Comment by monero-xmr
1 year ago
Great that they are looking at Stablecoins, and by extension blockchain / crypto. The unwarranted hate on HN for this tech is a very interesting mirror on perspectives of economics and finance. The crypto economy advances year after year, as does the tech, but you would never know it perusing HN.
> The unwarranted hate on HN
It's only "unwarranted" if you're willing to be blind to the entire history of crypto.
> The crypto economy advances year after year,
Yes, the speculation and scams in crypto grow year after year.
> but you would never know it perusing HN.
People don't only peruse HN. We've yet to see that amazing growing economy grow beyond speculative trading and scams [1]
[1] Yes, there's a small part of crypto that helps people send money to sanctioned countries
We get it, you don't like crypto. You would be better off leaving the snark and sarcasm at home if you want to get your points across without sounding bitter. Your last line completely contradicts the previous point you were trying to make-- it's clear to anyone that's paying attention that crypto economy has objectively grown beyond speculative trading and scams.
ad hominem, ad hominem, ad hominem, "it's clear to anyone".
nope. it's not clear. and crypto-proponents who can't even show this beyond kindergarten-level name calling don't help
A lot, or at least some, of the "hate" comes from the speculative, exploitative and get-rich-quick schemes, rather than the underlying technology behind it or any advancements. If you were able to separate the two, the socioeconomic and the technological aspects, I don't think the typical HN negative attitude would be as negative.
As a concrete example, if someone posts an article about Merkle tree, it would get maybe 10-50 votes and 5 comments, and probably not much hate if any. Yet (according to wikipedia, I'm not into cryptocurrencies) it's a part of the underlying technology of "the Bitcoin and Ethereum peer-to-peer networks"
Do you have some ideas for this request? What’s a stablecoin development that’s needed?
With USDC and local fiat-crypto exchanges available in nearly every country, it is now possible to hire a truly global workforce and pay them with a crypto-payment vendor. If some company systematically went country by country, learned the local HR laws, partnered with the most trusted exchange, and then handled all accounting and taxes, a truly global HR and payment system could be built to make onboarding and paying everyone 10x simpler.
Even better is the employees could keep most of their money in USDC and only convert to fiat when they need to pay bills. Now they have a dollar bank account and avoid local inflation.
So, you want a centralised trusted (trusted by whom?) entity to go in, do all that stuff and handle it in a centralised fashion, and work with centralised trusted (by whom?) entities to provide payment to people around the world.
Definitely needs crypto. What a novel idea.
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Crypto exchanges are not work around for lical tax laws and visa requirements. It is true so, crypto solves that problem, the same way it solves embargoes and money laundering problems.
What does this part mean? “Now they have a dollar bank account and avoid local inflation.” Because they have USDC as their payment currency?
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