| ▲ | grim_io 20 hours ago |
| Why not in gold while we're at it? Both are equally stupid, and you have to exchange them to buy most of the things you might need. |
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| ▲ | cheonn638 20 hours ago | parent | next [-] |
| > Why not in gold while we're at it? Crypto more hype-able |
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| ▲ | mrguyorama 16 hours ago | parent | prev | next [-] |
| YC connected people aren't as invested into gold as they are crypto. |
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| ▲ | iwontberude 20 hours ago | parent | prev | next [-] |
| Why not a gold backed stable coin like PAXG? |
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| ▲ | observationist 19 hours ago | parent | prev | next [-] |
| I mean, asking for $500 in gold every paycheck would be kinda cool, or getting gold coinage each pay cycle on a rolling basis, as many coins as your repeated $500 contributions buy. It'd be friction against spending, a little bit of investing, in the case of gold, but friction against spending with crypto only makes sense if you don't lose a lot on moving it into a real bank account. |
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| ▲ | ceejayoz 19 hours ago | parent [-] | | You can do this, today, if you want, via an IRA or some 401(k)s. | | |
| ▲ | inkcapmushroom 19 hours ago | parent [-] | | Yeah but my 401(k) tax statement paperwork doesn't make me feel like a pirate. | | |
| ▲ | bandrami 4 hours ago | parent | next [-] | | If you want actual physical custody of gold you'll be paying a lot more than the alleged spot price; what you buy on the metals market is a certificate against gold held by a clearinghouse (which certificates are significantly oversold relative to their reserves, a topic goldbugs will do anything to avoid talking about). | | | |
| ▲ | cheonn638 12 hours ago | parent | prev [-] | | > Yeah but my 401(k) tax statement paperwork doesn't make me feel like a pirate. solo 401(k) is for you |
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| ▲ | mikkupikku 20 hours ago | parent | prev | next [-] |
| Guess they want cryptobros, not gold bugs. |
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| ▲ | Supermancho 20 hours ago | parent | prev [-] |
| Why? Because the US stable coins are an abstraction on top of US treasuries. It's effectively trading in the US debt market, not trading in crypto-hype. The Fed is interested in converting the debt to another medium, for obvious reasons. Stablecoin looks to be the leader, since a number of the new administration have talked about it in the last decade (re: Scott Besset stablecoin speech). I can understand why some companies want their runway in a currency that may go up during a transition (a more favorable exchange rate). There's little lossage in the exchange of USDT/USDC in the short term. Seems like a hedge strategy. |
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| ▲ | daveguy 19 hours ago | parent [-] | | > ... US stable coins are an abstraction on top of US treasuries... Nope. Not until these companies allow an independent external audit. I don't take "trust me" from a crypto bro as proof of backing funds. Oh, and the current administration is clearly corrupt, so this administration wanting to convert the US to bozo bucks isn't one for the plus column. | | |
| ▲ | Octoth0rpe 18 hours ago | parent | next [-] | | > I don't take "trust me" from a crypto bro as proof of backing funds This is a good distillation of the inherent issue going forward with crypto. The people in tech I trust _least_ (cryptobros) are selling in a service that I require the _highest_ level of trust (finance). It's a very bad sales pitch. | | |
| ▲ | mothballed 18 hours ago | parent [-] | | You don't buy stablecoins because you trust them. You buy them because a greater idiot will. For that reason, I wouldn't be particularly bothered about getting them instead of dollars, though I'd try not to hold on to them terribly long. | | |
| ▲ | direwolf20 4 hours ago | parent [-] | | You buy bitcoin because you think there's a greater idiot. You buy stablecoins as a step in the path to buying bitcoin. You don't buy and hold stablecoins. |
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| ▲ | Supermancho 19 hours ago | parent | prev | next [-] | | The why stands. If the Fed got involved in transitioning the currency, which seems MORE likely under this administration (because of the grift and corruption), then they will be negotiating with the stable coin providers and the grift will follow the normal trajectory to the moon or whatever. The arbitrary "not until some independent shows the paperwork" will never be on the table. | | |
| ▲ | daveguy 19 hours ago | parent [-] | | Independent audits aren't arbitrary. They're the standard by which you can tell whether an organization is lying about their finances. Double entry accounting and receipts makes it pretty difficult to fake especially when the claim is as simple as "don't worry, we hold the backing value in treasuries." Of course, the independent part has to be truly independent and not paid for by the audited. But they refuse independent audits. |
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| ▲ | 19 hours ago | parent | prev [-] | | [deleted] |
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