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Coinbase Lets You Buy and Sell USDC Stablecoin (techcrunch.com)
An anonymous reader quotes a report from TechCrunch: A few weeks after Circle announced the launch of USD Coin (or USDC for short), Coinbase also announced that customers can now buy, sell, send and receive USDC on Coinbase. A USDC is a token that is worth exactly 1 USD. Its value is going to stay stable against USD -- hence the name stablecoin for this type of coins. Unlike traditional cryptocurrencies, you can be sure that the value of your USDC wallet isn't going to fluctuate like crazy. It opens up new possibilities and use cases.
While Coinbase lets you hold USD in your Coinbase account, this isn't safe. If somebody hacks into your account, you could end up with an empty wallet. That's why you should always try to control the keys of your wallet and transfer your coins to a safer wallet, such as a Ledger wallet or at least a software solution like MyEtherWallet. But if you want to short cryptocurrencies without sending your USD back to your bank account, you can now convert your tokens to USDC. This way, it'll be easier to buy cryptocurrencies again in the future. And maybe you can avoid paying taxes by hiding your tokens from taxation authorities USDC is an ERC-20 token that leverages the Ethereum blockchain and ecosystem. In an effort to regulate USDC, Circle, Coinbase and others have created the CENTRE consortium to define the policies around stablecoins. "For instance, if you want to handle stablecoins on your exchange, you need to send regular audited reports that prove that you have as many USD sitting on a bank account as issued tokens," reports TechCrunch.
While Coinbase lets you hold USD in your Coinbase account, this isn't safe. If somebody hacks into your account, you could end up with an empty wallet. That's why you should always try to control the keys of your wallet and transfer your coins to a safer wallet, such as a Ledger wallet or at least a software solution like MyEtherWallet. But if you want to short cryptocurrencies without sending your USD back to your bank account, you can now convert your tokens to USDC. This way, it'll be easier to buy cryptocurrencies again in the future. And maybe you can avoid paying taxes by hiding your tokens from taxation authorities USDC is an ERC-20 token that leverages the Ethereum blockchain and ecosystem. In an effort to regulate USDC, Circle, Coinbase and others have created the CENTRE consortium to define the policies around stablecoins. "For instance, if you want to handle stablecoins on your exchange, you need to send regular audited reports that prove that you have as many USD sitting on a bank account as issued tokens," reports TechCrunch.
Idiots to plunder apparently
you could just hold a dollar in a bank where the government guarantees your money...
think it should read:
Coinbase Lets You Buy and Sell USDC Shitcoin
I just transferred all my money into Stablecoin. I make $50,000 in IT in Silicon Valley so I have quite a bit to invest.
Does this have the same clause as Tether that says you absolutely can buy these things with dollars, but no guarantee you can sel them back for dollars?
Think you could do us all a favor and die of a stroke the next time you reach for your keyboard?
We already have USDT which is ostensibly "stable" and backed by "real" money but which has never been formally audited , and now USDC? What is this BS doing on /.?
You are deluded and stupid. It's sad.
It makes it sound 1000x more legit. Like it's backed by the government or something.
That said, I can't think of any reason to use this besides money laundering. If I have a dollar I'll spend a dollar. I don't need crypto to do that.
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Lol. On bitshares they could have cheaper and better performing token. Oh wait, it would have a builtin exchange already! Coinbase doesn't WANT that feature !
They just invented an interest-free money market fund. All the downsides of a cryptocurrency combined with all the downsides of holding USD, it's a sure winner!
... you're in a bad movie.
If coinbase announces "hackers did it", they're criminally negligent or criminally incompetent, or criminally both.
If you claim "hackers did it", then you're just derping around. Which is what most journos do most of the time these days anyway.
Why would you even bother with this? It's nonsensical. If you want to hide your money from the government then just bury it in a coffee can in your backyard or somesuch shit. Or get a safety deposit box at a bank and stash your cash in there. Seriously I don't get this shit.
We should be kind to Bathhouse Barry, there. It's understandable that he can only gather crowds of twenty, who have to be arrayed behind him to make it look like anybody but media show up to his nonsensical diatribes.
I've got a few thousand bucks in gems on-hand. Let's make a real blockchain-exchange based upon real value instead of bullshit, like the old Ambercoin which failed to make its mines materialize in any sort of profitable way.
I can keep mining gems all day with nearly no monetary repercussions except transportation costs, because I know where to look thanks to ASTER/LANDSAT-7/8.
Are you in? If so, then let us talk.
I don't take fucktards that won't join and dig for themselves.
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That isn't even poverty level.
"A USDC is a token that is worth exactly 1 USD. Its value is going to stay stable against USD -- hence the name stablecoin for this type of coins."
There was a news (last week?) about one of "stablecoin"s that its value had dropped under 1$ (and was keep dropping)!!!
I am pretty sure lots of people claimed its value would always stay at 1$!!!
That's funny, The Onion.
First of all, there are great ways to park USD value called banks.
Second, there is no way the founder of this builds any income considering the value is fixed. So how does he make money? Then he goes and mentions about how to be careful with it so you don't get hacked. The fact that he addresses getting hacked so quickly makes me already suspicious of what his plans are.
It is easy ti dismiss the importance of this bit of information. Just look at some of the comments about scams and what not.
A lot of money still sits in Tether but tether's issue is that it is not publicly available for audit which has eroded trust.
Why would you use this instead of money in the bank? -Many reasons but I'll name some;
1. many tax schemes require you to pay tax *every time* you materialize an asset so anytime it goes back to USD/fiat -depending on where you.
2. It is a more trustworthy solution as it is supposedly audited in a transparent way.
3. It is a convenient way to send money between exchanges where monetary policy between intermediaries may differ depending on where the exchange is.
4. It is a method to remove centralized control/single point of failure in tether/Bitfinex
5. It is likely to be cheaper, safer (due to price volatility) and faster than transferring through most crypto tokens/coins
6. It is a step towards better regulation which means more criteria of institutional investors are met increasing the odds some may invest/hedge in crypto.
A regulated "stable coin" is a big deal.
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Stable coins are not about safely storing funds - they are a useful trading tool, allowing users to trade between real currency's (Via other stable coins pegged to...well anything.) or a cryptocurrency (Which by nature exist as a token or coin) without ever having to interface with another institution.
Welcome to the new crypto economy. Its about tokenizing everything and then trading with said tokens, so you can trade Dollars for Pounds or Pakistani Chickens for Irish goats or any of these for Bitcoin and back again.
basically like making cryptographic hashes out of anything irl (Coins or tokens.) and trading them on a marketplace.
Isn't there already as USDC coin, that already attempted this, and failed miserably in 2014?
Do we know if it's the same guys?
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