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Comment by baq | Hacker News Reader

Stablecoins are banks. What you’re describing has been the foundation of the banking system since medieval times.

https://en.m.wikipedia.org/wiki/Hawala

What is interesting with stablecoins is that they are on the blockchain, which acts as a decentralized, uncensorable ledger which doesn't require you to tell a bank clerk what is written inside your wedding ring to be allowed to buy a second hand BMW in Poland.

Indeed. Blockchains are for breaking the law.

I think it would be wholly better, in democracies, if we changed laws we didn’t like than tried to create technology to evade them.

The law says that banks need to do AML/KYC, a blockchain is not a bank, it's decentralized. Besides, being able to break a law can be good, when such laws have little to do with crime prevention, and more about feeding an industrial complex that earns from those frictions. And buying a car is not illegal as far as I know.

The main proponent that dictates the regulations, the FATF, is a shady, unregulated body that is used for political and economical repression.

> a blockchain is not a bank, it's decentralized

Not all blockchains are decentralized, it depends on the consensus mechanism

but if you buy a BMW in Poland on a stablecoin chain, everybody will know.

Only if they happen to know the connection between you and the seller's wallet addresses and your respective identities.

Almost all the crypto I have is from p2p or freelancing. Very few could connect my identity and my wallets.

Maybe, but at least no one will block the payment.

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