Comment by toomim
1 day ago
Faster and cheaper transactions that don't get locked up by the whims of a bureaucracy. They continue to operate on non-business days.
1 day ago
Faster and cheaper transactions that don't get locked up by the whims of a bureaucracy. They continue to operate on non-business days.
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.
This is why people who happen to own significant amount of crypto typically get hardware wallets
That would make it a single point of failure, no? Not a good idea if your company is riding on it.
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Yes, let's go back to hiding cash and gold under our beds. Maybe buy a machine gun so you can defend it from home intruders.
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Doesn’t that mean a home invader can break in, torture you a bit and walk off with your millions?
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[flagged]
I bet you can. And I bet that raising the limit takes you a few minutes at most. Or you need a better bank.
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Why do you have a bank? Don’t you use crypto for all your needs? Or does crypto fail you in that?
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If your bank doesn't want to raise the limits, there's probably good reasons behind that.
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Unnecessary rudeness.
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Is there some magic in redeeming them? And by redeeming I mean going to issuer and getting the face value in seconds?
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.
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.
Usdc is backed by US dollar denominated treasuries for most major issuers.
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
Is there actually any proof of this or is it Tether-tier magic money?
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/scri...
> 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.
It's the other way around. If you don't trade in dollars, the military comes and demands that you do.
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