Re:Coinbase is launching support for the USDC stablecoin
by wcoenen on Tuesday October 23, 2018 @02:27PM
(#18286056)
> I think cryptocurrency becomes far more interesting when it's not trying to solve the problem of who gets money when it's printed
This was not the goal of bitcoin. The goal was to remove the need for trusted intermediaries from electronic payments. https://bitcoin.org/bitcoin.pdf
Re:Coinbase is launching support for the USDC stablecoin
by hndamien on Tuesday October 23, 2018 @08:32PM
(#18288707)
Thats true, but in order to make that work it actually needed to solve both problems.
Re:Coinbase is launching support for the USDC stablecoin
by gwbas1c on Tuesday October 23, 2018 @02:37PM
(#18286145)
The primary goal of Bitcoin was to be an experiment.
Re:Coinbase is launching support for the USDC stablecoin
by tomputer on Tuesday October 23, 2018 @03:15PM
(#18286487)
If there is a need for electronic cash backed by USD and controlled by a central party, why use crypto/blockchain at all? To solve that problem a central database on a controlled network could do just fine?
Because most people think that in order to solve the problem of a cryptocurrency, they have to also solve the problem of who gets money when you print it.
Far too many people conflate the need for electronic cash versus the need to improve upon how systems like the Federal Reserve and their International equivalents work.
Honestly, as a software engineer who understands some basic economics, I think cryptocurrency becomes far more interesting when it's not trying to solve the problem of who gets money when it's printed.
I also think that the Federal Reserve, and its international equivalents, work very well for me! I think that trying to come up with a currency that improves upon the Federal Reserve System, or equivalent, needs to be a separate technical problem than just trying to have an electronic form of cash.
In my opinion, most of the people who were excited about cryptocurrency were scam artists, the kind of people who just don't understand how money really works, or engineers who don't really understand scaling.