Statement on Potentially Unlawful Online Platforms for Trading Digital Assets

Re:Statement on Potentially Unlawful Online Platforms for Tr... by nosuchthing on Wednesday March 07, 2018 @05:51PM (#16540732)

Stablecoins are effectively digital money laundering tools.

See: https://en.wikipedia.org/wiki/Liberty_Reserve#Criminal_inves...

Why bother using a convoluted blockchain stablecoin rube goldberg machine where you need to jump though several hoops just to use it, when you could use a service like venmo, square, stripe, etc? What use case would justify the need for a stable coin if not for evading the law?

[ Parent | on HN ]

Re:Statement on Potentially Unlawful Online Platforms for Tr... by chrisco255 on Thursday March 08, 2018 @12:04AM (#16542403)

Simple, just look at ETH. ETH is fully programmable currency. It can be locked away in a smart contract and programmed to disburse based on various conditions. A stable ERC20 token would have all the benefits of ETH coupled with the stability of the dollar. That's an incredibly powerful concept, much, much more powerful than a simple payments API with 2-3% fees BTW.

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Re:Statement on Potentially Unlawful Online Platforms for Tr... by pcr0 on Wednesday March 07, 2018 @07:03PM (#16541140)

Cross-border payments is one. BTC was a cheaper and more convenient alternative to Western Union before the tx fees skyrocketed.

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Re:Statement on Potentially Unlawful Online Platforms for Tr... by yownie on Wednesday March 07, 2018 @07:12PM (#16541181)

and still is now that the fees are low again and spam attacks pushed off

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