News for hackers. Stuff that matters.

A comment on Expanding access to the future of work with crypto payouts. Parent comment

Re:Expanding access to the future of work with crypto payouts by colesantiago on Thursday September 22, 2022 @07:52PM (#32946156)
USDC is a completely centralised 'stablecoin' and has a blacklist function which means they can seize funds of people who they don't like. USDC again is not even regulated as I said with no proof backing this other than 'attestations' which is not a full audit of reserves.

How is this decentralised money that was promised by crypto and blockchain? You may very well use Wise, Moneygram and other regulated alternatives which works better, is also relatively faster and is more stable and widely accepted than these USDC tokens.

[ Parent | on HN ]
Re:Expanding access to the future of work with crypto payouts by pirate787 on Thursday September 22, 2022 @08:44PM (#32946557)
This is partly incorrect -- USDC is regulated and audited. You're confusing it with Tether

https://www.circle.com/blog/how-to-build-trust-usdc-audits-a...

[ Parent | on HN ]
Re:Expanding access to the future of work with crypto payouts by colesantiago on Thursday September 22, 2022 @11:48PM (#32947812)
No. I am talking about all stabletokens including USDC.

I don't see any fully independent verifiable real audit of their entire reserves anywhere with USDC, and a lousy blogpost by Circle isn't strong enough evidence and no substitute of this.

[ Parent | on HN ]
Re:Expanding access to the future of work with crypto payouts by dontknowwhyihn on Thursday September 22, 2022 @08:17PM (#32946358)
USDC can be sent peer to peer with low fees. And I would be extremely surprised if Wise or Moneygram are cheaper or faster.
[ Parent | on HN ]
Re:Expanding access to the future of work with crypto payouts by toomuchtodo on Thursday September 22, 2022 @08:23PM (#32946401)
Does it adhere to KYC and AML at exchanges and other fiat ramps? I think it’s a clever backdoor hack to instant cross border value movement without traditional banking (Wise and company), but the reach of government is always there.

Curious what US Treasury, FinCEN, OFAC, etcs take on this is. The plumbing is easy, it’s the laws, regulation, and compliance that are the work.

High level, Stripe is reaching for growth when there isn’t much innovation to be had in financial utilities besides reducing waste and inefficiencies by cannibalizing your business or someone else’s while the industry continues to commodify basic services like payments, cross border transfers, and deposit accounts (lending and data is the last bastion of profits for financial services).

https://www.pymnts.com/news/fintech-investments/2022/stripe-...

[ Parent | on HN ]