully-backed by reserve assets to maintain stability. This is much different than stablecoins you might consider not so trustworthy. Blockchain allows a new form of money to be created and used in a very efficient manner. There is no need to build out new financial infrastructure or payment network to use this new form of money. Blockchains have proven to be trusted forms of ledgers. If we were to cease operations, we'd ensure that every Glo stablecoin outstanding is still redeemable for $1. We are taking extreme care in our development to prevent any potential vulnerabilities in the stablecoin itself and the processes we incorporate as an organization. We have expertise around managing funds and are also looking to add talent in that domain. Treasuries will be liquidated to make sure redemption demand is met. We have no profit incentive to take any liquidity risk with reserve assets. The breakdown between USD and treasuries will be real-time transparent. At smaller market caps, we'll have to lean towards greater liquidity. At larger market cap, we'll conservatively estimate a trustworthy composition of assets. Global Income Coin will exist solely for the benefit the mission.