273
Senate Passes Massive Cryptocurrency Bill, Ignoring Risk To Financial System
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this post was submitted on 17 Jun 2025
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No, the Crypto part is important, because it makes it trivialize easy to issue any number of tokens (trillions? quadrillions? 2^64?) and then trade with them. Gift cards still have the limitation that you need a network to accept them, and they are commonly understood in accounting practices so retailers need to account for them.
How can we be sure that some random stablecoin is really backed by currency 1:1 like they claim? The largest stablecoin in use today is Tether, which claims to have over $100B in circulation, all "backed 1:1". But every audit they have released has been deficient in some way. You would think with that much money in a bank somewhere people could figure out where it all is.
These are all fully visible. Gift cards we have no way of knowing how many there are.
Same with tokens. Only certain people will redeem certain tokens.
Public blockchains are a triple ledger system. They are self accounting
Great question. Same with gift cards. Same with bonds.
Oh yes. I wouldn't touch Tether with a 12ft pole. I'm not saying stablecoins are good. I'm saying they are no different to what currently exists.