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File: 884 KB, 738x756, Screenshot_2020-12-03 US lawmakers seek to make stablecoins illegal without federal approval .png [View same] [iqdb] [saucenao] [google]
24521901 No.24521901 [Reply] [Original]

Not sure if you brainlets actually understood this but there is a congress bill proposal looking to ban all stablecoins where price is determnied by a CENTRALIZED ENTITY.

You are now allowed to guess which DECENTRALIZED stablecoin is going to be the only one to survive.

>> No.24521969

>>24521901
USDC on stellar chain. same reason visa just announced it

>> No.24521967
File: 58 KB, 976x850, _91408619_55df76d5-2245-41c1-8031-07a4da3f313f.jpg [View same] [iqdb] [saucenao] [google]
24521967

>>24521901
So what happens when they use this bill to ban all crypto in the u.s? Their reasoning for having it is "muh poor brown people getting scammed" and that happens more with defi than anything else.

>> No.24522002

>>24521901
How are you gonna ban DAI exactly?

>> No.24522017

>>24521969
USDC will be first to die

you may try again

>> No.24522062

isnt that too vague? how can you stop them from copying the value of a currency. is this only for usd? what if the currency was some 3rd shithole currency?

>> No.24522127

>>24522062
it's drafted by a retarded pajeeta who most likely needs an intern to start up her computer. But if it passes, USDT and the likes are finished

>> No.24522133

>>24521901
Dai and snusd both have decentralized arbitration mechanisms

>> No.24522147

>>24521901
Extremely bullish news for RSV

>> No.24522164

>>24522002
it's not as centralized as you think
usdc is used as dai collateral, for example
and usdc is a centralized entity that usg can go after

>> No.24522200

>>24522002
They're gonna try to get all stablecoin providers to give them bank statements every time they mint coins which is fucking hilarious for DAI and other decentralized coins and extra sad for the chinks at Tether since their garbage is backed by thin air.

>> No.24522203

>>24522164
USDC and coinbase will pass any regulations, coinbase bend over backwards for regulators.

>> No.24522300
File: 2 KB, 225x225, images.png [View same] [iqdb] [saucenao] [google]
24522300

We rebase now

>> No.24522312

>>24521901
NEC is DeFi and won't be affected by this. End of sentence

>> No.24522408

Why?

>> No.24522409

>>24521901
Ok
What does that actually mean? Is Tether going to be banned because it's a "centralized entity" or are all dollar pegged coins banned because their value is determined by USD which is determined by a "centralized entity" and if so can you apply this law to any electronic dollar? Will they actually ban the Fiat Dollar?

>> No.24522436

>>24521967
But brown people are the scammers...

>> No.24522507

>>24521901
Also holy shit Americans, just fucking move already. They are cucking you out of the crypto industry with retarded regulations like that. Move to a country that actually grants you freedom as a person and allows you to own things and get away from this communist shithole

>> No.24522521

>>24522017
>USDC will be the first to die
I don't think so, Jewbase has no qualms complying with US regulations.

>> No.24522586

>>24522507
only fed is allowed to BRRRRRR that is what it means

>>24522409
EU is drafting the same shit

>> No.24522619

>>24521901
As if any coin is going to collapse because the nobody US bans them, you fuckers can barely join an exchange or cash out without being raped by the IRS. Even leaving the country gets you no solace.
No There is a world outside of your obesity where coins will survive as you eat ever worse food paid for with debt and fade into the nothing you are. Fucking yanks. Idiots.

>> No.24522624

>>24522409
>What does that actually mean? Is Tether going to be banned because it's a "centralized entity" or are all dollar pegged coins banned because their value is determined by USD which is determined by a "centralized entity"

the former

>> No.24522990

>USDC
they're fine, they can get the necessary bank charter
>DAI
also fine. Completely unenforceable
>Binance USD
fucked
>RSV
fucked
>Tether
fucked

>> No.24523057

>>24522990
How bullish will the market be though when Tether actually gets the bank legitimacy and Tether FUD vanishes from existence?

>> No.24523144

>>24521901
This will unironically kill most of crypto. Also it makes perfect sense since if you have begged your stable coin to government currency such as USD and then proceed to print new stablecoins you are essentially printing USD if there is 1 to 1 peg in place. This is why they want to control it because otherwise you have these extremely scammy entities such as tether essentially printing sovereign currency USD.

>> No.24523316

>>24523057
>bank legitimacy
The only reason they're still around is because they bought off binance to list tether pairings. They have no way to back their shitcoins, they've printed $17,000,000,000 tether in the past 10 months alone, and they haven't burned a single token in that entire time.
I honestly believe the only real target of this legislation is binance and tether. Everyone else should be fine and RSV is a joke anyway.

>> No.24523474

>>24521901
any time there is a bull run news comes out that will "be the end of crypto". every time.

>> No.24523491

>>24521901
Yes banning ethereum

>>24522212

>> No.24523493

>>24522507
Still following my pre-drumpf escape plan as I don't want to wagecuck or take work from locals where I go for too long. It would have been nice to get married to burger gf before I leave but I don't see how that could happen in an intelligent way now in the next two years. It hurts bros.

>> No.24523537

>>24523144
it won't kill bitcoin tough since it already has lower inflation than fiat currency.

They can fuck ethereum due to smart contracts tough.

>> No.24523588

>>24523537
they don't need to kill bitcoin. it will die on its own.

>> No.24523596

>>24523588
Keep dreaming.

>> No.24523645

>land of the free
>except when you try to financially liberate yourself, we can't have that

>> No.24523675

>>24521901
Bullish for XRP. Just get rid of that manipulative shit.

>> No.24523698

How does this get enforced?

>> No.24523706

>>24523596
you're the one dreaming. it's already dead. it died in 2017. why do you think the bull run ended? it literally couldn't handle the volume of transactions.
once we get to max capacity for a second time and the whales have dumped on idiots like you, you'll lose everything.

>> No.24523710

What player do you support now? I have one great solution gotem.io. They are going to start IEO on Probit shortly and I got no doubt they will reach x10 after the listing starts.

>> No.24523733

who cares?

the US ≠ the world, and people in the US can just use a VPN

>> No.24523759

>>24523706
it ended for the same reason 2013 ended , bubbles forms.
The low volume of transactions is bullish as hell as i can download bitcoin core in a few hours and have a decade of transactions without needing any middle server which can get cucked.

>> No.24523860

>>24522586
>EU is drafting the same shit
I believe it, but.. source?

>> No.24523871

>>24523759
Bitcoin literally started tanking the moment the network got clogged. Everybody who was looking at the data could see it.
But the hype was too strong and most btc investors don't really understand it, let alone look at data.

https://www.blockchain.com/charts/mempool-count

https://bitinfocharts.com/comparison/bitcoin-median_transaction_fee.html

>> No.24523880
File: 93 KB, 631x425, 1606939014608.png [View same] [iqdb] [saucenao] [google]
24523880

>>24523860
The whore laggarde is working on it while putting limits on cash usage to abolish cash forever and return to feudalism.

>> No.24523913

They're not banning anything you idiots.
They will require them do acquire bank charters.
Kraken already has one, all you shit coins will be able to get one as long as they bend the knee.
None of that replacing the dollar bullshit pretty much.
Aka libra initial project.

>> No.24523920
File: 543 KB, 1529x1303, 1603286579086.png [View same] [iqdb] [saucenao] [google]
24523920

>>24523871
It's called economies of scale, bitcoin is going for the big transactions & money saving, big blocks are a massive attack vector as they would allow shit like the "law" above to be enforced.

https://bitinfocharts.com/comparison/transactionvalue-btc.html

https://bitinfocharts.com/comparison/mediantransactionvalue-btc.html

>> No.24523953

>>24523733
How would you explain to the IRS that a shit ton of untaxed money magically appearing into your bank account? This wouldn't work.

>> No.24523992

>>24522017
Why do you say that?

>> No.24524013

>>24523920
then why is 1 BTC divisible by 1m? or is it 10m? (i forget)
When BTC fails at this use case, they'll find another one for it.

>> No.24524070
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24524070

IN THE LAND
OF
THE

>> No.24524091

fuck stable coins, that shit needs to go before it collapses the whole market

>> No.24524118

>>24521901
If stablecoins get banned in the US their 1:1 ratio doesn't dip on European exchanges. There's too much arbitrage opportunity for that.
So ban it, Amerifats, it won't hurt crypto.

>> No.24524180
File: 173 KB, 128x150, image0-18.gif [View same] [iqdb] [saucenao] [google]
24524180

>>24524070
FREE

>> No.24524227

>>24521901
Meanwhile the us government is currently using USDC to do shit around Maduro in venezuela. Do I believe this? No I do not it makes no sense

>> No.24524306

>>24524091
what.

>> No.24524602

>>24522300
this ampl will be only real survivor of coming stablecoin regulations.
obviously its all bullish for btc

>> No.24524770

>>24524013
This brainlet is actually for real lmao

Bitcoin never aimed to replace the world's currency it can't, you need a centralized currency to be adopted by nations, same reason the world detached from gold, you don't have to balance budgets, something governments around the world and central banks love.

BTC has 3 main qualities
It's transactable and finite with low inflation.
That's it.
While fiat currency continues to lose purchasing power year after year btc only appreciates against it due to its finite supply and the allowance for decentralized transactions alongside a 24 hours 7 days a week market with decent liquidity make it the perfect store of value
There is literally no better store of value right now, btc is math no government can inflate it Into dust, or freeze it or confiscate it, as long as the internet works btc can be transacted and it will never suffer inflation.

In my position I have a considerable amount of savings, and I understand the goverment intends to take massive amounts of debt in order to carry out stimulus, do I keep my savings in fiat and get absolutely fucked by inflation or invest it in the most expensive stock market in history and potentially get rug pulled.

Or do I hold it in a pristine asset such as bitcoin.

>> No.24524906
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24524906

>>24521901
No chance in hell this passes.
It is not a bill, it as a virtue signal that crypto is racis.
(((Tether))) is owned by them and will print enough USDT to buy off any politician.

>> No.24525059
File: 147 KB, 750x546, 1603567410224.jpg [View same] [iqdb] [saucenao] [google]
24525059

>>24521901
do i sell RSR?

>> No.24525082
File: 3.41 MB, 2398x2888, currency.png [View same] [iqdb] [saucenao] [google]
24525082

>>24524770
BASED, His question was so retarded, that i didn't even answered thinking he was trolling.

>> No.24525249

>>24521901
i'm sure everyone's read it and will contact their representative with thoughtful criticisms
j/k the fucking nerds around here won't do shit and the mega-boomers in congress are gonna pass it after seeing the big bank lobbyist funds shoved in their faces

>> No.24525369

>>24521901
well it's all a scam fiat is a scam and fiat backed crypto assets are double scams.
fiat tracking is a different category. but nothing is bullish for stablecoins kek.

>> No.24525486

>>24521901
this bill was really written by idiots
nobody has defined what a digital currency is and as such almost everything could be a digital currency
paypal is a stable coin, the hongkong dollar peg is a stable coin, 90% of the chinese economy runs on a stable coin
and in addition good luck enforcing it globally you would have to chase down every country that pegs their currency to a major currency and shut down every shady bank within that country or else decentralised initiatives can still roll on
plus china isn't going to give all too much of a fuck to the demands of washington any more

this is either a virtue signaling bill that will never pass to appease voters or its to ensure the supremacy of usdc over tether thus splitting the world into 2 crypto on ramps

>> No.24525504

I have over $6k loaned in tether. Could this mean I just hodl the loan for a tether collapse and pay back my now worthless loan? Did I just get free 1k linkies?

>> No.24525754

>>24522147
Rsv's price is meant to be tied to the USD meaning it would be affected by this bill lmao