<milas900:matrix.org> Can anyone explain to me the hype why traditional banks rush to issue stable coins ? What benefit it brings to them

they can do "crypto" without the volatility and spy on transactions

<ravfx:xmr.mx> T-60d

<ravfx:xmr.mx> Minimum required : 5%

<ravfx:xmr.mx> xmr.mx/donate.html

<milas900:matrix.org> @milas900:matrix.org: Someone explain more please

explain more what?

bank opens "stablecoin" gets all the hype of offering crypto to customers

doesn't run the risk of losing money since it's basically USD

can monitor the blockchain after and see who uses it where, unlike cash

basically a selfprinted Visa/Mastercard network

banks get to run a stable coin at 0.001% fees instead of 2% like the creditcards charge

<zombie:catgirl.cloud> @milas900:matrix.org: Of course

<milas900:matrix.org> I think it’s bigger than this. I believe for traders and overcoming sanctions .. they will later do some agreement with exchanges… or maybe tokenization of real assets and trading underground > <BoBeR182> bank opens "stablecoin" gets all the hype of offering crypto to customers

<milas900:matrix.org> I don’t think it’s b2c I feel more larger scale b2b now

it's relatively unregulated

they can abuse it how they see fit

stake customers coins at 5% instead of government bonds etc

lots of games a foot

There's zero point to it being "crypto" then, that's cringe AF

this reminds me of Jauwn's videos about crypto games XD

<berry.stiller-2w:matrix.org> Do you mind if i ask how much are you guys earning from mining?

very little, but I mine to support the network when it's profitable or even borderline

power prices change every 15 mins here, should be writing some code to better track this

right now I just pick roughly based on what the daily prices look like, but it's a bit too much trouble compared to the tiny profits that way

<berry.stiller-2w:matrix.org> Fair enough. I’m setting up a node, and now thinking of it would be a good idea to mine, if it’s profitable the coin will be absolutely private

<fafo757badnewzcoming4u:matrix.org> mrelay.p2pool.observer/m/matrix.org/YcMRISJEbssWWMWqjFrtplWw.webm (Ankha_dancing_to_Camel_by_Camel_-_sylieve.webm_-_20211031.webm)

<fafo757badnewzcoming4u:matrix.org> 🤣😭 > <@death757knight:matrix.org> We already have those they just don't want to talk to you

<assholeorangecat:matrix.org> > <@milas900:matrix.org> I think it’s bigger than this. I believe for traders and overcoming sanctions .. they will later do some agreement with exchanges… or maybe tokenization of real assets and trading underground

<assholeorangecat:matrix.org> Stablecoins can and have been sanctioned. I think it's wanted by the US gov atm as regimes like Iran think it's private and seem to make use of it while all their accounts get linked to ip's by spy nodes and then receive a moab on their on their house. All crypto but monero is basically a voluntary cbdc unless you go through t [... too long, see mrelay.p2pool.observer/e/3aOf2_gKYUVGOHRD ]

<ravfx:xmr.mx> You can have pseudo anonymity with scam like bitcoin like if you use tor and receive each transaction on a new address and send change to a new address.

<ravfx:xmr.mx> But then if you spend, whoever receive can confiscate it and tell you that you are sus and/or non compliant.

<ravfx:xmr.mx> Like if you pay something from an address that only been used one time for an incoming tx that you are now spending

<ravfx:xmr.mx> So far that practice of not reusing address is going to be illegal in some countries including the US, if its now the case already.

<berry.stiller-2w:matrix.org> That sucks

<berry.stiller-2w:matrix.org> Why dont they just find those scammers, instead wasting all the efforts on every citizen

<ravfx:xmr.mx> Control

<ravfx:xmr.mx> They do find scammers sometime, but often its oversea and they can't do a thing

wdym "non-reusing address"?

Just how is it going to be enforced?

<ravfx:xmr.mx> BlueyHealer: Its easy.

<ravfx:xmr.mx> Your address should not be used only if it's your first time using the network. But then if the only incoming TX is not from an approved source...

<ravfx:xmr.mx> For them, not reusing address == laundering

Like, where exactly would this be enforced? Amd how do they figure out that the wallet is "yours"? Like, I know nobody has perfect opsec, but this is the very same question as with checking people's social media when entering the country - just how deep is it indended to dig at each and every person?..

<ravfx:xmr.mx> I don't remember which law text I read months ago that considered not reusing address as money laundering

<ravfx:xmr.mx> BlueyHealer: It's simple. When you pay something, they payment processer can see that your only tx is that one and flag you

<ravfx:xmr.mx> eater confiscating your payment or refunding you, in the name of non compliance

But some providers already only accept crypto payments via KYC gateways. So basically another wording for what a recent European proposal was?

<ravfx:xmr.mx> They can probably add some heuristics in there too.

<ravfx:xmr.mx> Why your paid with an fresh address you filled 5 minutes ago, why did you not use your CC then, you have something to hide?

IDK, that still means only companies accepting it, exchanges, etc. I don't know how they'd do the entirety of existing wallets between every possible jurisdiction.

<ravfx:xmr.mx> BlueyHealer: I think it was US, the proposal I read that included not reusing address == bad.

<ravfx:xmr.mx> But yeah, at the end most of the "first world" want to keep control over the slaves

<ravfx:xmr.mx> so they can't have "private money"

<ravfx:xmr.mx> Bitcoin is fine as long as there reusing address

About heuristics - that's been the case with registering in various places, that's very cat and mouse.

I can't come up with examples right now but there seems to be so much gray area there.

reminds me of Internet traffic blocking

Like, how far are you going to go to prove this person isn't just a foreigner who bought their BTC on their country's exchange? Or some legit p2p site, etc.

<ravfx:xmr.mx> BlueyHealer: They can ask for paper or something

<ravfx:xmr.mx> Or just refund and tell you that you are non compliant

<ravfx:xmr.mx> That latter did append to me one time, service did not accept monero so I got the scam coin they wanted... assholes

<ravfx:xmr.mx> Actually I don't even trust paying service that don't accept monero directly. Not anymore

<ravfx:xmr.mx> It's like paying with a card or something, you have that thinking in the back of your head like... It's it going to say no for some stupid reason?!?

Actually I don't even trust paying service that don't accept monero directly. Not anymore <- YES.

Also does Proxystore count?

<ravfx:xmr.mx> Anything that don't accept monero 😂

<ravfx:xmr.mx> Fortunately, all internet service I use now accept it, even some that did not accept it before.

<ravfx:xmr.mx> I did not know proxystore

<ravfx:xmr.mx> It's not the service that I don't trust, it's there payment processor.

<ravfx:xmr.mx> If said service accept the crypto directly , like without using 3rd party processor, then that I actually approve, even if it's a scamcoin like bitcoin.

<ravfx:xmr.mx> But most of them just a payment processor

I wouldn't call it a scamcoin, more like an evolution stage.

<ravfx:xmr.mx> Yeah, more le the beta coin that got coopted years ago

"beta'

"beta" is a part of the lexicon of really gross people too. Or a particular fandom.

<ravfx:xmr.mx> BlueyHealer: Between alpha release and gold release

<ravfx:xmr.mx> Gold dont really append anymore now that I think about it

<ravfx:xmr.mx> Can just patch eet later

ah lol just that the context could be read in a different way XD

But yeah, indeed.

Also, never heard the term "gold release" before.

Just

Just "release"