Framework to Regulate Crypto, Stablecoins Introduced in US Congress

[Final_Fighter]

this is actually good for crypto. if the US puts out a stable coin than people will have more faith in coins that use it. in addition, it paves a way for FDIC regulations that would protect "crypto banks". all this regulation does is bring crypto to a place where corporations will feel more comfortable investing in it.

 

[R-T-B]

Also, why don't they just say outright how much capital there is ?

You can just glance at the blockchain for that. If you want the figure go look at USDCs market cap.

To validate it you'd have to go through the books I linked. I've not the time, but believe me there are plenty of web warriors that do, and no red flags to date.

 

[Vya Domus]

If you want the figure go look at USDCs market cap.

That doesn't tell me anything about how much actual cash is behind USDC, just what the current supply is evaluated at.

 

[R-T-B]

That doesn't tell me anything about how much actual cash is behind USDC, just what the current supply is evaluated at.

It would presumably be the hard cash metric which I believe is kept at around 2/3s issued currency. It varies some of course but that is the target.

I believe one of the design goals was to be able to sustain a 75% "cashout" situation without defaulting, and is considering losses from sudden liquidity moves. That's almost as good as a banks backing, minus of course FDIC.

 

[qubit]

Im not a fan of crypto regardless due to how people abuse hardware and waste electricity.

That's another valid angle, yeah.

 

[R-T-B]

Im not a fan of crypto regardless due to how people abuse hardware and waste electricity.

That's another valid angle, yeah.

And also completely inapplicable to stablecoins. They aren't mined.

 

[Space Lynx]

this is actually good for crypto. if the US puts out a stable coin than people will have more faith in coins that use it. in addition, it paves a way for FDIC regulations that would protect "crypto banks". all this regulation does is bring crypto to a place where corporations will feel more comfortable investing in it.

going to laugh when the solar flare that is inevitably coming completely destroys the economy entirely because all civilization turned its back on snail mail, cash, and checks. lol

 

[R-T-B]

going to laugh when the solar flare that is inevitably coming completely destroys the economy entirely because all civilization turned its back on snail mail, cash, and checks. lol

You bring up a genuine concern, but I'd argue it's a reason to invest more R&D in EMP-hardened electronics than to go all the way back to mail, cash and checks.

I don't think they'll ever truly be eliminated anyways, they'll just be sort of there but seldom used. Like now. So we'll always have them as a fallback. People don't exactly forget how pen and paper works.

 

[Space Lynx]

You bring up a genuine concern, but I'd argue it's a reason to invest more R&D in EMP-hardened electronics than to go all the way back to mail, cash and checks.

I don't think they'll ever truly be eliminated anyways, they'll just be sort of there but seldom used. Like now. So we'll always have them as a fallback. People don't exactly forget how pen and paper works.

I'm personally sticking with cash and checks, those have never been hacked. The fact half of the countries social security numbers, DoB's etc were hacked from lack of security at credit reporting agency, and then congress gives them 8 billion dollars after the issue to fix it... eh... I really don't trust government with my money in token format. I'll stick with cash/traditional bank/checks. If you want to put all your money in a USD token when it comes out, go right on ahead

there is no way they will ever get rid of cash though, its to much a part of the economy. if they tried, those senators/house members would get voted out next election cycle. lol. at least in Republican states. and republicans hold a vast amount of territory with the electoral college. case in point, the electoral college exists so that heavy populated cities can't dictate the rules for everyone

 

[mtcn77]

And also completely inapplicable to stablecoins. They aren't mined.

Mining is the public ledger, lol. It is being put into litigation. Hello.

 

[R-T-B]

Mining is the public ledger, lol. It is being put into litigation. Hello.

Mining as in Proof of Work as we usually know it. No one is getting USDC from mining, thus I'd argue calling it "mining" isn't really appropriate. You "mine" something. You don't "mine" signature validations.

It has no more "mining" than a Proof of Stake coin.

I don't know what the second sentence of your post even means, there is no litigation against stablecoins at present. There probably should be some against tether, but there isn't.

I'm personally sticking with cash and checks, those have never been hacked.

The checking system has been hacked more times than bitcoin encryption has been actually broken (The european SWIFT system in particular was compromised at least once), but both are surefire bets as far as sticking around, so whatever you want to do man. At least FDIC insurance means any heists that do happen are largely irrelevant to end bank users.

Cash is "hacked" as well in a very low tech means: counterfeitting.

If you want to put all your money in a USD token when it comes out, go right on ahead

I already have some money in USDC. Why wait?

 

[Space Lynx]

I already have some money in USDC. Why wait?

whats USDC?

 

[R-T-B]

whats USDC?

A stablecoin, supposedly this threads topic.

It's linked to the value of the USD. See the discussion on it's backing above.

It's similar to Tether but with mostly transparent books and a majority of it's backing in immediately liquid cash, making it far more legit.

 

[Space Lynx]

A stablecoin, supposedly this threads topic.

It's linked to the value of the USD. See the discussion on it's backing above.

It's similar to Tether but with mostly transparent books and a majority of it's backing in immediately liquid cash.

I suppose at end of day it is inevitable that all currency will be a digital credit system. Probably not within my lifetime though or yours. I agree it is inevitable though.

 

[R-T-B]

I suppose at end of day it is inevitable that all currency will be a digital credit system. Probably not within my lifetime though or yours. I agree it is inevitable though.

I don't think it's all doom and gloom. Physical tokens of some kind are most likely here to stay for a very very long time.

 

[mtcn77]

You don't "mine" signature validations.

You obviously do these kinds of misinformations on a repeat basis.

 

[claes]

If you warrant your claims then maybe people will understand them rather than giving you an

 

[mtcn77]

I'm sure information is public on how coins are summoned.

 

[claes]

Is it misinformation than or publicly available? Your terse responses aren’t clarifying what you mean to express

 

[R-T-B]

You obviously do these kinds of misinformations on a repeat basis.

Your going to need to clarify what about that was misinfomation. I never intentionally mislead.

I'm sure information is public on how coins are summoned.

It is. And it isn't via conventional mining. You can't "mine" USDC for example, no matter how bad you want to.

 

[mtcn77]

You can't "mine" USDC for example, no matter how bad you want to.

Don't move the goalpost, you know what I meant.

 

[R-T-B]

Don't move the goalpost, you know what I meant.

Is anyone else seeing me move a goalpost? Because I very specifically explained myself throughout this thread and I don't see it.

I honestly think your trouble with the english language is 90% of the issue here, no offense.

 

[MentalAcetylide]

I assume you don't drive on public roadways? Also, if that's your federal withholding, I'm not shedding any tears for someone who makes between a quarter and a half million a year. I pay over 10k in federal alone, but you don't see me whining about it. I expect you to pay more if you earn more. That's called your fair share and I'm sorry that you feel disadvantaged over it.

If people really knew the amount of waste and corruption that occurs on a daily basis within the government, they would probably shit themselves. The stuff we do manage to learn about is only because revealing it somehow serves the purpose of someone else making even more money later on down the road.
I pay taxes because its the law and it hasn't reached a point yet where its a total loss.

 

[Space Lynx]

If people really knew the amount of waste and corruption that occurs on a daily basis within the government, they would probably shit themselves. The stuff we do manage to learn about is only because revealing it somehow serves the purpose of someone else making even more money later on down the road.
I pay taxes because its the law and it hasn't reached a point yet where its a total loss.

I do tend to side with the Founding Father's. Our great oceans protect us, we should have a small standing air force/navy and ability to rapidly mobilize if needed, and anything else becomes Cold War 2.0. Instead of the Empire being so vast, we should have invested in our own people. Geographically we are in a perfect position, and we completely throw it away.

Much like the Soviet Union, we are going to spend ourselves to death/collapse.

 

[moproblems99]

. Instead of the Empire being so vast, we should have invested in our own people. Geographically we are in a perfect position, and we completely throw it away.

Careful now, you'll be called a xenophobic, nationalist, fascist pig if you keep that up.

edit:. Better add the /s and then wonder where our big empire is?

As for the thread, I find it intriguing that crypto garnered such attention in such a short time. Some of my losses came back. Lol