Stable COIN Attack! BUSD who would have thought!
"Told you so, told you so!"
Yes I wrote this stuff over a YEAR AGO. I'm not some prophetic doody-roo hive blogger person. I read stuff, know stuff, and act on stuff. What's the stuff? Well #BNB is getting the hack THOOOOOON. Oh man I loved that #CUB.. just #CUB life.
https://hive.blog/hive-167922/@bearbear613/attack-the-stable-coins
"Ok if you have been living under a rock and ask, "What Is a Stablecoin"?
"Incredibly popular but highly controversial, stablecoins are among the most talked-about topics in the cryptocurrency world. They offer a great way to further the adoption of digital currency, they’re ideal for payments or as value stores, and as the name implies, they’re capable of avoiding the immense volatility risks of the cryptocurrency market."
Simply put swap to the pegged 'currency' but stay inside the crypto atmosphere without withdrawing into fiat i.e. dollar, yen, etc..
1:1 price ratio
So why would these 'coins' be attacked by the legacy system? Well to be frank it's not in the control of the issuers of fiat. There is of course questions of how these stable coins are backed. I'm sure the SEC (securities exchange commission) makes sure that the US dollar is backed by sound assets, but I digress.
"SEC Chairman Gary Gensler wants more authority before Congress works out how best to regulate the cryptocurrencies".
The report will also ask Congress to detail how stablecoins should be regulated in the same way bank deposits are.
SEC Chairman Gary Gensler reportedly pushed for changes.
Gensler is seeking to make clear the government will take a more active role in stablecoin regulation in the short term while awaiting legislative changes in the long term, according to the report.
There are many different stable coins. If you are American this is probably a big question considering HBD (Hive backed Dollars) is attempting to be a stable coin. It is in fact not 1:1 as we have seen as it's price continuously fluctuates. At the end of the day in my opinion this has nothing to do with making sure anything is backed properly. The whole Federal Reserve, and US debt based system is a huge ponzi scheme. It's calling the kettle black.
https://idioms.thefreedictionary.com/the+pot+calling+the+kettle+black
"A situation in which a person accuses someone of or criticizes someone for something that they themselves are guilty of."
In the end it is about control and eliminating competition. We are without a doubt in serious trouble economically world wide. When control is in doubt, tighter grips to keep in power become more of a reality. Unfortunately this is the situation we are in and it was very predicable. I had written about this months ago.
Choice in what to do when stable coins are controlled does make cryptocurrency itself what it was originally meant to be. Stable coins make it quick and convenient for trading and profits. I'm not sure if when Satoshi created BTC his original ideal was to have a crypto pegged 1:1 to the USD. In either case I will eventually just be HODLing Crypto and if stable coins make it impossible without extracting a urine sample; we do have the chance for peer to peer transfers either way.
https://hive.blog/hive-167922/@bearbear613/is-bnb-next-to-fall-in-a-list-of-destroying-crypto
TOP COINS WITH CENTRALIZED
Even on a ledger TOP COINS like
USDT
**USDC **
have centralized control! You can be blacklisted so you need to stick to REAL CRYPTO.
You think the land of the free is exempt? Biden has something to tell everyone tomorrow.
LET'S GO BRANDON!
LET'S GO TRUDEY!
Let's go CBDC's!
Where did this guy go anyway? Old news is new news. Perhaps start looking at getting your shit off of binance.
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Here come a chain of crappy DEX startups...but this has to happen and those crappy DEX's will get outcompeted by good ones.
I like Thorchain here for swaps--meh on the liquidity pools there, but they are tempting. I hope they have the cahones to integrate Monero. Hive should be OK until it gets a lot more attention than it currently has.
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