Cryptocurrency: PayPal PYUSD Stable and WorldCoin Are All Shit CBDC And Must Be Destroyed
grarpamp
grarpamp at gmail.com
Wed Aug 9 00:24:59 PDT 2023
Paypal's new stablecoin has the ability to pause all transfers, freeze
addresses to prevent actions and also burn the tokens in the frozen
addresses
by mbdtf95
Here is where you can freely read the whole source code of Paypal's
new stablecoin which is named Paypal USD with ticker (symbol) PYUSD:
https://etherscan.deth.net/address/0xe17b8adf8e46b15f3f9ab4bb9e3b6e31db09126e#code
Well everything is transparent and some of the more interesting parts
are parts where it can clearly freeze and unfreeze people's accounts.
Supply is centrally controlled of course via a Supplycontroller, and
probably the biggest thing is that it can freeze accounts and then
burn the frozen account's coins. If we get CBDCs you can expect this
kind of function in them.
Here is that ''interesting'' part of the code which states some of
these things if you don't want to look at whole source code:
https://i.redd.it/xghg9rt2ergb1.png
[–]seb7mad 332 points333 points334 points 1 day ago (125 children)
Keep in mind that USDC and USDT can do the exact same things
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[–]Kindly-Wolf6919 305 points306 points307 points 1 day ago (48 children)
I'm pretty sure that at least 50% of the people around here do not
keep that in mind.
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[–]kthebakermanSend moons 56 points57 points58 points 1 day ago (32 children)
And at least 50% of that 50% don’t even know what those stablecoins are
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[–]conceiv3d-in-lib3rty 16 points17 points18 points 1 day ago (25 children)
They’ve heard of them of course, but I think it’s safe to say the
majority of people here do not participate in DeFi.
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[–]SimbaTheWeaselBronze | QC: ALGO 18 13 points14 points15 points 1
day ago (24 children)
Yeah, most aren’t going to want to stress themselves out trying to navigate DeFi
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[–]Easy-Medicine-8610Tin 8 points9 points10 points 1 day ago* (7 children)
I've navigated this quantum realm you call DeFi. I was a new man when
I got out, trying all of the new tools and tricks. I was a poorer man,
but new none the less.
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[–]Katamari_420Tin | r/WSB 20 2 points3 points4 points 21 hours ago (5 children)
What would you recommend someone start with if they wanted to give it a try
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[–]Easy-Medicine-8610Tin 1 point2 points3 points 16 hours ago (2 children)
I was going through the high yield liquidity pools. It was actually
fun to do and it helped me understand a lot but I lost big time.
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[–]Katamari_420Tin | r/WSB 20 1 point2 points3 points 3 hours ago (1 child)
That’s good to know thanks, I’ve wanted to try to contribute a tiny
amount to an lp but my understanding is that you’d need the rewards to
outpace your impermanent loss which seems less likely than just
holding for the long term unless things happen to work out favorably
and I’m not sure how to identify those opportunities
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[–]Easy-Medicine-8610Tin 0 points1 point2 points 1 hour ago (0 children)
Yeah dont do it for anything except moons!
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[–]bleakjHe who buys the highest 1 point2 points3 points 14 hours ago (1 child)
Probably to not do it in general,
Unless you have a lot of spare time, and better than average luck
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[–]Katamari_420Tin | r/WSB 20 0 points1 point2 points 3 hours ago (0 children)
That’s sounds like what I had assumed, I appreciate the answer though
it’s good to hear from someone that’s familiar
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[–]Orangensaft007Tin 1 point2 points3 points 18 hours ago (0 children)
You got our?! I am still stuck down here!!
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[–]legionticket 1 point2 points3 points 1 day ago (7 children)
I know what defi is but I find it hard to even understand
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[–]conceiv3d-in-lib3rty 2 points3 points4 points 1 day ago (5 children)
Not saying defi doesn’t have its issues becuz it damn sure does, but
it’s like all things in life, you need to put the effort into learning
it. There’s soo much money to be made in defi, yet most people take
the easy way out and think they’re going to make money selling
memecoins faster than the next guy.
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[–]legionticket 0 points1 point2 points 22 hours ago (0 children)
Wow thanks.... I'll have to check it out then. You got any YouTube
acct that you know goes straight to point on how DEFI works. Heard of
it but I don't have any ideas how it even works. Thank you
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[–]Katamari_420Tin | r/WSB 20 0 points1 point2 points 21 hours ago (3 children)
Do you mean like providing to liquidity pools or staking? What would
you recommend someone look into if they wanted to make money in defi
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[–]conceiv3d-in-lib3rty 1 point2 points3 points 19 hours ago (2 children)
If you’re not on twitter, you need to be there and active. People in
this space who are not on crypto twitter are at a disadvantage, unless
you’re just holding bitcoin or something.
I do a bit of everything, most of it is based on trading. Right now
i’m utilizing flashloans for arbitrage plays. I have a bot that takes
a flashloan and performs a double swap between Uniswap V3 and
Sushiswap.
I also use Unibot-X (fucking amazing, but hasn’t released to public).
The mirror sniper (copytrade) allows you to mirror snipes and frontrun
buys of chad traders and wallets of interest i’ve been following.
I also have positions in several lending protocols (aave, compound)
and several positions elsewhere providing liquidity/staking.
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[–]Katamari_420Tin | r/WSB 20 0 points1 point2 points 3 hours ago (1 child)
Awesome thanks for the detailed response I’m not on Twitter but have
heard that a lot of news drops there first so I think I’ll deff get
started there, I appreciate the help thanks dude
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continue this thread
[–]SlowpokesEmporium1 - 2 years account age. 100 - 200 comment karma.
1 point2 points3 points 18 hours ago (0 children)
I'm a similar spot, I'm learning alot but it can be very overwhelming
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[–]Lillica_Golden_SHIBBronze | BANANO 5 | TraderSubs 13 1 point2
points3 points 1 day ago (3 children)
Most people will embrace them just because of convinience
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[–]kirtash93The Ash Ketchum of Crypto | Gotta Catch 'Em All 3 points4
points5 points 1 day ago (1 child)
Indeed. PayPal has already the base and infrastructure worldwide so if
they decide to add it, people will use it without thinking twice.
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[–]alinungur2 - 3 years account age. -25 - 25 comment karma. 1 point2
points3 points 21 hours ago (0 children)
And them using it will drive crypto adoption!
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[–]Squirrel_McNutzBronze | 2 months old | QC: CC 19 0 points1 point2
points 1 day ago (0 children)
You mean conevenience?
Nice cone Lilica, glad to have another legend!
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[–]Every_Hunt_160Platinum | QC: CC 672 | r/SSB 10 0 points1 point2
points 1 day ago (0 children)
I think more people here engage with SpaceFi with Moons than DeFi
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[–]Pristine_Spinach8718Stargazing 0 points1 point2 points 1 day ago* (1 child)
I don’t fully blame them, DeFi should be a bit more user-friendly.
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[–]Beechbone22Platinum | QC: CC 203 | r/CMS 6 -1 points0 points1 point
1 day ago (0 children)
The UX is a tax on the lazy and the stupid.
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[–]ripple_mcgeePlatinum | QC: CC 44 | CRO 19 | ExchSubs 19 0 points1
point2 points 16 hours ago (0 children)
The smart contract OP is looking at isn't even the real PYUSD...it's a
scam that's already been rugged.
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[–]Oldz88RzTin 2 points3 points4 points 1 day ago (1 child)
Oh no it’s Scott Steiner Math time. https://youtu.be/3G07NZs2v18
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[–]Every_Hunt_160Platinum | QC: CC 672 | r/SSB 10 2 points3 points4
points 1 day ago (0 children)
FIRST, you add 25% of the dumb apes who don't understand USDT, and
another 25% who don't understand USDC
THEN, You add the 50% and 50% and your chances of understanding
Paypal's stablecoin DRASTICALLY GO DOWN!
You see cc/sub, y'all Apes have a 101% chance of not understanding
Paypal's stablecoin! Because I'm a genetic freak, and I only shoot
Moons baby!
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[–]Complex-Ad2035Platinum | QC: CC 299, DOGE 55 0 points1 point2
points 1 day ago (0 children)
50% is a very generous number
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[–]UncleFatty_Tin 0 points1 point2 points 1 day ago (0 children)
The real miracle in crypto is UsdT still being around.
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[–]nombresinhombrePlatinum | QC: CC 87 | ADA 22 0 points1 point2
points 1 day ago (0 children)
90%
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[–]QuartzPuffyStarTin | Privacy 10 0 points1 point2 points 14 hours
ago (0 children)
I'm at least 50% and can confirm this.
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[–]Pr0MeisterTin 5 points6 points7 points 1 day ago (4 children)
That is a very optimistic percentage, my good sir/madam.
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[–]meeleen223Moons = Magic Internet Money Vol. 2 5 points6 points7
points 1 day ago (1 child)
Try 90% and we can debate
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[–]Lillica_Golden_SHIBBronze | BANANO 5 | TraderSubs 13 1 point2
points3 points 1 day ago (0 children)
90% still doesn't look enough
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[–]DrakoolyaBronze | QC: CC 16 | SysAdmin 31 0 points1 point2 points 1
day ago (1 child)
*Tips Fedora
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[–]opensandshutsPlatinum | QC: CC 115 | PersonalFinance 86 0 points1
point2 points 1 day ago (0 children)
*1500 moons fall out from under the fedora scattering like Sonic the
Hedgehog rings.
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[–]opensandshutsPlatinum | QC: CC 115 | PersonalFinance 86 1 point2
points3 points 1 day ago (0 children)
Narrator: "They didn't."
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[–]nmolanogPlatinum | QC: ETH 18 | MiningSubs 30 0 points1 point2
points 1 day ago (0 children)
I was one of the until now.
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[–]ohioYax 0 points1 point2 points 1 day ago (0 children)
I don't think people understand the difference between decentralized
and centralized. They assume crypto rails implies decentralization and
it doesn't, and shouldn't.
It's fine if there are centralized projects on crypto. There will be
so many if we get adoption.
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[–]chuloredditPlatinum | QC: CC 126 | BANANO 10 0 points1 point2
points 1 day ago (0 children)
The other 60% don't have a mind
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[–]IrishDicedPlatinum | QC: CC 31 | SHIB 24 | r/WSB 11 0 points1
point2 points 1 day ago (0 children)
I heard 50% statistics are completely wrong 🤔
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[–]CCNightcoreBronze | Science 11 0 points1 point2 points 1 day ago (0 children)
I'll admit it. I had no idea usdt and usdc could do that.
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[–]Resident-Coyote9339Tin | CC critic 0 points1 point2 points 1 day
ago (0 children)
I didn’t even know. Thanks for the information.
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[–]staffellSilver | QC: CC 122 | r/CMS 16 | Politics 12 0 points1
point2 points 16 hours ago (0 children)
To keep it in mind would suggest they knew it in the first place...
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[–]bleakjHe who buys the highest 0 points1 point2 points 14 hours ago
(0 children)
I don't even have 50% of a mind
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[–]CONSOLE_LOAD_LETTERPlatinum | QC: CC 562 44 points45 points46
points 1 day ago (14 children)
Here is proof.
USDT: 918 banned addresses
USDC: 174 banned addresses
Saying that though, PayPal has a truly terrible track record and
reputation with respect to freezing/banning accounts for arbitrary
reasons and also often mistakenly. So while people should be aware
USDT and USDC are not completely trustless, they should also be aware
that PayPal is probably going to be utilizing their controls much more
often.
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[–]Lillica_Golden_SHIBBronze | BANANO 5 | TraderSubs 13 20 points21
points22 points 1 day ago (11 children)
PayPal is such a shitty company with shitty policies overall.
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[–]telechefTin 4 points5 points6 points 1 day ago (1 child)
I wouldn't even trust them with my fiat. Staying well clear of this one.
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[–]Squirrel_McNutzBronze | 2 months old | QC: CC 19 2 points3 points4
points 1 day ago (0 children)
Same here - PayPal can be pretty damn shady. Also the fees are fucked
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[–]CONSOLE_LOAD_LETTERPlatinum | QC: CC 562 3 points4 points5 points 1
day ago (6 children)
For real. Actually, dealing with PayPal headaches is one of the
reasons why I started looking into crypto in the first place many
years back.
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[–]opensandshutsPlatinum | QC: CC 115 | PersonalFinance 86 2 points3
points4 points 1 day ago (0 children)
head on, apply directly to the forehead.
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[–]lordofming-risesSilver | QC: CC 468 | CRO 70 | Superstonk 237 1
point2 points3 points 1 day ago (0 children)
Circle is full now...
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[–]lotofpic 2 points3 points4 points 1 day ago (2 children)
I have been using Paypal for many years and never had a problem so far!
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[–]james2020chrisTin | Politics 89 1 point2 points3 points 19 hours
ago (1 child)
Just wait until you have a problem, and find out how impossible it is
to get it fixed.
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[–]Fantastic_Foot_8568Tin 0 points1 point2 points 13 hours ago (0 children)
I had some bitch try reverse a payment 11 months after she clearly
received the brand new iPhone 14 pro still sealed in plastic, money
had been sitting in my account since when got notification my account
was froze. Contacted PayPal directly, as bad as I wanted to confront
the con artist. Think it took 2 days before account was unfroze and
funds available again and never had to interact with that POS tryna
get a brand new iPhone free on my tab. Was slightly worried since had
good amount in savings earning 4.3%apy but took correct steps and
PayPal was on top of it.
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[–]Every_Hunt_160Platinum | QC: CC 672 | r/SSB 10 0 points1 point2
points 1 day ago (0 children)
Now it comes full circle with PayPal trying to take over the crypto space lmao
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[–]Maximum_Sign2804 1 point2 points3 points 1 day ago (0 children)
Totally agree on that!
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[–]RayesFrostTin 1 point2 points3 points 1 day ago (0 children)
Luckily I don’t use PayPal for anything. FUCK PAYPAL
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[–]visual_overflowTin 0 points1 point2 points 1 day ago (0 children)
TIL. Also wow this dude had $20M frozen
https://etherscan.io/tx/0x2675aaf5db84f9f966c431ff82f2173d3251020b11b4939b4961ebedf92c78dd
That scammer must be furious lmao
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[–]DeeyennayPlatinum | QC: CC 670 15 points16 points17 points 1 day
ago (3 children)
They have to for regulatory purposes. No government is going to be OK
with a completely trustless decentralized currency.
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[–]nmolanogPlatinum | QC: ETH 18 | MiningSubs 30 9 points10 points11
points 1 day ago (2 children)
El Salvador wants a word with you
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[–]Mothrahlurker 0 points1 point2 points 21 hours ago (0 children)
El Salvador has a lot of control through their Chivo wallet which they
want everyone to use.
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[–]corn-potageBronze | 5 months old 0 points1 point2 points 5 hours
ago (0 children)
They're using custodial, KYC Lightning Network service for Bitcoin,
because non-custodial LN has horrible UX. Strike? Also custodial and
KYCd.
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[–]Disastrous_Cobbler13 4 points5 points6 points 1 day ago (9 children)
Are there any stablecoins that cannot?
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[–]HoldOnDearLifeSilver | QC: BTC 18 | ADA 58 | Politics 10 1 point2
points3 points 1 day ago (2 children)
iUSD and Djed come to mind.
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[–]kogmaaBronze | QC: CC 18 | ADA 298 1 point2 points3 points 1 day
ago (0 children)
Yup. Not much liquidity yet unfortunately. They’d deserve more love.
On the other hand this clearly shows how also algorithmic stable coins
can cope with such circumstances. Since the Luna debacle they don’t
have the best reputation in this sub, but that only showed the logic
flaws for that one stable.
The design of DJED is based on the older SigmaUSD of Ergo and that in
turn has been around quite a while and proved to be stable even in
extreme conditions.
So there’s a point for trustless, algorithmic stables, though they are
not without their own issues. For example the backing coin of DJED
doesn’t seem to quite have the right risk/reward ratio yet; it’s also
tied to issuer Coti for minting.
Anyway I’d like to see such projects evolve and thrive, rather than
some centralized company coin as heartening as that may be as far as
adoption is concerned.
Edit: typos, additional info
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[–]Beechbone22Platinum | QC: CC 203 | r/CMS 6 0 points1 point2 points
1 day ago (0 children)
Really, those are the stables you think of? Not for example DAI, FRAX or LUSD?
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[+][deleted] 1 day ago (3 children)
[deleted]
[–]DMCarter_Platinum | QC: CC 39 1 point2 points3 points 1 day ago (0 children)
DAI itself can't, but some of its reserves can since its reserves have USDC.
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[–]opensandshutsPlatinum | QC: CC 115 | PersonalFinance 86 0 points1
point2 points 1 day ago (0 children)
I thought dai all can
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[–]jekpopulous2Silver | QC: CC 49, SOL 22, ETH 38 | NANO 19 |
TraderSubs 18 1 point2 points3 points 1 day ago (0 children)
Most CDPs (DAI, MIM, crvUSD, etc…) use non-upgradable contracts and
the tokens can’t be frozen.
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[–]GBR2021Bronze | QC: CC 24 1 point2 points3 points 23 hours ago (0 children)
DAI and FRAX
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[–]marsangelo 6 points7 points8 points 1 day ago (7 children)
Yeah i saw this too. Unfortunately commonly used code between stablecoins
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[–]Honeynel 8 points9 points10 points 1 day ago (5 children)
And CBDCs will be much, much worse.
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[–]Lillica_Golden_SHIBBronze | BANANO 5 | TraderSubs 13 3 points4
points5 points 1 day ago (4 children)
And sadly most people have literally no idea how bad they will be.
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[–]CryptizardAcademic Cryptographer 0 points1 point2 points 1 day ago
(3 children)
...because they don't exist yet.
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[–]NateNate60Platinum | QC: BTC 21 | LegalAdvice 206 0 points1 point2
points 16 hours ago (2 children)
This is not correct. I'm currently in China and I already saw some
posters advertising the Digital Yuan stuck around Shenzhen.
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[–]CryptizardAcademic Cryptographer 0 points1 point2 points 15 hours
ago (1 child)
There doesn't seem to be any technical information, in English at
least, about how it works. Curious to know if it is as bad as people
expected.
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[–]NateNate60Platinum | QC: BTC 21 | LegalAdvice 206 0 points1 point2
points 4 hours ago (0 children)
It's basically a Government-run PayPal. People already widely use
mobile payment in China so it is really nothing special. The
Government can already order payment processors to deliver customer
data on demand and suspend accounts so this new system is viewed as an
improvement by most Chinese people because it's just the same as what
they have now, but Government-run.
Technology-wise, it is nothing terribly sophisticated. You scan a QR
code to pay, others scan your QR code to pay you. It is a centralised
system.
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[–]ripple_mcgeePlatinum | QC: CC 44 | CRO 19 | ExchSubs 19 0 points1
point2 points 1 day ago (0 children)
Link to contract OP posted is a scam and code is common for scam
tokens...unless 3,000,000 PYUSD is currently worth 0.06 ETH, it's a
scam token and anyone buying is or has already been rugged.
Example trade on uniswap
https://etherscan.io/tx/0xbd0f1d6f4f9cc79e9ab788a6a1b210acf2d6f54bba0c218a90cacd6ba717a238
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[–]Reeferologist-Tin 2 points3 points4 points 1 day ago (2 children)
Wasn’t Tether involved in some pretty shady shit a couple of years
ago? I can’t remember exactly what it was, but made a mental note to
stay away from USDT.
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[–]CleynnTin 3 points4 points5 points 1 day ago (0 children)
They print billions out of thin air periodically, then go with the
good ol'trust me we have backing funds for every penny.
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[–]wayfarer8888Tin 0 points1 point2 points 18 hours ago (0 children)
Their financial audits were not trustworthy and they issued debt from
affiliates, basically lending to themselves. In a high interest
environment a stable coin issuer should be doing very well because the
dollars they hold return 4-5%, which more than covers any costs. It
should be an extremely lucrative business: you issue 1 USD coin which
gets swapped for some other crypto which could make you money
(lending, farming, increase in value), but still hold the underlying 1
US$ which bears interest for you. Technically you still control the
Fiat and USDT, USDC etc. are only IOUs. It's brilliant.
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[–]BearishVsBullish 4 points5 points6 points 1 day ago (3 children)
Amongst the reasons why I stay as far away from them as I can
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[–]swap_catz 5 points6 points7 points 1 day ago (2 children)
Ohm. Rai. Nuon.
Lots of flex tokens that are not bank deposit wrapper coins. The
problem is crypto people don't want that. They want a lottery ticket
and riches in fiat.
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[–]Lillica_Golden_SHIBBronze | BANANO 5 | TraderSubs 13 2 points3
points4 points 1 day ago (0 children)
True, and it is fair to say most of us joined crypto with this exact mentality
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[–]BearishVsBullish 0 points1 point2 points 23 hours ago (0 children)
I stick to the basic chains and mcaps, can you clarify what you meant
by flex tokens?
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[–]kingh242Tin 1 point2 points3 points 1 day ago (0 children)
I was hoping this comment would float to the top.
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[–]GBR2021Bronze | QC: CC 24 1 point2 points3 points 23 hours ago (0 children)
No worries, redditors surely know about trustless stables such as DAI
and FRAX, right? Right?
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[–]fiscallyCompete 1 point2 points3 points 22 hours ago (0 children)
Yeah these are the best ever.
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[–]BaecchusPlatinum | QC: CC 541 | r/WSB 11 3 points4 points5 points 1
day ago (0 children)
Yeah we don't need to go looking for PayPal. Two biggest stablecoins
are just as bad.
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[–]pb__ 2 points3 points4 points 1 day ago (0 children)
Not only can, but do.
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[–]BrainTotalitarianism 0 points1 point2 points 1 day ago (0 children)
Good to know, can Atom do the same?
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[–]Odysseus_Lannister 0 points1 point2 points 1 day ago (0 children)
Big oof
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[–]Transgroomers99 -1 points0 points1 point 1 day ago (0 children)
They can freeze accounts but they cannot burn the coins in them.
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[–]Gr8WallofChinatownTin | Economics 11 -1 points0 points1 point 18
hours ago (1 child)
And ethereum
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[–]seb7mad -1 points0 points1 point 18 hours ago (0 children)
That’s not true. ERC-20s can do that because they’re smart contracts
that can have said functionality coded in. ETH is the native token of
Ethereum and most L2s, and is not programmable
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[–]HoldOnDearLifeSilver | QC: BTC 18 | ADA 58 | Politics 10 -2
points-1 points0 points 1 day ago (1 child)
Oh really? You got a source on that? I did not know that and I don't
want to trust a random redditor.
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[–]Jesta23Tin | r/WSB 43 0 points1 point2 points 1 day ago (0 children)
He literally gave you a link to the code.
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[–]-chaotic_randomness- 0 points1 point2 points 1 day ago (0 children)
Now that I know I will keep in mind. Thanks for the advice!
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[–]WiseSilverWolfTin | CRO 27 | ExchSubs 27 0 points1 point2 points 1
day ago (0 children)
Keep in mind that USDC and USDT can do the exact same things
Not on all blockchains though, I tried to get Tether to recover some
funds for me on KCC the other day and they told me they couldn't
because they don't issue USDT on KCC.
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[–]cyberfugue 0 points1 point2 points 1 day ago (0 children)
I admit that I didn’t realize that. Definitely something that everyone
needs to keep in mind.
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[–]WargizmoPlatinum | QC: CC 1529 | x1x1 0 points1 point2 points 1 day
ago (0 children)
As can PayPal with your fiat already
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[–]DrShakezGold | QC: CC 30 0 points1 point2 points 1 day ago (0 children)
Good point, but that just makes me hate all of them.
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[–]borg_6s 0 points1 point2 points 1 day ago (0 children)
So this is basically ShitUSD(TM)
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[–]dankeykang4200 0 points1 point2 points 1 day ago (0 children)
People still gonna fuck with it though cuz they don't know better
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[–]Real-Technician831Tin | 5 months old 0 points1 point2 points 1 day
ago (0 children)
Yeah, but this is PayPal, they are known to be very unfair and
basically impose to appeal to.
Stealing from customers is a profit item for them.
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[–]Flying_KoeksisterCrypto Enthusiast | x3 x1x1 0 points1 point2
points 1 day ago (0 children)
After enough hacks I think people might even want this one day.
Of course it does go against the spirit of decentralisation and trustlessness
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[–]AraneckTin 0 points1 point2 points 1 day ago (0 children)
A trully decentralized stable coin
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[–]To_The_M000NTin 0 points1 point2 points 1 day ago (0 children)
I had no idea they could do this. Does most of the stable coins have
the same functions? As in freezing and burning tokens
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[–]beyourownsunshineGuess I’ll just stick to BTC 0 points1 point2
points 23 hours ago (0 children)
This is the kind of information people should include in the OP.
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[–]K4kkaTin 0 points1 point2 points 21 hours ago (0 children)
thank you good sir. i just came here to say the same.
and now i am gone again till there is a small rally
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[–]dirpydipBronze 0 points1 point2 points 19 hours ago (0 children)
Hate to see more centralized stable coins making their way into this space...
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[–]FalloutAssasin 0 points1 point2 points 16 hours ago (0 children)
The compliant version of crypto. I guess it's a necessary evil for
real mass adoption 😔
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[–]AdZealousideal3461 0 points1 point2 points 15 hours ago (0 children)
Yea thats right
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[–]Agile_Ad_7061 0 points1 point2 points 11 hours ago (0 children)
Exactly🙂
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[–]Ur_mothers_keeper 0 points1 point2 points 11 hours ago (0 children)
Dude why would anyone use anything other than DAI.
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[–]xxXTECHxx 0 points1 point2 points 9 hours ago (0 children)
Yes. But the little actual difference is they're not known to froze
and delete axcourns they don't like. At least.
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[–]ominous_anenomeccmoons dev 81 points82 points83 points 1 day ago
(17 children)
Given PayPal’s ability to freeze your fiat funds, I don’t see why
anyone would expect them to be different with their own crypto
“Adoption” at the price of centralization I guess
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[–]Kindly-Wolf6919 23 points24 points25 points 1 day ago (4 children)
Funds are SAFU until it's not.
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[–]Lillica_Golden_SHIBBronze | BANANO 5 | TraderSubs 13 7 points8
points9 points 1 day ago (1 child)
It is as if PayPal was launching their own CBDC
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[–]Squirrel_McNutzBronze | 2 months old | QC: CC 19 1 point2 points3
points 1 day ago (0 children)
They’re probably hoping to become that tbh
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[–]opensandshutsPlatinum | QC: CC 115 | PersonalFinance 86 2 points3
points4 points 1 day ago (0 children)
SAFU is a little to close to Snafu for me when it comes to freezing funds
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[–]darwinlovestreesMay your gains be sick and your Lambo be soon 0
points1 point2 points 10 hours ago (0 children)
SafePal to the moon! 🚀🚀🚀
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[–]forceworksTin 9 points10 points11 points 1 day ago (1 child)
Trust and PayPal are not words that go together
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[–]deathbyfish13Free Range Moon Farmer 2 points3 points4 points 1 day
ago (0 children)
They're basically an oxymoron
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[–]zenhodl 4 points5 points6 points 1 day ago (0 children)
I want adoption but I'd rather stay in the foster home over going with PayPal
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[–]ASingleGuitarString 1 point2 points3 points 1 day ago (0 children)
There is no other way that crypto can be mass adopted. Even now a lot
of crypto is centralized.
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[–]Pr0MeisterTin 0 points1 point2 points 1 day ago (0 children)
It was always going to be like that. Widespread adoption means large,
established entities offering crypto services, and they are unlikely
to offer fully decentralized options.
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[–]opensandshutsPlatinum | QC: CC 115 | PersonalFinance 86 0 points1
point2 points 1 day ago (0 children)
PayPal: "pull over, that ass is too fiat"
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[–]Slippytoe[🍰] 0 points1 point2 points 1 day ago (0 children)
It makes it easier for entry to the game I suppose. I suspect most
will educate themselves and move on to a more decentralised holding
shortly after.
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[–]dirpydipBronze 0 points1 point2 points 19 hours ago (0 children)
I rather the slow and steady adoption without all of these centralized
corrupt approaches
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[–]paulosdubSilver | QC: CC 127, BTC 52, CM 36 | ADA 35 | TraderSubs
36 0 points1 point2 points 18 hours ago (0 children)
100% this. I can’t think of any possible reason i’d want to leave my
money on a crypto controlled by paypal. Staking rewards maybe? Who
knows. Would need to be massive benefits though
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[–]ArcosimSilver | QC: CC 51 | VET 22 | Technology 39 0 points1 point2
points 15 hours ago (0 children)
PayPal also freezes your account "just in case" many times, and then
you have to spend an entire week talking with their support to get
your assets unfrozen. If you experienced that with PayPal in the past
you'll understand why I'm not planning to use anything controlled.
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[–]Berodur 36 points37 points38 points 1 day ago (4 children)
I think stable coins shouldn't really be thought of as crypto in the
typical sense in terms of decentralization. They are basically just
fiat dollars but with the ability to interact with block chains more
easily.
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[–]WubbywubPlatinum | QC: CC 96 | ADA 7 -5 points-4 points-3 points 1
day ago* (1 child)
but that is the very definition of crypto
edit: seems like people dont understand the nuance
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[–]AlphaDolby 0 points1 point2 points 18 hours ago (0 children)
Nuts you got so many downvotes. What do they think they are doing?
They are not even transacting crypto with value. They are transacting
at best with fiat which used to be transacted with value before the
closing of the gold window. So funny, man, so funny.
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[–]BuydipstothemoonPlatinum | QC: CC 32 | ADA 18 0 points1 point2
points 1 day ago (0 children)
Agree. In some countries it's good for tax evasion. That's all.
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[–]Stiltzkinn 0 points1 point2 points 13 hours ago (0 children)
Stablecoins should not be used to hodl.
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[–]robbie5643Platinum | QC: CC 77 41 points42 points43 points 1 day
ago (12 children)
Everyone hates things like this till someone scams/honey pots them,
then it’s “what do you mean you can’t recover my coins!!”.
Stablecoins are for quick transactions anyways, you can get rid of
most of the risk here by just not holding them lol.
Edit: Not that this isn’t a good call out, just something that isn’t
inherently bad.
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[–]Avoidlol 5 points6 points7 points 1 day ago (6 children)
Sure, but what's the point of this stablecoin then? Just seems like
another asset they have even more power over.
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[–]DrakoolyaBronze | QC: CC 16 | SysAdmin 31 9 points10 points11
points 1 day ago (0 children)
The primary purpose of the stablecoin is to provide a 1:1 to a
currency of your choice. You are dreaming if you think any legitimate
regulated organization will ever offer a truly decentralized offering.
It's like asking facebook to be censorship free.
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[–]SpeedoCheetoTin | Superstonk 120 0 points1 point2 points 1 day ago
(0 children)
IDK how the same policies applying to their stable as fiat is a power move
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[–]wayfarer8888Tin 0 points1 point2 points 18 hours ago (2 children)
It's bankruptcy protected, with pyUSD you are holding an asset that is
yours because of regulation. USDC and USDT are only IOUs, when SHTF
you line up as a creditor.
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[–]Avoidlol 0 points1 point2 points 18 hours ago (1 child)
that is yours because of regulation.
I'm sorry, but isn't that the kind of words that helped cause the mess
which crypto aims to fix?
You'd still need to trust a single entity, it's not about laws and
regulation, as we've seen time and time again, those who make the
laws; do not follow them.
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[–]wayfarer8888Tin -1 points0 points1 point 17 hours ago (0 children)
Short answer: No.
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[–]Crunchious1 1 point2 points3 points 1 day ago (0 children)
You mean people only like things when it benefits them? Shocker!
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[–]Kindly-Wolf6919 0 points1 point2 points 1 day ago (0 children)
Once you're not a bad actor then this shouldn't be particularly
concerning. Still, no one would want to know their money can be taken
away in a heartbeat.
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[–]zenhodl -1 points0 points1 point 1 day ago (1 child)
What if PayPal or a government agency they no doubt feed data to
decides that something you said couldn't be tolerated and they imposed
a fine, but didn't tell you, only for you to find out about it when
you deposit some money to make a "quick transaction" and a withdrawal
is triggered?
PayPal already toyed with the idea of taking people's money out of
their accounts if they had controversial opinions only to walk it back
after public outrage
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[–]robbie5643Platinum | QC: CC 77 3 points4 points5 points 1 day ago
(0 children)
I mean they did walk it back after public outrage, so that’s a good
thing. They already tried that and failed miserably. The crypto market
would be even more outraged about that, and they would immediately
start a massive run on their stablecoin. I highly doubt it would
survive even the first documented case of that, it would be crypto
suicide.
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[–]NotReallyYouPunk 0 points1 point2 points 23 hours ago (0 children)
True true. Crypto can't be reversed. Crypto bad bad bad.
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[–]uniquecuriousmeTin 2 points3 points4 points 1 day ago (2 children)
Paypal is no one's friend. No, just no!
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[–]ThorKruger117 2 points3 points4 points 1 day ago (1 child)
What’s bad about PayPal?
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[–]uniquecuriousmeTin 1 point2 points3 points 1 day ago (0 children)
I've watched Paypal destroy merchants, hold their funds without good
reason for months, cancel good orders with no intervention from the
merchant, and there is no direct actionable support. Paypal is not
FDIC insured but that is moot as we are talking about crypto. I and
many others do not trust them, They have proven to be heavy handed,
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[–]MbuguBronze 2 points3 points4 points 1 day ago (0 children)
Seems to me a necessary evil.
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[–]wee_dLow Crypto Activity | 6 months old 2 points3 points4 points 1
day ago (0 children)
Make 1984 fiction again.
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[–]PessoaHeteronimoTin 2 points3 points4 points 1 day ago (0 children)
A preview of what CBDC Will be
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[–]hellosamaira 2 points3 points4 points 1 day ago (0 children)
I will never trust PayPal.
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[–]eetaylogPlatinum | QC: CC 748 | VET 7 2 points3 points4 points 23
hours ago (0 children)
Fuck Paypal.
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[–]BrocoliAssassin 2 points3 points4 points 14 hours ago (0 children)
This was to be expected with Paypal.
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[–]tambaybtc 5 points6 points7 points 1 day ago (3 children)
PayPal has created a CBDC stable where that can exactly do what
Countries are planning to do with CBDC 🤨
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[–]lorenzomofoTin | CC critic 0 points1 point2 points 1 day ago (0 children)
Still waiting to see if PayPal charges money to do transfers using
their stablecoin.
I’m pretty sure real CBDCs owned by countries won’t charge to do
transfers otherwise they would be dead on arrival.
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[–]TheNewl0gicTin 0 points1 point2 points 19 hours ago (0 children)
CBDCs
If countries force the use of theirs CBDC that will fuck crypto and
things like Paypal is doing, right ?
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[–]-raiwist 4 points5 points6 points 1 day ago (2 children)
they want to be involved with cryptocurrency but want to strip it of
its main selling points, genius
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[–]InsaneMcFriesPlatinum | QC: CC 256 0 points1 point2 points 1 day
ago (0 children)
The makings of a Centralised Institutional Digital Currency, an awful
love child of the CBDC
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[–]ThrowawayHoper 0 points1 point2 points 1 day ago (0 children)
Sounds like late stage capitalism tbh
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[–]zoomercoomer9000 5 points6 points7 points 1 day ago* (0 children)
Yeah, I'm going to assume NYDFS requires stablecoins to have a freeze
function for standard AML compliance, as part of their BitLicense
program. I doubt an American company like Paypal would be permitted to
issue the stablecoin otherwise.
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[–]Popular_District9072Tin | CRO 9 1 point2 points3 points 1 day ago (1 child)
I remember reading mixed feedback about crypto purchases through
PayPal - in mass people weren't too happy, so I'm going to pass, but
will keep an eye on its development
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[–]AdZealousideal3461 0 points1 point2 points 15 hours ago (0 children)
Ideally, mee too just spectating it and waiting for riggt maturity!
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[–]GrimeWizardPlatinum | QC: CC 193 1 point2 points3 points 1 day ago (1 child)
This is what adoption by centralized authorities will always look
like. Nobody should expect any different
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[–]AdZealousideal3461 0 points1 point2 points 15 hours ago (0 children)
Exactly! Thats what name even implies isnt it!
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[–]RuneW007Tin 1 point2 points3 points 1 day ago (1 child)
Didn’t PayPal already do this with normal funds, I don’t trust them
and I won’t use them.
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[–]AdZealousideal3461 0 points1 point2 points 15 hours ago (0 children)
They are perfect regular bankers! Less suitable for Crypto!
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[–]zippy1979 1 point2 points3 points 1 day ago (1 child)
Just like regular Paypal then
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[–]AdZealousideal3461 0 points1 point2 points 15 hours ago (0 children)
Yeap no difference and not suitable to crypto world!
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[–]Jester-Black-9999 1 point2 points3 points 1 day ago (0 children)
This company can do all of these things with every paypal account now,
with USD. What is the point in even owning a stable coin, especially
tied to a company with a horrendous track record of managing customer
funds.
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[–]LilDandyy 1 point2 points3 points 1 day ago (0 children)
And GL reaching Paypal costumer service if they freeze your account...
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[–]silveycorp 1 point2 points3 points 1 day ago* (0 children)
PayPal was at the forefront of the trucker bank freeze in Canada. And
then they added the user agreement portion about cancelling your
account based on your social actions.
Would you expect them not to do this with a stable? I love crypto, I
believe in it as a tool of freedom, but unfortunately stables only
leave us “tethered” and chained to the old financial system we want to
escape. I’m no Bitcoin maxi but it seems clear it’s the only currency
real freedom can be achieved with. The “alt coins” are the replacement
for banks and BTC is the currency that makes it happen.
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[–]SirArthurPTPlatinum 1 point2 points3 points 1 day ago (0 children)
A company that can freeze your account based upon your personal
opinions, what can go wrong?
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[–]tyedyegregTin 1 point2 points3 points 1 day ago (0 children)
How could you have not seen that coming? This is just the blueprint
for for the US CDBC, which will do the same and way more damaging
things to privacy.
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[–]RunsOnJava98 1 point2 points3 points 1 day ago (0 children)
Damn stablecoins are a lot more sus than I realized. I haven’t used
them yet, but I better read up on them a bit more.
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[–]yondercodePlatinum | QC: CC 16 | Buttcoin 8 | Economics 19 1 point2
points3 points 1 day ago (1 child)
Fuck this dumb ass fear around PayPal USD
Literally USDC and USDT can do the same and you will be glad that the
function fucking exists when a protocol get exploited or you got
scammed lmaooo
Unless you're not a criminal literally what's your fear? Even if you
are just quickly swap to ETH and clean your ass in Tornado or
something
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[–]Sideboard81Platinum | QC: CC 76 1 point2 points3 points 1 day ago (1 child)
I stopped using PayPal a long time ago, and will never go back.
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[–]AdZealousideal3461 0 points1 point2 points 15 hours ago (0 children)
I use for regular txns but big no for Crypto Bro.
Their support is real sucker and dont give shit to genuine customers.
So i would expect more ahit to Crypto from them
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[–]partymslPlatinum | QC: CC 702 | r/WSB 16 1 point2 points3 points 1
day ago (0 children)
This is to the surprise of ABSOLUTELY no one.
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[–]Background-Ad-2102Tin 2 points3 points4 points 1 day ago (2 children)
Paypal has done a lot of shady stuff as a company, so this does not
surprise me. I’ll stick with BTC and hodl.
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[–]bananafannaphofannaTin 0 points1 point2 points 1 day ago (0 children)
Me too
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[–]twholstPlatinum | QC: CC 58 1 point2 points3 points 1 day ago (0 children)
I will never trust this company to do anything truly beneficial to end
users in this space. Everything will be way too centralized for that
to ever happen.
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[–]defiCosmos 1 point2 points3 points 1 day ago (1 child)
They can already do all that without a stablecoin. I've got money
frozen on PayPal from 2009 that I will never get back. They just took
it, have not used them since.
PayPal sucks anyway.
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[–]Shiratori-3 1 point2 points3 points 1 day ago (0 children)
I personally went a bit sour on Paypal after they pulled the WikiLeaks stuff
https://www.wired.com/2010/12/paypal-wikileaks/
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[–]Renanr_c 1 point2 points3 points 1 day ago (0 children)
They are not a decentralised entity, so i would believe they need the
control over all this.. so its kind of expected.
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[–]Probably_notabotTin | CC critic 1 point2 points3 points 1 day ago (1 child)
Damn, they really went for full control on their first roll out huh?
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[–]AdZealousideal3461 1 point2 points3 points 15 hours ago (0 children)
Exactly! Daamn scary cex!
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[–]JonartiTin 1 point2 points3 points 1 day ago (0 children)
My stable coin is BTC and ETH
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[–]QptimisedTin 1 point2 points3 points 1 day ago (2 children)
For something as centralized as this stablecoin, it's weird that they
have their whole source code openly available. Or is this normal?
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[–]samer109 2 points3 points4 points 1 day ago (0 children)
A CBDC was recently released by a country's bank (forgot which one
maybe brasil?) and we could also see their source code..
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[–]leaflavaplanetmossBronze | Technology 12 2 points3 points4 points 1
day ago* (0 children)
PYUSD is a Solidity contract on Ethereum. Once the smart contract is
published on the blockchain, the contract's bytecode (which is what is
generated when you compile the original Solidity source and publish it
to the blockchain) is publicly available because its the bytecode is
what the Ethereum Virtual Machine runs when the contract's functions
are called by a transaction. In many cases, the source can be
decompiled back into a close approximation of the original Solidity
source code, e.g. https://etherscan.io/bytecode-decompiler.
Most projects will make their actual contract source code public on
Github and / or on block explorers however, which is what PayPal did.
You can tell because the source code for the contract address is not
only available on Etherscan but it's also verified, which means that
PayPal uploaded the source to Etherscan and the source code, when
compiled, matches the compiled bytecode for that address on the
blockchain: https://etherscan.io/address/0xe17b8adf8e46b15f3f9ab4bb9e3b6e31db09126e#code
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[–]WeaselJCDTin | Superstonk 25 1 point2 points3 points 1 day ago (1 child)
These guys (the system) wil get crypto adopted and then pull this
bullshit and people will say, "f*ck, I should have gone with BTC or
<insert next best altcoin> instead"
and this is how we get mass adoption
mark my words!
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[–]Most_Being_4002 0 points1 point2 points 1 day ago (0 children)
I believe you,also i think CBDC can help to mass adoption,too.its
little paradox,but possible.
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[–]ToshiSat 1 point2 points3 points 1 day ago (1 child)
I knew PayPal would try to fuck people over, it was obvious
Their stock is going down since the last years, I hope they burn tbh
We need to make them irrelevant, crypto has the power to do that. Real crypto
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[–]GeolinearI wished for this 0 points1 point2 points 1 day ago (0 children)
Don’t forget about eBay getting propped up here too. You’re right this
is just a coupon with fine print.
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[–]NuewimPlatinum | QC: CC 613, ETH 31 | TraderSubs 31 0 points1
point2 points 1 day ago (8 children)
Paypal executives read 1984 and they were like: "What a great idea if
we make stablecoin based on this book".
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[–]genjitenjiSilver | QC: CC 320 | NANO 91 0 points1 point2 points 1
day ago (2 children)
Shout out to Big Brother (please don’t disappear me)
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[–]ShadowKnight324 0 points1 point2 points 1 day ago (1 child)
Don't worry, you will be found after commiting suicide with 2 bullets
in the back of the head
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[–]deathbyfish13Free Range Moon Farmer 0 points1 point2 points 1 day
ago (0 children)
So tragic he had time to fire two shots at himself from behind
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[–]partymslPlatinum | QC: CC 702 | r/WSB 16 -1 points0 points1 point 1
day ago (1 child)
And Sam Altman (WLD founder) recommended them that book.
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[–]zenhodl 0 points1 point2 points 1 day ago (0 children)
Recommended? He wrote the forward..
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[–]GeolinearI wished for this 0 points1 point2 points 1 day ago (0 children)
It won’t be the last
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[–]The_Chorizo_BanditSilver | QC: CC 846, XRP 41 | TRX 28 0 points1
point2 points 1 day ago (0 children)
PayPal execs were like “How can we take our shitty, thieving platform
and make it work for crypto?”
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[–]thijsfcSilver | QC: CC 295 | NANO 35 0 points1 point2 points 1 day
ago (1 child)
This is the main reason that decentralisation is so important in the
crypto sphere.
Don’t want entities to control your funds.
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[–]Probably_notabotTin | CC critic 0 points1 point2 points 1 day ago
(0 children)
Use exchanges to exchange, then gtfo
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[–]NewOCLibraryReddit 0 points1 point2 points 1 day ago (1 child)
fake.. not paypal
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[–]ripple_mcgeePlatinum | QC: CC 44 | CRO 19 | ExchSubs 19 0 points1
point2 points 1 day ago (0 children)
This. The link OP posted is clearly to a fake PYUSD scam. What blows
my mind is how many people didn't know/bother to check.
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[–]StonedRexPlatinum | QC: CC 181 0 points1 point2 points 1 day ago (0 children)
In one hand I like it because it will make it a lot more difficult for
scammers, in other I'm worried that they have this much control over
our assets.
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[–]Roberto9410Platinum | QC: CC 831 0 points1 point2 points 1 day ago
(0 children)
PayPal hasn’t exactly been a champion of financial self sovereignty in
the past - they didn’t allow people to withdraw the crypto they bought
through them after all
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[–]DaemonTargaryen34 0 points1 point2 points 1 day ago (1 child)
Lmao centralization at its peak
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[–]AdZealousideal3461 0 points1 point2 points 15 hours ago (0 children)
Exactly! On one hand Cex are important for huge LP and other hand it
has so much power to jeopardize whole dex concept!
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[–]ACE415_Tin 0 points1 point2 points 1 day ago (2 children)
Hopefully nobody falls for this bs
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[–]ThrowawayHoper 0 points1 point2 points 1 day ago (0 children)
Oh you know they will man, it’s the circle of life at this point unfortunately
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[–]stephenph 0 points1 point2 points 1 day ago (0 children)
It is all in the marketing.... they will make it all nice and pretty
on the outside till they hook you into the ecosystem... Then BAM!!!
slam the door shut (and you haven't even pulled your fingers out
yet....)
Most people think it can never happen to them, that their ideas and
speech aren't THAT non mainstream. You hear it all the time on the
paypall forums.... "My non profit has a balance of 50K but not PayPal
is holding all my funds and accusing me of something (they wont even
tell me what)...."
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[–]The-Francois8Silver|QC:CC928,BTC178,ETH39|CelsiusNet.50|ExchSubs42
0 points1 point2 points 1 day ago (0 children)
The more you learn, the more you start to become a bitcoin maxi.
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[–]fiscallyCompete 0 points1 point2 points 22 hours ago (0 children)
PayPal is now becoming beast.
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[–]Antartica_To_GNZ11 -1 points0 points1 point 1 day ago* (0 children)
"... Paypal's new stablecoin has the ability to pause all transfers,
freeze addresses to prevent actions and also burn the tokens in the
frozen addresses."
- Great. Gonna use this with eBay straight away.
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[–]Antartica_To_GNZ11 -1 points0 points1 point 1 day ago (0 children)
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[–]FootballBat69Platinum | QC: CC 207 -1 points0 points1 point 1 day
ago (0 children)
A little bit of robinhood vibes.
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[–]UpperVoltTin -1 points0 points1 point 22 hours ago (0 children)
Just as USDT and USDC. I dont see why the fuzz..
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[–]wylie2020Platinum | QC: DOGE 27 -1 points0 points1 point 22 hours
ago (0 children)
Y'all trying to turn a positive for crypto into a negitive by
emphasizing what all stable coins have the ability to do. SMH
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[–]SecondLovattTin -1 points0 points1 point 22 hours ago (0 children)
To be honest, as much as I hate PayPal, I'd rather stablecoins be
heavily regulated and have a semblance of control. They are to be used
as an adoption / way to get into the crypto space with ease. I have
never understood why anyone would keep any of these stablecoins
outside of them having a good APR.
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[–]bvandepolBanned 0 points1 point2 points 1 day ago (1 child)
1 🚩, 2 🚩 and that makes 3 🚩
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[–]Probably_notabotTin | CC critic 0 points1 point2 points 1 day ago
(0 children)
Damn. This comment looks a lot like my ex.
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[–]ClownishOyster 0 points1 point2 points 1 day ago (1 child)
This happens so often with these web2 companies creating tokens, they
need to have their control and have no regard for anything else. Good
catch and i'm sure news will spread fast to stay away
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[–]GeolinearI wished for this 0 points1 point2 points 1 day ago (0 children)
Wtf. They left clawback and freeze on?
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[–]risingcrow1o1 0 points1 point2 points 1 day ago (0 children)
Elon: “I don’t have any plans of making any crypto”
PayPal: “Hold my beer”
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[–]feline99 0 points1 point2 points 1 day ago (0 children)
Stuff like this will just keep creating more and more BTC maxis. Isn’t
one of the main points of cryptocurrencies decentralization/no central
authority?
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[–]The_Chorizo_BanditSilver | QC: CC 846, XRP 41 | TRX 28 0 points1
point2 points 1 day ago (0 children)
So… you’re saying I should invest? /s
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[–]RCALovah 0 points1 point2 points 1 day ago (0 children)
Just looking at the code. With all the freeze, burn or wipe on there.
I don't even need to understand it all, I'm not putting my money on it anymore
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[–]OriginalIllustrator5 0 points1 point2 points 1 day ago (0 children)
Sounds great and like nothing bad will happen
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[–]Final-Ad-6694Tin 0 points1 point2 points 1 day ago (0 children)
if it'll make you money, this sub wont care
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[–]sam2142Low Crypto Activity 0 points1 point2 points 1 day ago (0 children)
CBDC is in the corner taking notes.
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[–]LiveDirtyEatCleanTin | QC: BTC 20 | CC critic 0 points1 point2
points 1 day ago (0 children)
So its just paypal
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[–]Home_ImprovmentTin 0 points1 point2 points 1 day ago (0 children)
Is this good or bad?
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[–]FattestLion 0 points1 point2 points 1 day ago (0 children)
A preview of CBDCs lol
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[–]JeffreyDollarzTin 0 points1 point2 points 1 day ago (0 children)
So it's basically a CBDC pilot...
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[–]BearishVsBullish 0 points1 point2 points 1 day ago (0 children)
Seems just like another coin to stay away from then
I understand the value that stables play in the whole ecosystem but
man oh man, do I dread those things
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[–]Fourplyer80Tin 0 points1 point2 points 1 day ago (0 children)
Sounds about right!
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[–]OtherwiseTrya 0 points1 point2 points 1 day ago (0 children)
I wouldn't expect anything different from them. or any other large
companies. This is the norm now.
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[–]OutTopTin | 3 months old 0 points1 point2 points 1 day ago (0 children)
So does all other stable coins
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[–]elysiansaurusPlatinum | QC: CC 20 | CAKE 6 | r/WSB 286 0 points1
point2 points 1 day ago (0 children)
While this is shitty, like stated below USDC and USDT can do the same things.
It's not like Paypal is extra shitty, it's basically par for the
course for stablecoins.
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[–]DankOceanTin 0 points1 point2 points 1 day ago (0 children)
It’s more or less a CBDC just like USDC or USDT
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[–]mashiro1496Platinum | QC: CC 74 0 points1 point2 points 1 day ago
(0 children)
Well isn't that bad?
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[–]Citizen_KanoBronze | QC: CC 16 | r/WSB 22 0 points1 point2 points 1
day ago (0 children)
I'd trust SBF over PayPal. Pure scum
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[–]ibrawTin 0 points1 point2 points 1 day ago (0 children)
I wouldn't trust PayPal to hold fiat, let alone crypto.
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[–]Alarming_Associate47Tin 0 points1 point2 points 1 day ago (0 children)
I feel like this has the potential to be a huge step for adoption.
This basically means that any store that accepts PayPal payments now
also (indirectly) accepts Bitcoin, Ethereum and Litecoin payments.
Sure it comes at the cost of centralization but it‘d be the smoothest
way of finally spending my crypto on something.
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[–]fanriverDesire of one's dreams 0 points1 point2 points 1 day ago (0 children)
This Stablecoin Will Lower Adoption
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[–]Beandog095Tin | PennyStocks 16 0 points1 point2 points 1 day ago (0 children)
tbh their stable coin is probably backed as well.
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[–]rulesforrebels 0 points1 point2 points 1 day ago (0 children)
Of course it can its paypal. Better not wrong-headed or they'll tske
$2500 from you in crypto
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[–]Sir_Lagz_AlotPlatinum | QC: Coinbase 35 | CelsiusNet. 10 | ExchSubs
46 0 points1 point2 points 1 day ago (0 children)
You guys know the other top stablecoins do the exact same thing right?
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[–]dopef123Silver | QC: SOL 139, CC 109, ETH 61 | CAKE 41 | TraderSubs
56 0 points1 point2 points 1 day ago (0 children)
Honestly I think it’s a good thing to have options. If some
stablecoins can be clawed back in fraud that’s good.
Also having untouchable decentralized stablecoins is good.
I don’t think we need every token to be decentralized
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[–]nonameattachedforme 0 points1 point2 points 1 day ago (0 children)
Pretty much as expected, harvesting big data is the sad future of crypto.
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[–]SuprBestFriendsPlatinum | QC: CC 26 0 points1 point2 points 1 day
ago (0 children)
This is why most people should stay away from stables. Use dia if you
can but I understand it’s not feasible for everyone.
If your new stay away from stables. If your on chain use on chain
assets eg. ether. It’s the best way to hodl funds on chain.
Real world assets need a lot of work till they become stable and viable.
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[–]IcyLingonberry5007Bronze | QC: ALGO 20 0 points1 point2 points 1
day ago (0 children)
Freesze enabled.. Me no like that.
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[–]RealCFourTin | CRO 8 0 points1 point2 points 1 day ago (0 children)
PayPal being a house hold name well probably get my mom talking about
crypto again
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[–]0x1a3c3e7Platinum | QC: BTC 28 0 points1 point2 points 1 day ago (0 children)
What's the sales pitch? lol
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[–]lordchickenburgerMoon and bitcoin are me love 0 points1 point2
points 1 day ago (0 children)
yeah we see where this is going. any coin controlled by any
centralized party should be avoided at all costs
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[–]BigTex254Platinum | QC: CC 74 | CRO 6 0 points1 point2 points 1 day
ago (0 children)
I honestly didn’t even know people still used PayPal?
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[–]OnelinersandbluesPlatinum | QC: ETH 120 | TraderSubs 120 0 points1
point2 points 1 day ago (0 children)
Good publicity but we know better
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[–]FolsgaardSETin | Politics 17 0 points1 point2 points 1 day ago* (0 children)
Wait what does this have to do with Ethereum? IS this an actual coin
with a coin demon and wallet or just some shitty token, someone made 1
million of to trade like a NFT and call it "a coin".
Tokens are not coins, really wish this concept never polluted the
ecosystem and various blockchains.
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[–]Rick-CV2Tin 0 points1 point2 points 1 day ago (0 children)
PayPal are literally the last company you want to be able to delete
our money lmao
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[–]satoshi_oscar_wilde 0 points1 point2 points 1 day ago (0 children)
Interesting name... PISSD you say? Oh PYUSD...
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[–]Maleficent_Sound_919Tin 0 points1 point2 points 1 day ago (0 children)
So PayPal is also on the CBDC agenda, this is why Bitcoin is important!
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[–]elpikachar 0 points1 point2 points 1 day ago (0 children)
Just another clone… seen a meme about adding headaches on bird app too
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[–]Tribalboi69Bronze 0 points1 point2 points 1 day ago (0 children)
This stablecoin is backed by paxos btw.
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[–]GabeDefBronze | Politics 41 0 points1 point2 points 1 day ago (0 children)
So we’re okay with centralized, again?
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[–]-0-O-Silver | QC: CC 42, BTC 25, ETH 25 | ADA 28 | Politics 39 0
points1 point2 points 1 day ago (0 children)
Compiler Version v0.4.24
lmao wtf
And SupplyController address isn't even a contract- it's just a regular wallet.
That means ONE DEVICE controlled by ONE PERSON can mint or burn as
many PYUSD as they want.
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[–]ObsidianramBeware the JubJub & the Jaberwock 0 points1 point2
points 1 day ago (0 children)
Sounds like a European version of a stable coin - like what they did
with smart contracts and demanding they be "reversible" - which is
asinine and defeats the whole purpose of a safe, secure transaction...
I'm sure there are bigger plans for this thing - they just want to get
this accepted first before they add more "features" onto it...they
won't show their whole hand at once...
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[–]ohjeezhiTin 0 points1 point2 points 1 day ago (0 children)
Duh. They are a company under United States law
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[–]x_lincoln_x4 score and 7 coins ago... 0 points1 point2 points 1 day
ago (0 children)
Grab 'em by the PYUSD!
/sorry
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[–]Redditlovinglover 0 points1 point2 points 1 day ago (0 children)
Nothing new OP. USDT and USDC can perform same function too.
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[–]SpeedoCheetoTin | Superstonk 120 0 points1 point2 points 1 day ago
(0 children)
Wouldn't the most reasonable presumption be that this is so they can
protect you from fraud/scams/whatever and keep in line with their
current policies on fiat transations?
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[–]evilisticsSilver | QC: CC 38, ATOM 23 | r/CMS 13 | TraderSubs 10 0
points1 point2 points 1 day ago (3 children)
lets not pretend anyone is surprised here.
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[–]xMagoxBronze | QC: CC 21 0 points1 point2 points 1 day ago (2 children)
specially since they can do the same with your FIAT
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[–]evilisticsSilver | QC: CC 38, ATOM 23 | r/CMS 13 | TraderSubs 10 0
points1 point2 points 1 day ago (1 child)
Yeah. This is why money doesn't stay in my PayPal account for long.
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[–]xMagoxBronze | QC: CC 21 0 points1 point2 points 1 day ago (0 children)
For good or worse, I can't even leave it there if I want it (to avoid
fees), in my country they are obligated to send it to your bank
account at the end of the day (charging me a fee in the process)
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[–]omghag18 0 points1 point2 points 1 day ago (0 children)
Now that's kind of a dk move
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[–]raconteur7Tin 0 points1 point2 points 1 day ago (0 children)
Who the eff would sign up for Dictator Coin like this? Bunch of little
dictators controlling your life
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[–]SeatedDruidHe who slings the shit ;) 0 points1 point2 points 1 day
ago (0 children)
ah a stablecoin except from Paypal
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[–]Real-Technician831Tin | 5 months old 0 points1 point2 points 1 day
ago (0 children)
Ehh, I think I will prefer SWIFT transfers for fiat things.
Other stables can do the same, but PayPal has well known history on
customer abuse.
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[–]BN_BoiPlatinum | QC: CC 101 | NEO 10 0 points1 point2 points 1 day
ago (0 children)
Nice, how to make no one use it.
Who even use paypal nowadays, after all the bad things and scams you
find about it...
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[–]lotofpic 0 points1 point2 points 1 day ago (0 children)
All stable coins have the same functions.
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[–]Dramatic_Patience_41Tin 0 points1 point2 points 1 day ago (0 children)
is more stablecoin better?
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[–]Mariahausfrau 0 points1 point2 points 1 day ago (1 child)
That sounds like north korean currency.Step by step to NWO.
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[–]mildmanneredhatterTin 0 points1 point2 points 22 hours ago (0 children)
What's so bad about a nwo? Peace and prosperity enforced by shadowy
figures rather than constant war and famine?
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[–]lucashcy_97Tin 0 points1 point2 points 1 day ago (0 children)
Is other exchange going to list this coin ?
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[–]DeeDot11In it for the tech.. 0 points1 point2 points 1 day ago (0 children)
Centralised shite again then. Built on ethereum L2 which is wild tho,
the amount of money they control vis their users.
Ethereum is becoming the money layer of the Internet
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[–]Sixtricks90Tin 0 points1 point2 points 1 day ago (0 children)
The roof, the roof, the roof is on fire
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[–]jadequarter 0 points1 point2 points 1 day ago (0 children)
just another tether
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[–]Slippytoe[🍰] 0 points1 point2 points 1 day ago (0 children)
I mean on one hand, it’s great exposure for Crypto. On the other hand,
might as well use a bank if PayPal have this sort of jurisdiction.
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[–]PsLJdoggSilver | QC: Coinbase 53, CC 32 | CRO 13 | ExchSubs 66 0
points1 point2 points 1 day ago (0 children)
Virtually every stablecoin has these functions, this is not unique
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[–]simplicity92Bronze 0 points1 point2 points 1 day ago (0 children)
Im pretty sure they do it to stop hackers or exploiters. But its a good backdoor
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[–]Apprehensive_Baker80Platinum | QC: CC 27 | SHIB 8 0 points1 point2
points 1 day ago (0 children)
Don’t see anything wrong there. Bear in mind that a centralized
currency needs to have this freezing mechanisms. If you don’t like it
just use decentralized alternatives
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[–]throwaway1177171728Platinum | QC: CC 37 | CelsiusNet. 6 | r/WSB 14
0 points1 point2 points 1 day ago (0 children)
So does every stablecoin. You can't have a stablecoin without a
central authority.
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[–]idigholes 0 points1 point2 points 1 day ago (0 children)
Sounds more like PayEnemy to me
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[–]Impossible_Soup_1932Platinum | QC: CC 286 | ADA 8 0 points1 point2
points 1 day ago (0 children)
Companies can never release a stablecoin that can't be censored.
Governments wouldn't allow it, if these stables can be used by
terrorists, blackmailers etc.
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[–]wytherlanejazzProbability Mage 0 points1 point2 points 1 day ago (0 children)
Centralisation in action
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[–]83nnoBronze 0 points1 point2 points 1 day ago (0 children)
De-Decentralised
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[–]slasula 0 points1 point2 points 1 day ago (0 children)
2spooky4me
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[–]NoNumbersNumberTin | 1 month old 0 points1 point2 points 1 day ago
(0 children)
PayPal's CBDC 🫠
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[–]customtoggleSilver | QC: BTC 584, CC 159, DOGE 52 | r/SSB 16 |
Economy 14 0 points1 point2 points 1 day ago (0 children)
Saylor's an idiot
>inb4: he graduated from x university and he's a billionaire how many times have you graduated and how many billions do you have
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[–]p3ekSilver | QC: CC 142, ALGO 36 | VET 15 | PCgaming 161 0 points1
point2 points 23 hours ago (0 children)
The idea of decentralization was what started crypto , but it's really
not about that anymore. Crypto is just another tool that purely
depends on who is using it
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[–]Relevant-Brain-733 0 points1 point2 points 23 hours ago (0 children)
Just another bank then!
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[–]token-eaterPlatinum | QC: CC 30 | NANO 8 | r/WSB 13 0 points1
point2 points 23 hours ago (0 children)
I only keep DAI.
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[–]KevinBannaTin 0 points1 point2 points 23 hours ago (0 children)
with these function. hackers were not able to damage the crypto world
so hard during the past years.
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[–]Trylks 0 points1 point2 points 23 hours ago (0 children)
It's like testing a CBDC in Ethereum.
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[–]BradVetSilver | QC: CC 487 | VET 71 0 points1 point2 points 23
hours ago (0 children)
Sounds about right, does anyone really think corporations or gov are
going to create a decentralised blockchain project, never. I dont
trust a single one
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[–]leechergod 0 points1 point2 points 23 hours ago (0 children)
Dai and USDD stabelcoins do not have freeze options. But USDD is
controlled by JUstin Sun. I prefer Justin Sun over Paypall
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[–]shenanigans_101 0 points1 point2 points 23 hours ago (0 children)
Well should we have expected any different? It is the norms around
this big company stablecoins
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[–]zeyar_lynxPermabanned 0 points1 point2 points 22 hours ago (0 children)
Another CBDC ? no thanks.
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[–]SYD-LIS 0 points1 point2 points 22 hours ago (0 children)
PayPals Customer Support suxs dick
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[–]Krupda42Tin | 4 months old 0 points1 point2 points 22 hours ago (0 children)
This isn't even the most significant part
If you want to use PYUSD, you have to complete KYC
This is what's coming for all stablecoins (if the provision in the
military spending bill is kept)
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[–]DB_aBronze | QC: ALGO 21 0 points1 point2 points 22 hours ago (1 child)
Another shitcoin has been born. And people will praise and use this,
but will find anything on the coin they hate
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[–]Oheson 0 points1 point2 points 19 hours ago (0 children)
A USD backed stable coin from a US regulated entity who has 450
million users is not a "shitcoin".
It is called adoption.
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[–]nossrednaretepTin 0 points1 point2 points 22 hours ago (0 children)
Is this good or bad?
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[–]brobbio 0 points1 point2 points 21 hours ago (0 children)
Nice. Way to go crypto!
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[–]BasedxgodxTin 0 points1 point2 points 21 hours ago (0 children)
Still kind of cool though.
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[–]mintytoTin 0 points1 point2 points 21 hours ago (0 children)
At least it has transparency now.
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[–]TehAlex94Tin 0 points1 point2 points 21 hours ago (0 children)
Why would anyone trust PayPal when before a couple months they could
fine you if they didn’t agree with your opinion online ?
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[–]LewmiWARNING: 5 - 6 years account age. 34 - 75 comment karma. 0
points1 point2 points 21 hours ago (1 child)
Don’t know why anyone would buy into this, exact opposite of the main
reasons behind crypto
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[–]Oheson 0 points1 point2 points 19 hours ago (0 children)
Right. The main reason behind crypto is to be scammed, rug pulled, and
lose your money when a scammer goes bankrupt and escapes to Dubai.
Ah the good old days...
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[–]billw1zz3 - 4 years account age. 100 - 200 comment karma. 0 points1
point2 points 20 hours ago (0 children)
I think most stable coins hold this ability, it’s the centralised part
of decentralisation. Companies find it hard to let go of control. Be
good if a stable coin came along that was decentralised,
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[–]LewmiWARNING: 5 - 6 years account age. 34 - 75 comment karma. 0
points1 point2 points 20 hours ago (0 children)
PayPal has a history littered with seizing user funds. It’s was a huge
issue with ebayers et
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[–]JojorentPlatinum | QC: CC 31 0 points1 point2 points 20 hours ago
(0 children)
More like PhuckedPal
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[–]Oheson 0 points1 point2 points 19 hours ago* (0 children)
What did you expect? Paypal, a US regulated entity on the Stock
Exchange to use Monero or something else to help facilitate crime?
This is a Ethereum use case app. This is very good for overall
adoption of decentralized protocols. That does not mean that every app
using the protocol needs to be decentralized.
The opposite of having regulated entities in crypto is FTX, Celsius.
Voyager, BlockFi, Genesis, and all the other contagions in the space.
Not to mention the constant rug pulls and criminals that dominate
crypto in general. Even if you didn't use those, you were affected by
them.
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[–]WyrdNine 0 points1 point2 points 19 hours ago (1 child)
The answer to question of what kind of crypto your government wants,
not the people.
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[–]Oheson -1 points0 points1 point 19 hours ago* (0 children)
Bitcoin does not care about governments or anything else. BTC is a
decentralized, immutable store of value with a fixed supply that uses
blockchain tech. PYUSD is a centralized, stable coin from a major
Fintech company on ETH. ETH is a decentralized layer 1 blockchain that
acts as a global operating system. Using "crypto" as a general
statement makes not sense.
If you don't know the difference between BTC, ETH, and PYUSD maybe you
should spend more time learning. None of them have anything in common
outside of the underlying tech being blockchain.
"crypto" is a general term that really means nothing. It is like using
the term "vehicle" and conflating boats, motorcycles, cars, planes,
jet skis, and buses as one thing.
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[–]BuyETHorDAIPlatinum | QC: CC 500, ETH 93, ATOM 59 | Politics 20 0
points1 point2 points 18 hours ago (0 children)
Centralized stablecoins are centralized. More at 11.
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[–]Starkgaryen69Stack Sats 0 points1 point2 points 18 hours ago (0 children)
Yeah, sounds like FIAT to me. Hard pass.
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[–]wayfarer8888Tin 0 points1 point2 points 18 hours ago (0 children)
pyUSD is fully backed, regulated and insured:
https://www.coindesk.com/business/2023/08/07/paypals-regulated-stablecoin-is-a-watershed-moment-in-crypto-space-says-paxos/
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[–]orangecyanide 0 points1 point2 points 18 hours ago* (0 children)
I'm not sure what the intentions of this post are but to start with
the deth link that is being shared has the wrong ETH address, the
actual address of the PYUSD is
0xe0a8ed732658832fac18141aa5ad3542e2eb503b ; you can check the tnx
number and the supply:https://etherscan.io/token/0xe0a8ed732658832fac18141aa5ad3542e2eb503bAlso
the functions are not written correctly and there is no
'wipeFrozenAddress' function. I don't think function exists in
solidity even. You can see the real PYUSD smart contract code here:
https://etherscan.deth.net/address/0xe0a8ed732658832fac18141aa5ad3542e2eb503b#codeThe
only thing that I found there is a bit controlling is that there is a
_buyerMap and you cannot sell the token automatically on Uniswap (the
interfacing DEX) if you are not on the _buyerMap or you have to wait
for the _buyCount to surpasses the _preventSwapBefore threshold so you
can sell it, but the _buyCount threshold is not defined in the
contract.
Never trust always verify.
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[–]chillbanana111Tin 0 points1 point2 points 18 hours ago (0 children)
The link OP posted is clearly to a fake PYUSD scam. What blows my mind
is how many people didn't know/bother to check.
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[–]melonmetaTin | 6 months old | NANO 92 0 points1 point2 points 16
hours ago (0 children)
That's why we Nano #XNO
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[–]HarvWhanDonTin 0 points1 point2 points 16 hours ago (0 children)
As long as the source code is laid out free for all, it's positive, i
suppose. My worry is that the popularity of this may encourage more
control and a bigger move towards a CBDC cashless society where no one
can see the source code...
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[–]Cheeky-Devil 0 points1 point2 points 16 hours ago (0 children)
I didn’t even know you could do that with USDT
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[–]Bizness_boiTin | CelsiusNet. 10 0 points1 point2 points 15 hours
ago (0 children)
I hate to be crass but I think getting bent out of shape about a
centralized service having full control of their asset on any chain is
ridiculous, and it's frankly uninformed to claim anything like this is
"against the idea of crypto!" We're talking about a company
guaranteeing their own assets on any chain. You have tons of
centralized and decentralized options if you want to transact in
dollars. If you want the value that circle, tether, paypal provide
with their stablecoin, you have to play by their rules. There's
certainly a lot of value in knowing that somebody would have a hard
time running away with all your USD if you stored it on chain, and
knowing that it isn't held in a bunch of smart contracts, it's held in
a vault somewhere (let's not get into the nuances of how fiat works).
You know what makes crypto great? Nobody is forcing you to use this
anymore than being forced to use BTC or anything else to transact in.
Store your shit in MAI if you're worried, swap to another when you
need to. Don't overthink it.
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[–]AdZealousideal3461 0 points1 point2 points 15 hours ago (0 children)
Transparency in the source code is crucial, but the ability to freeze
and unfreeze accounts might raise concerns for some. Central control
over the supply via Supplycontroller is notable, and the potential for
CBDCs to adopt similar functions is intriguing. Let's keep an eye on
developments in the stablecoin space!
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[–]holybawlTin 0 points1 point2 points 14 hours ago (0 children)
I would only use PayPal for fiat on/off ramp. Ach to bank. So that’s
opens another opportunity to ramp in and out in the USA. That’s a win
in my book.
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[–]Crypto-Expansion 0 points1 point2 points 14 hours ago (0 children)
That's a PCDC: Paypal Controlled Digital Currency!
Stay away!
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[–]sylsau 0 points1 point2 points 13 hours ago (0 children)
All the alerts raised on PayPal's stablecoin should make you aware
that those who issue USDC and USDT may be doing exactly the same
thing...
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[–]FallenOne2334Tin | CC critic 0 points1 point2 points 13 hours ago
(0 children)
Another reason I do not use PayPal anymore.
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[–]Computer_says_noooTin | QC: CC 18 | DOGE critic 0 points1 point2
points 12 hours ago (0 children)
So pretty much like a CBDC
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[–]orangecyanide 0 points1 point2 points 12 hours ago (0 children)
Wrong smart contract.
OP is a scammer.
This is the correct smartcontract:
https://etherscan.deth.net/address/0xe0a8ed732658832fac18141aa5ad3542e2eb503b#code
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[–]ShinAlastor 0 points1 point2 points 10 hours ago (0 children)
This is not good
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[–]GotStuckedTin 0 points1 point2 points 10 hours ago (0 children)
What a surprise! Ahem..
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[–]Xylon818Bronze 0 points1 point2 points 9 hours ago (0 children)
The largest stable coins are all centralised. USDC and USDT both do
the same. This is why a decentralized money like Nano, Monero are so
important.
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[–]xxXTECHxx 0 points1 point2 points 9 hours ago (0 children)
Decentralized
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[–]DanTheMan_117Tin 0 points1 point2 points 6 hours ago (0 children)
So what if the private key of controller gets leaked? Rip coin?
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[–]YouAreAnFnIdiotPlatinum | QC: BTC 221, ETH 209 | TraderSubs 426 0
points1 point2 points 5 hours ago (0 children)
Dai enters chat
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[–]sherpya 0 points1 point2 points 3 hours ago (0 children)
stablecoins are centralized
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[–]WordofDogeRedditor for 2 months. 0 points1 point2 points 2 hours
ago (0 children)
I knew they would do something like this with their coin.
Everyone please do some research of PayPal before using their new
coin. They have a massive history of claiming/freezing funds. To big
and small people.
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[–]ucantbm 0 points1 point2 points 44 minutes ago (0 children)
BTC ftw. Freedom!
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