justinahn
@ahn.eth's FC channel, read-only
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just an observation from fresh experience on how banking industry approved stablecoin usage can be both beneficial and same-as-it-ever-was when we think about mainstream usage we use circle mint at @quidli mainly to offramp USDC we receive from time to time from clients who prefer to pay in stables - it's great because it's so much faster and cheaper than our tradfi service providers in terms of both processing payments and executing our own txs our set up is, bill clients from quidli inc, a us entity which is also our profit center, and then transfer the funds to quidli sarl, a french entity wholly owned by the us entity that's essentially our cost center where we run payroll - our flow is typically swap USDC for EURC and then offramp to our french bank after a couple years of operating like this, circle just informed me without prior notice that they've removed the quidli sarl bank account from our circle account because quidli sarl is a different name than quidli inc and so they cannot service quidli sarl in this situation (btw, quidli sarl is 100% owned by quidli inc)... this sucks because now we're suddenly without a way to move money between entities while i wait to see if circle will approve a 2nd mint account for quidli sarl i get that circle is not in the business of "decentralize everything" and that compliance & regulations must be followed, and this is mainly a rant because i just experienced something negative, but is this really a better future for payments if nothing meaningfully changes except for the middleman who we're dependent on?
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reminds me of when i participated in a panel on "growing your farcaster account" at farawaycon in london a couple years ago (weird, i know, but all the A players were in LA for farcon proper 🀣) my take was, cast as often and as authentically as possible to find your voice & audience NOW while it's still "JV social media" vibes, because if/when fc takes off and the social media influencer varsity squad starts playing, it's game over for us plebs (similar for defi once the hardcore quants from tradfi decide it's time to play) no question, there are people/accounts gaming the leaderboard; but at the same time, i think more attention economy professionals are poking around and so we're going to see disruption to the status quo, particularly if farcaster remains a "single app" social network
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