6 ms·
you can send them around easily without having to deal with bullshit payment systems
by koakuma-chan 6mo ago
you can send them around easily without having to deal with bullshit payment systems
- bigfishrunning 6mo agoUntil it becomes another bullshit payment system
- snypher 6mo agoNo-one in the real world wants to be paid with a $USR. Most everyone wants a cashapp/zelle/PayPal/wire transfer. The bullshit payment systems gained ground on crypto while crypto became more difficult/less usable
- mothballed 6mo agoIf you track the FATFs crushing of bearer bonds, bearer notes, non-KYC/non-AML offshore banking, and Hawala it almost perfectly tracks with the rise of crypto.
- koakuma-chan 6mo agoI don't know what USR is, but I would prefer to be paid in USDT or USC if Wealthsimple supported it as deposit method. When I withdraw, I do Deel -> Wise -> Interac e-Transfer -> Bank -> Interac e-Transfer -> Wealthsimple. This is incredibly stupid and I am forced to buy Canadian dollars. For groceries or electronics, you can buy gift cards using crypto.
- lagniappe 6mo agoPYUSD is run by PayPal afaik.
- kogasa240p 6mo agoMonero is better for that task.
- troad 6mo agoBut you do have to deal with bullshit payment systems. I can't receive stablecoins in my regular bank account, I'd have to set up some crypto nonsense on DankRocketBets or whatever for it to even work. Why would I do this when I can already receive actual USD without any extra ceremony? Stablecoins are a solution in search of a problem.
- koakuma-chan 6mo agoIf your employer does direct deposit of USD into your USD bank account, you don't need stable coins. This is not the case for most people outside of the U.S.
- troad 6mo agoI am outside the US. Many of my assets are in USD and USD-denominated securities. I've never touched a stablecoin. Waiting to hear what "most people outside the US" are supposed to need those stablecoins for.
- mothballed 6mo agoMost people don't realize they're inside a plexiglass shielded financial jail until they try to do something like wiring money for some legal activity in someplace spicy or on the FATF grey list. If you fall into the middle bands of uses, or in the upper class that can just bend or make the rules, then the financial system is well oiled and it looks like the people questioning it are just cranks. It's true that a lot of those in the outer bands are criminals but others are things like "buying a truck to build an orphanage for starving Iraqi children just outside of terrorist territory" or "wanted an investment visa in some corrupt island paradise and as it turns out no bank will open up account for purposes of 'international wires to the Comoros' "
- tptacek 6mo agoThis comment isn't really beating the rap that the primary purpose of stablecoins is to facilitate crime.