defiamazing

Agreed. Check out /r/keto and /r/zerocarb for some great research about the natural human diet. Humans have eaten beef (exclusively even) for billions of years.

I don’t get why they don’t just use Bitcoin or Ethereum.

Let me know if you want to hang out sometime

Idk what to tell you. Profit model that can’t work without a speculative DeFi bubble, which will die eventually because it’s not useful. AML is good and there’s a lot of history there. I don’t care much about the libertarian stuff.

AML is good, no I don’t. My turn to ask the questions. Is there literally any scenario where you'd accept that maybe crypto isn't actually useful and maybe it is just a big scam? Think about it hard, otherwise you'll waste years of your life in an internet libertarian larp. Bro USDC is multisig'd, it isn't decentralizing anything and it doesn't even need a blockchain except to interact with DeFi.

If your application is evading AML then your scale will always be limited. I don’t know how you could possibly feel like that’s a serious pitch. Sounds like, “We’ll just evade the law”. I guess ICOs got away with it for a bit.

They want it sure, but again, not enough to create a profit opportunity. Profit is revenue minus costs, so there's a lot of revenue opportunity (from the bank deposits by the way, not the payments), but the costs are huge. The revenue has to justify the legal headache involved with processing payments in under a minute. That's why the only live solution needs a DeFi bubble to support it.

The difference is that the US would not do that in response to a speculative dump. With ETH, the system stops working and everything breaks without a HF. So it’s valuable because it’s valuable.

If the company pivoted to a different business, it would likely violate securities laws. Corporate governance is in place to stop that from happening.

US taking away all property rights is significantly less likely than an ETH hard fork. Hard forks have happened.

Ecosystem is getting smaller because everyone knows there are currently no useful DeFi projects. ETH is failing to pump again so this is the peak of network security.

Bitcoin is also a memecoin for the same reason, but at least it’s a credibly neutral memecoin unlike ETH.

No one would use it because people don't actually want to send money internationally badly enough to create a profit opportunity. They want to interact with DeFi protocols, that's why USDC exists on eth, once the DeFi protocols die then so will USDC.

There's no good other way because people don't actually want to send money internationally badly enough to create a profit opportunity.

Basically you're arguing for chartalism, it has value because validators say it's the only thing they'll accept. That can change at any time, it's not the same as a company's stock's value being backed by liquid revenue. Imagine situations where the network just decides they want to accept other tokens at the expense of ETH. Imagine what happens to network security if there's a huge speculative dump - would network hard fork to avoid other protocols getting owned? What happens to ETH then?

Having an economic model doesn't make it not a memecoin. LINK has an economic model and most would agree that there's no reason for it to exist other than to dump on retail. The burn is there in large part to enshrine ETH so that investors can dump on retail, otherwise fees could be paid in other ways. It provides no liquidation or dividend rights. The closest thing to that is rights to MEV, which the base fee controller actively prevents. Value is speculative and if it went to zero then the network would completely die unless it forked to disable the burn.

Yes, because Circle will either start using whitelists at which point it will shrink to the point where competition is trivial or it'll just shut down completely. If for some reason there's massive demand in the next decade for sub-minute international money transfers then surely CashApp will get back on that. There's just not, existing slower solutions work fine in most cases and not enough people need something better.

Also important to emphasize, I know I said it'll be outcompeted by a centralized solution. But actually USDC is centralized because it has a multisig, and all of its contracts are 100% upgradeable. So it's like a very inefficient centralized solution that really doesn't belong on a blockchain or at least not a popular one with high fees. But again, DeFi protocols exist, and people want to swap USDC for crypto hedge funds to frontrun.

Because there's not enough demand to justify the regulatory headache for most types of international payments, unless you have the added benefit of interacting with DeFi protocols during a massive shitcoin bubble.

That's because it has regulatory approval (for now). It's not because of a blockchain.

You can start the thought experiment by asking why USDC is on Ethereum and other popular chains rather than own private blockchain. People could make payments faster. Fees would be lower or more likely zero.

The blockchain's security depends on native token value and the native token is a memecoin with no backing and if there's a speculative dump then the network has no security, so no not quite impossible.

There is absolutely no reason for USDC to be on a blockchain other than to interact with DeFi. Once DeFi hype dies USDC will be outcompeted by a centralized solution. It's multisig controlled anyway so it's the same thing.