This stuff happening in Canada is a wake up call. Blacklisting people from the financial system who have ideas that oppose the elite will soon become the "new normal".
This is what we made crypto for. However, sadly, many people have grown content with centralized crypto assets because the need for decentralized ones hasn't clearly risen yet.
I want to remind everyone here that USDC and USDT can easily be frozen. This has happened multiple times, and will continue to happen.
The USDC black list is paid for by users of the USDC stablecoin. Everytime you run a tx, it checks to make sure you aren't blacklisted. This costs YOU Ethereum. I know the article says DAI doesn't have this feature, and that is good on DAI for not having this, but keep in mind MakerDAO was researching KYC and also has a lot of centralized components. This includes being backed by USDC, so potentially MakerDAO could be blacklisted by USDC if they deem that they aren't compliant.
There is more and more regulation being rolled out around stablecoins, so I think now is the best time to start paying attention to decentralized ones, OR better yet just use a native decentralized blockchains currency.
BTC and ETH are good choices. But if you need stability RAI seems to have the best thing yet, it is ONLY backed by ETH. Don't fall for "decentralized" stables that have ANY USDC backing. Most of these can also be halted if they want to.
You seem to know your stuff, so I'd rather ask now instead of not knowing shit forever. What about BUSD? I assume that it's centralized and thus at risk, just like USDT and USDC? My reasoning for BUSD becoming my stable of choice was: >it's issued by chinknance and thus has low chances of being insolvent >not at risk of unpegging like DAI and other decentralized alternatives
But reading your thread got me a little paranoid about what I should hold now. The problem that comes with holding native currencies like BTC or ETH is the volatility of course. Yes I know about the whole 1 BTC = 1 BTC but still.
So usdt is absolute trash usdc is ultimate trash dai not so trash rai is the ultimate goverment assfuck? Is it a nice tldr fellow ledditol flend?
Jaxon Brooks
Thanks for the actually interesting thread OP, I didn't know about this
Andrew Flores
Even cz can rugpull u anytime dont even need angry gubent jew.
Leo White
Yeah, I'm aware. Is it blind faith to assume that Binance is too big to fail at this point?
I thought about MIM on FTM/Avalanche, but there was a recent scandal kind of and that got me scared.
Jackson Sanchez
Ust? Frax? Which stables are actually stable and not tied to Dai, usdc, usdt, etc?
Jason Brown
Bump eet
Jace Evans
>Bitcoin dumps >shitcoin shills vanish >good threads start to spawn Every single time.
Christian Perez
get off the cucked ones, and get off the dollar pegged ones while you're at it. Shade/Silk drops in like a week, it's gonna be wild to see actual objective stability if it all works
Eli Phillips
Are the WEF-Approved XUMM & ALGO Apps safe?
Daniel Cox
Frax and UST aren't even fully backed. FRAX has a lot of centralized stuff backing it in addition to nothing.
Don't trust CZ
Daniel Reyes
good discussion OP. Check out RAI the money god for an algorithmic stablecoin (I have none but it looks great, is relatively $3 stable_ youtube.com/watch?v=kDCqiZd4xkI
I'm stupid, what does being on that blacklist mean? Does it mean by USDT can't be traded? And how do you end up on this blacklist anyway? Can you get off it?
Levi White
Honestly if hypothetically you believe that this Canada situation is the start of the beginning of much larger scale financial turmoil...what are the best options a normal dude with a normal salary & savings to ride it through?
Julian Green
Ust isn’t backed by assets but it is “backed” by the stability of the algorithm which seems to be very stable since the thing that happened at the beginning.
Levi Cook
AMPL awaits desu
Brandon Rogers
yes if your account is blacklisted you cannot send or receive USDT so don't use it. If you have it, swap to something decentralized immediately (RAI, FRAX, DAI, though OP had some concerns about DAI).
Asher Lopez
I can't short with dai (not touching that jeet garbage gns)
Carson Adams
everyone in this thread is an idiot i live in canada and NOTHING is happening holy idiots
Lincoln Cruz
and same with rai
They'll freeze your assets next
Logan Bennett
Oh yeah! Silk. I forgot I staked some SCRT to get a bit of the airdrop. That one looks like it could be interesting. I don't know much about it, but I think its worth keeping an eye on.
A black list is a list of wallets that can no longer move the coin in it/trade with that asset. Although by default most tokens don't have this, the contract can have a function in it which allows a multi sig to add people to a black list.
My guess is you can't get off it. I mean to be honest, thus far it hasn't been used in a really crazy or unfair way. Usually it seems like it is used on drug traffickers/hackers.
But the problem is now that powers that be are trying to freeze the bank accounts of canadians who are protesting. If they are truly doing something illegal, just arrest them. Freezing people's financial assets is fucked up. If they are doing this with the banking system, I imagine it won't be long before they are calling up Circle or Tether and telling them to put freezes on certain wallets. Your political adversaries are using a certain DeFi protocol? Require they KYC customers. Oh they won't KYC those customers? Pressure Circle/USDT to black list that DeFi protocol.
What scares me is eventually they could freeze all the USDC in a smart contract and break a lot of stuff built on DeFi. That is why there needs to be an effort to get more stable decentralized collateral in DeFi.
Whether you are ideological or just holding ETH for gains, this is bad news. Stuff like RAI and maybe other decentralized stablecoins that don't use centralized collateral could be really useful for strengthening the crypto ecosystem.
Mason Baker
Ngl I've been in Terra for a long time and I thought the mim drama might sink ust. It got super close too if I understand its curve pool correctly. The curve pool got to like 91% iirc. And on top of that even if the anchor reserves were drained, ust on anchor could still yield more than almost all stables on any other but the most degen protocols. So maybe ust is the right choice? after watching ampl since inception I'll shit bricks if it becomes the defacto king of stables
Dominic Brooks
So ETH is a great buy, since it's decentralized and doesn't have this kind of shit?
Kayden Stewart
vitalik owns half the eth supply, fyi still a good buy
