cryptobanking

Law & Policy

from paul krugman's substack:

"...stablecoins don’t serve any clearly useful function. They can’t be used to make ordinary purchases, and there’s nothing you can do with them that can’t be done more cheaply and more easily with debit cards, Venmo, Zelle, wire transfers etc. That is, why not just use dollars instead of tokens that are supposedly backed by dollars?"

honestly shameful behaviour, lying to your gullible shitlib audience that doesn't know any better. not even worth the time to write a rebuttal but: 

1) stablecoin remittances are between 100-1000x cheaper (and faster) than wire transfers, this is a very stupid talking point

2) USDC is backed 1:1 and publishes monthly independent transparency reports, why pretend otherwise? fractional reserve banking is held to a far lower standard and I'd expect an "economist" to know better.

https://paulkrugman.substack.com/p/digital-corruption-takes-over-dc

I have my criticism of Krugman but this might possibly be the most garbage take on stablecoins I've ever read.

Defi. Ethereum. Physics.

Data at @quotient.

writing about products & protocols on Farcaster | prev. Juicebox, Nouns, RAW DAO | casting about coffee, hi-fi, and other rabbit holes

Tldr -

"It's bad cause it allows rich people to engage in private trades and corruption the government can't see."

Ok, then ban golf courses.

it’s embarrassing imo, zero intellectual honesty