| ▲ | zackify 5 days ago | |
100% why am I going to use a permissionless blockchain…. To get coins fully controlled by circle. On a chain with low fees controlled by Coinbase (base) for example. In this case this new L1 won’t even be distributed by anyone initially too. It all seems like a Ponzi scheme or small utility for international users. Otherwise I don’t know why you’d trust these centralized authorities. What stops someone at circle deciding to issue more usdc without real dollar backing | ||
| ▲ | ac29 5 days ago | parent [-] | |
> What stops someone at circle deciding to issue more usdc without real dollar backing Well, the law now. The recent stablecoin legislation has a lot of new regulations. If you mean what technically stops them, then nothing. But that's true of all the crimes I can think of, the law can only be enforced after the crime takes place. | ||