I think that the crypto end game, in their eyes, is to never have to cash them in.

Why would you never cash in stablecoins? They are used for payments

Do you consider sending them to another person cashing them in? I'm referring to bob's stablecoin -> bob's fiat -> alice's payment, and suggesting that their goal is bob's stablecoin -> alice's stablecoin, and avoiding the stablecoin->fiat (cashing in) phase entirely.

I mean, yeah. If the entire world transacted in stablecoins, it would be a much much better UX.

Right, this is what I was saying in the original comment. You exchange peer to peer but never cash them in.

It would probably be quite abysmal, considering the deflationary nature of most cryptocurrencies. Which stablecoin provider do you trust to secure your wealth at this point? After the downfall of FTX, Tether, Luna, Celsius, etc., who in the space can anyone trust? Which is the real sleight of hand of the entire "trustless" Crypto ecosystem...

> After the downfall of FTX, Tether, Luna, Celsius, etc., who in the space can anyone trust?

You're talking about centralized grifting as your examples and I'm glad they failed (well, technically Tether hasn't failed, yet).

If you are 'trusting' those companies... that is the problem. The point is that you shouldn't have to trust those companies, or the government, with your money.

Why would that be a problem? I can just deposit them like I normally do and use VISA or PayPal while international.

Or you could just carry the credit card and pay at the end of the month, skipping the business with 'stablecoins'.

The entire thread is about people not being able to go across borders with x amount of cash without declaring it. I could walk across a border with 100k in stablecoins and never declare it, and then have immediate access to those funds like I would cash. My point is to show the absurdity of these kinds of laws.

You could also just carry a bank card across borders and withdraw cash when you land, no need to play around with known scams :)

How is USDC a scam? Or how about DAI? Also, when I say stablecoins, I am also referring to CBDC's. Anyways, not everyone has a bank account (your viewpoint is very Western centric) and having to withdraw cash in a foreign country is just poor UX in the digital age.

And what about refugees fleeing war, like Ukrainians in 2022. There were many many cases where Ukrainians had zero access to their banks while in Poland. Having 12 words, or a set of 5 trusted guardians would be a much better way of securing your wealth than trusting some third party custodian in a city under siege.

Not commenting on the absurdity, but (untraceable) physical cash is what's forbidden. And governments are going after anonymous asset ownership systems like crypto for the same reason. They want control, and visibility into monetary movemnts.