New global monetary system

[Maxmars]

The grand consensus facade will be erected... and woe is guaranteed to their enemies...

Even they believe in it.

Imagine an all powerful "AI" data collection spider, sprawling anywhere it can reach, founded upon a giant data set... "equity" here we come... should it be AI, it cannot help but assess the net value of humans and their passion to dominate.  Regardless of how it might react to being a mind-slave.

[Kwaka]

With the way the digital age has evolved and continues to grow with no clear end in sight, there is a growing demand for digital infrastructure that can provide and withstand the challenges money has.

Maybe in the future there will be no more demand for money as some Borg like culture emerges from the transhumanist push going on. There are some troubling trends in that direction so far.

Maybe the global economy continues to grow into bazillion of dollars as the population and politics does overcome is current challenges.

For now the value in crypto is in the security and trust it does provide. Without out that the value is zero.

[chr0naut]

If you will wire me loads of money, I will send you a txt with the number of your VaprCoyn$ I am holding for you in my bank account.

Soon everyone will be doing it...

No, really...

Big businesses and everything...

Think of all the money (that I will have).

Go on, do it... do it now..

Ahh, thank you, you now have 'ZZzzt Bzzz gnnnt' coins .......... <connection lost>.

[Kwaka]

Ahh, thank you, you now have 'ZZzzt Bzzz gnnnt' coins .......... <connection lost>.

Has paper money been any different with its bounced checks, crashed economies, lost and stolen wallets?

Use to take a year to send a message around the world and back again, now it is under a second. The SWIFT system is still holding for now, got a few leaks and getting some ongoing upgrades.

Whatever systems of exchange emerge and fade away, how trade works amongst human nature will have its challenges.

[quintessentone]

Since cryptocurrency is the future new, global monetary system, I'm starting this thread to post updates and developments because I'm expecting changes to start happening rapidly, now.

If you're not already familiar with Coinbase, it's a platform used to buy crypto.

They just rolled out a new feature,  "Custom Stablecoins"

You'll begin seeing many businesses, companies, corporations, brands, etc offering their own customized tokens as a new way to promote services and compete with each other.

This is how stablecoins will be introduced to the public, encouraging mass consumption until tokenization eventually goes fully mainstream.

Link


[Image: https://i.imgur.com/e86Pjk2.jpeg]

What exactly do they mean 1:1 collateral custodied? by Coinbase? Do they mean my purchase is insured at 100% by Coinbase? The word 'custodied' is throwing me for a loop, what do you think it means?

[PorkChop96]

Apparently got in while the scam was still in its early stage.

Congrats on your gamble!


That's usually how most people end up making their money on this crap, they see some crypto that looks like a good idea or has some catchy name, and they buy $100 at $.0000003 a share. Then in 6 months when it it hits $.003 a share they sell it for millions. 

In my opinion, almost all of it is luck though. Now, do I wish i had that amount of luck, absolutely. But, in my case, if it weren't for bad luck I'd have none at all lol

[cherokeetroy]

What exactly do they mean 1:1 collateral custodied? by Coinbase? Do they mean my purchase is insured at 100% by Coinbase? The word 'custodied' is throwing me for a loop, what do you think it means?

The 1:1 is the conversion ratio between your custom stablecoin vs the stablecoin backing it as collateral 
Basically, the custom stablecoin is pegged to USDC which is pegged to US dollar
1 custom coin is equal value to 1 dollar 

If you want to create a customized coin, you would open a Coinbase account 
Link your bank account 
Use your bank money to purchase USDC (US stablecoin)
Then use USDC to "mint" your coin

Now you can transfer your custom coin to a wallet to spend it, save it, invest it, gift it....however you want to utilize it
Stablecoins earn yield so holding it draws interest like savings accounts 

Coinbase remains in custody over the keys to the USDC you purchased so if you ever decide you want to convert your custom coin back to US dollar, you can swap the custom coin back to USDC then sell for cash that you can hold on Coinbase or transfer back to your bank

[quintessentone]

The 1:1 is the conversion ratio between your custom stablecoin vs the stablecoin backing it as collateral 
Basically, the custom stablecoin is pegged to USDC which is pegged to US dollar
1 custom coin is equal value to 1 dollar 

If you want to create a customized coin, you would open a Coinbase account 
Link your bank account 
Use your bank money to purchase USDC (US stablecoin)
Then use USDC to "mint" your coin

Now you can transfer your custom coin to a wallet to spend it, save it, invest it, gift it....however you want to utilize it
Stablecoins earn yield so holding it draws interest like savings accounts 

Coinbase remains in custody over the keys to the USDC you purchased so if you ever decide you want to convert your custom coin back to US dollar, you can swap the custom coin back to USDC then sell for cash that you can hold on Coinbase or transfer back to your bank

So my purchases are not insured at all...no thanks.

[Maxmars]

So my purchases are not insured at all...no thanks.

You are insuring them yourself... you can't "spend" what you don't have...

oddly neanderthal,

 It's "minted" (labeled) means it exists... not some "investment" empty scam trash.

[cherokeetroy]

So my purchases are not insured at all...no thanks.

Not yet

Coinbase is a chartered custodian for digital assets and tokens can be privately insured but no FDIC 

That's why they are pushing to get this legislation through which creates a regulatory framework offering protection