So what they're actually doing is bypassing banking legislation and attempting to do fractional reserve banking with no licence. They're also trying to bypass official currency and counterfeit their own shit. People need to start doing time for this because it is ridiculous that these clowns think they can just skip past a thousand years of legislation. Minting your own coins? People used to get beheaded for this.
https://c212.net/c/link/?t=0&l=en&o=3937494-1&h=2086543002&u...
Honestly? Probably no one, but I like here your head is going; money as code is something that we in the Bitcoin community have been advocating since it's inception. People need to understand that money has to evolve, and that the current system is as archaic as the massive computing machines that occupied entire warehouses in comparison to where we are in terms of computing power and advancement.
If seen from a purely technological lens: fiat is a Luddite's folly.
Personally, I think that the stablecoin behind Paypal must be seen in the same lens as Zuckbucks (Libra) but it is shifting the POV that the majority 85% of the population that you can in fact have systems which not only allows for 24/7 transactions (I doubt Thiel-bucks will be seamless given my experience with Paypal mafia) but they also allow for Bitcoin to enter as the leader of the paradigm shift.
Honestly, if Thiel has done it as this point--an entrenched fossil in terms of fintech--you HN stragglers need to realize that this is where money is going, whether you like it or not at this point.
Web 3.0 and NFT BS always were VC's COVID rug pull, cash grab with cheap money; however, that doesn't mean the underlying tech we've built isn't sound and slowly taking over the financial system (the way some of us in this for 10+ years always wanted it) as Blackrock, who has more assets under management than God, is getting close to it's Bitcoin ETF and the SEC saying anything but Bitcoin is a security etc...
With that said, I honestly envision a World with competing non-nation State fiat currencies is now inevitable; Global inflation is now at unpayable levels and will continue to de-value as the Geo-political and environmental situation intensifies, despite our best attempts.
What becomes of this is where the real experimental design runs at it's simulation limits, so it will be interesting to see what happens from here.
Tech people always write off the Luddites, even after the point at which they start to sound like them.
It bears repeating that the Luddites were not indiscriminate wreckers or fools, and their ideas not “folly”. They were not trying to keep people stuck in the dark ages: they were trying to protect highly-skilled jobs.
The same is true of the Amish and Mennonites: there is not just the one accommodation to reach with technology. Other accommodations are possible and may be healthier.
Are you thinking of algorithmic stablecoins?
https://twitter.com/pashovkrum/status/1688591468498239496
Is this something that's necessary? Or is it just very dangerous.
for people like do kwon and sbf, and many others I probably don't know about, what you said
Of course this probably won’t happen for regulatory reasons, and even if it does pyusd may have the same type of blacklisting that prevents many dapps from using usdc.
Paypal getting their cut from crypto market and spenders there... Maybe some crypto-users thinking that them trading for these coins and then using them to buy stuff is finally real world adoption...
I ask because crypto transfer fees for bitcoin/eth are ridiculous if you're not transferring thousands of dollars at a time.
And if paypal is the one exchanging/holding your USD, crypto or not, why pay that fee?
It also lets them take real money off you and give you casino chips that you can send around. The chips are meaningless so they never actually have to give your real money back as long as they stay in the casino. If you do ask for them back, they've been collecting interest on them the whole time so they'll double up either way.
This isn't true. This is regulated. PayPal will be required to back this 1-1 with cash and treasury bonds. Unless you're saying that PayPal will commit fraud.
> If you do ask for them back, they've been collecting interest on them the whole time so they'll double up either way.
Yes stablecoins are in my opinion one of the most lucrative ideas right now. They can make billions just from treasury yields if they capture a large share of the market.
A lot of banks don't want to take incoming transfers if they see that they are from a crypto affiliated entity/bank, now you can (hopefully) have exchange wallet on binance/etc you want to cash otu -> Buy PaypalUsd on exchange -> Send PaypalUSD to PayPal account -> Swap stable for cash -> Send it out from Paypal account to normal account or keep it there. Again thats assuming Paypal plays ball with these exchanges.
So I guess any fee will basically be you paying Paypal to launder "crypto exposure" for you when moving back to fiat. The biggest way to make money in crypto right now is to figure out an offramp with capacity. There is a lot of people who have way too much crypto and want to offramp into fiat but can't.
Will it eventually be the case that these platforms start throwing anti competitive lawsuits at each other for not supporting THEIR stable coin?
It’s a smart move by PayPal anyway, people funnel their dollars to them, they collect a nice little interest payment via bonds.
