ITT: We discuss the implications of this fucking retarded bill (just a draft).
tlaib.house.gov
Let's say this passes, should americucks like myself, whose wallets can easily be traced back to my KYCd exchange account, get out of stablecoins until they are officially cleared?
I don't like this one bit bros.
Democrats carrying water for corporate banks. Nothing new here.
>Tlaib
Don't need to read it to know it's retarded.
this is why i put a mental ceiling on all the dorkus dweebs masternodes, stablecoins, and all this other absolutely ludicrous bullshit beyond the realm of BTC, LINK, and ETH. it just becomes this nebulous dork retard fringe world of possibilities and STUPID fucking coins like sushi and shit called fucking AMPLEFORTH
Speaking of which, what's the best way to acquire crypto with absolutely no connection to my real identity? I wan't to start acquiring a parallel crypto stack that never touches a CEX, and I don't want my current wallets to be associated with mixers.
Mining? ATM? Buy with cash in person?
yup
To be 100% honest, im not sure what stable coins really are (except somehow pegged to the dollar) and how legislation could effect that, could someone give me a quick run-down?
>Rashida Tlaib's new bill!
So how much of this bill did she actually write?
I ABSOLUTELY FUCKING HATE THR GOVERNMENT
leave me the fuck alone
stop telling us what to do you fucking losers. George Washington didn’t put it all in the line and drop mountains of bodies so you faggots could create a gay mulatto nanny state that sucks Israeli dick
I certainly wouldn't condone this glowie. But in cash in person is best
>“Working class communities like mine in Chicago already face tremendous barriers to accessing financial services and credit. The Trump administration’s deregulation of our financial system has opened the door for tech companies to consolidate their power by preying on people of color with products that promise inclusion but only undermine our banking system,” said Congressman Jesús “Chuy” García.
tippity top kekkles get fukt america.
Yeah, they generally refer to tokens that are price pegged to a real currency like USD. Some stablecoins are centralized, like one company with a fiat off-on ramp that mints/burns tokens accordingly. Look up Maker / Dai for an example of a more decentralized stablecoin. It's an overcollateralized lending protocol - basically: lock up the equivalent of $150 in ETH, receive 100 Dai. Eventually pay back the Dai (which gets burned) to get your ETH back. If the USD value of your locked up ETH falls below 1.5x the amount of Dai you took out, you are at risk of being liquidated (public function anyone can call), so you need to monitor it and keep your position sufficiently collateralized. All this is to say, billions of dollars worth of crypto are sitting in systems like this so that people can have a stable ERC-20 token that is roughly worth $1.
>Tlab
When the fuck are we going to send this cunt to Gitmo where she belongs
ch ch checked
So, do you need hand holding to see why this is bullish?
>Many of these stablecoins inherently represent a promise that, without regulations, there is potential for disparate impact, “predatory inclusion,” “digital redlining,” and the “color of surveillance”
>“Getting ahead of the curve on preventing cryptocurrency providers from repeating the crimes against low- and moderate-income residents of color that traditional big banks have is—and has been—critically important,” Congresswoman Tlaib said.
tldr stablecoins hurt brown people
checked and based
Binance accounts in 2017 that didn't need KYC
pretends she's the fucking spokewoman for muslims, meanwhile sucking off bankers (usurpers) in the background.
No, I can see why it's bullish. I'm specifically concerned about what this means for something like Maker, and I'm also not excited about the increase surveillance on ETH we'll probably see with basically sanctions put on various protocols or addresses.
Of course this only makes me want to buy more crypto.
Why would regulation of stable coins be a bad thing? They are already centralised beyond belief. It would probably be beneficial dess ewww
I guess so, but let's say they find a way to police this, I would have to exit a bunch of pools and other defi things and I guess I would buy ETH with the stack of Dai I'm sitting on until I know what's safe to use.
It's incredibly transparent shilling for megabanks in laughable social justice rhetoric.
yikes just how fucked is burgerland?
So I really just care about the personal implications. And like I said above, I'm looking for an ultra user way to acquire crypto so I don't have to think about shit like this.
>this only makes me want to buy more crypto
you like cucking yourself i see
regulations
are
never
beneficial
All of this is unfortunately necessary for that boomer Etf approval
this
especially in cryptosphere
want to be tracked in a AI cabal owned by hypocrites and kikes?
not me
too bad just saying "it's retarded" won't stop the bill
read the fucking thing and be specific when you contact your representative to shut it down, otherwise they're just gonna listen to that big bank lobbyist shoving wads of benjamins up their asshole
good gracious we need to teach civics in school again
Dark actors/whales would stop fucking with less regulated stable coins for starters, cause this is all one Huge step towards kycing every tx. However they would be replaced, over time by institutional type whales/elites which is what is/always had to happen as btc progressed to an etf, multi trillion market cap. This was always coming and I’ve known the day would come for years, it’ll still take them another year or so to get off the ground tho. Eventually you’ll have btc/digital dollar pairings, also libra pairs, it’s just the way it’s going its about control, China has a large control of the hashrate cool well the us can control the dollar stable pairs/kyc which gives them knowledge and control of the market also
>a lot of crypto already outperforming boomer stocks if you know what to buy
>faggot retards in this thread think regulation is needed anyways
There's not one reason for me to believe these so called "people" aren't glowies or shills
>contact your representative to shut it down
ya that'll do it civies boy, send your rep a long, logical retort on this bill!
you’ll see more people use digital yuan pairs cause they’ll be more attractive, more dodgy and it’ll be like tether on steroids, screencap this.
Yes they are, especially when some chinks own the largest stable coin in crypto and its an unaudited mess that can literally freeze tokens at will and has complete dominion over digital usa dollars.
If stable coins were actually decentralised, sure it would be a bad thing. But they are just as bad as fiat in a bank, the only difference being they are controlled by chinks with 15 passports and no home address.