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A comment on You Do Not Need Blockchain: Popular Use Cases and Why They Do Not Work. Parent comment

Re:You Do Not Need Blockchain: Popular Use Cases and Why The... by dragontamer on Friday February 22, 2019 @04:42PM (#19229385)
Stablecoins rely on the trust of the company to float the value of the USD or whatever currency with the coin that is generated. USDT is owned and operated by a single, foreign company that hasn't had an audit yet and has no insurance protections what-so-ever. I'm not going to trust them with my money or business.

This about the worst of all cases: they pretend to be a blockchain, but they're really just a standard old bank operating without any regulatory behavior what-so-ever.

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Re:You Do Not Need Blockchain: Popular Use Cases and Why The... by omarchowdhury on Saturday February 23, 2019 @12:18AM (#19231813)
There is significant competition growing against Tether. The following three stablecoins have $500M+ in circulation all backed by US regulated companies: USDC, TUSD, and GUSD.
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Re:You Do Not Need Blockchain: Popular Use Cases and Why The... by dragontamer on Saturday February 23, 2019 @12:06PM (#19234213)
> all backed by US regulated companies

That means they aren't actually cryptocoins. That means those are banks, which are backed by the court system and the ability to sue those banks for your money if they mess up.

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Re:You Do Not Need Blockchain: Popular Use Cases and Why The... by omarchowdhury on Saturday February 23, 2019 @01:12PM (#19234620)
> That means they aren't actually cryptocoins.

That's not the argument here. I'm showing you that there are legitimate alternatives to USDT.

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