Coinbase Lets You Buy and Sell USDC Stablecoin (techcrunch.com) 53
An anonymous reader quotes a report from TechCrunch: A few weeks after Circle announced the launch of USD Coin (or USDC for short), Coinbase also announced that customers can now buy, sell, send and receive USDC on Coinbase. A USDC is a token that is worth exactly 1 USD. Its value is going to stay stable against USD -- hence the name stablecoin for this type of coins. Unlike traditional cryptocurrencies, you can be sure that the value of your USDC wallet isn't going to fluctuate like crazy. It opens up new possibilities and use cases.
While Coinbase lets you hold USD in your Coinbase account, this isn't safe. If somebody hacks into your account, you could end up with an empty wallet. That's why you should always try to control the keys of your wallet and transfer your coins to a safer wallet, such as a Ledger wallet or at least a software solution like MyEtherWallet. But if you want to short cryptocurrencies without sending your USD back to your bank account, you can now convert your tokens to USDC. This way, it'll be easier to buy cryptocurrencies again in the future. And maybe you can avoid paying taxes by hiding your tokens from taxation authorities USDC is an ERC-20 token that leverages the Ethereum blockchain and ecosystem. In an effort to regulate USDC, Circle, Coinbase and others have created the CENTRE consortium to define the policies around stablecoins. "For instance, if you want to handle stablecoins on your exchange, you need to send regular audited reports that prove that you have as many USD sitting on a bank account as issued tokens," reports TechCrunch.
While Coinbase lets you hold USD in your Coinbase account, this isn't safe. If somebody hacks into your account, you could end up with an empty wallet. That's why you should always try to control the keys of your wallet and transfer your coins to a safer wallet, such as a Ledger wallet or at least a software solution like MyEtherWallet. But if you want to short cryptocurrencies without sending your USD back to your bank account, you can now convert your tokens to USDC. This way, it'll be easier to buy cryptocurrencies again in the future. And maybe you can avoid paying taxes by hiding your tokens from taxation authorities USDC is an ERC-20 token that leverages the Ethereum blockchain and ecosystem. In an effort to regulate USDC, Circle, Coinbase and others have created the CENTRE consortium to define the policies around stablecoins. "For instance, if you want to handle stablecoins on your exchange, you need to send regular audited reports that prove that you have as many USD sitting on a bank account as issued tokens," reports TechCrunch.
Or.... (Score:4, Insightful)
Finally (Score:5, Funny)
Re: Finally (Score:2, Funny)
I am intrigued by your ideas and wish to subscribe to your newsletter.
$50,000 in Silicon Valley? (Score:2)
That isn't even poverty level.
Re: (Score:2)
Making $50,000 at a job in Silicon Valley isn't too shabby, provided you are telecommuting from Bangalore.
Tether was genius to keep the scam going (Score:1)
Does this have the same clause as Tether that says you absolutely can buy these things with dollars, but no guarantee you can sel them back for dollars?
Enough already (Score:2)
Re: (Score:3)
Somebody else realized that you could announce a digital token, claim it's worth $1 per, make some vague insinuations about hiding from taxes and buying shady stuff, and stupid people would give you actual dollars.
Odd there haven't been more of these actually. I guess they've all been gambling they can make more than $1 per coin by letting the "value" float.
Re: (Score:2)
That name is genius (Score:2)
That said, I can't think of any reason to use this besides money laundering. If I have a dollar I'll spend a dollar. I don't need crypto to do that.
Re: (Score:2)
Well, it's potential competition for PayPal...
Re: (Score:3)
I'll be introducing my StableGeniusCoin currency next month. It uses advanced cryptographic blockchain technology that guarantees that if you lose your investment, the Mexicans will pay for it.
Re: (Score:2)
It makes it sound 1000x more legit. Like it's backed by the government or something.
Pfft. Screw that. I'm starting legitcoin. That will make me infinitely more legit than all those other pretenders.
Re: (Score:2)
That's exactly why cryptocurrency nutters will jump on this.
This is even stupider than cryptocurrency (Score:2)
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Progress (Score:2)
It is easy ti dismiss the importance of this bit of information. Just look at some of the comments about scams and what not.
A lot of money still sits in Tether but tether's issue is that it is not publicly available for audit which has eroded trust.
Why would you use this instead of money in the bank? -Many reasons but I'll name some;
1. many tax schemes require you to pay tax *every time* you materialize an asset so anytime it goes back to USD/fiat -depending on where you.
2. It is a more trustworthy
Wait wait wait (Score:2)
Isn't there already as USDC coin, that already attempted this, and failed miserably in 2014?
Do we know if it's the same guys?