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So, it is not clear to me whether you would be able to exchange monero for PYUSD in some non-KYC exchange, but from this I gather that the only way to actually pay a vendor using PYUSD would be to have a PayPal account that is tied to your identity.
Furthermore, their smart contract has a built-in “asstProtectionRole” that allows them to uni-laterally freeze the balance in any account.
Paxos Trust Company is regulated by the New York Department of Financial Services (NYDFS). As required by the regulator, Paxos must have a role for asset protection to freeze or seize the assets of a criminal party when required to do so by law, including by court order or other legal process.
The assetProtectionRole can freeze and unfreeze the PYUSD balance of any address on chain. It can also wipe the balance of an address after it is frozen to allow the appropriate authorities to seize the backing assets.
Freezing is something that Paxos will not do on its own accord, and as such we expect to happen extremely rarely. The list of frozen addresses is available in isFrozen(address who).
I don’t see this as much of an improvement over using PayPal and a bank. Maybe it can be useful if you want to move crypto into an asset that you can pay with in regular online purchases without going through an exchange. But PayPal will still play the role of the intermediary that knows you. Storing value in an asset that can be frozen by PayPal is absolutely not desirable. So I think that this coin is kind of a gimmick.
But it could have a positive influence in that online vendors might become more accustomed to accepting crypto payments, and it could help adoption in the long run. Let’s hope.
as for freezing accounts, it became common among centralized stablecoins
Yeah, from what they have written It appears like this is necessary feature to comply with regulations.
I am thinking about how I might be able to get a practical use out of PYUSD. Maybe if I kept all of my assets in crypto, then it might be useful to be able to get PYUSD and pay using a paypal account. But I have a lot more fiat than crypto available, and by using PYUSD I lose most if not all of the benefits associated with a crypto payment - plus gas fees. So I don’t see why I would chose this option over a normal fiat transfer.
I guess I’m having trouble wrapping my head around the real use case. Is this more than a marketing gimmick?
Idk about practical use of stablecoins outside of speculations. Probably paypal just covering niche without any clear understanding just because stablecoins under the hood is very similar to paypal , just using different rails
Probably paypal just covering niche without any clear understanding just because stablecoins under the hood is very similar to paypal , just using different rails
Yes, that is what it looks like to me.
The thing is… it would take such a small modification to this system to change the world. If PayPal were to implement this such that the PayPal payment can be made by transferring the crypto into the seller’s account directly and anonymously without the buyer having a PayPal Balance account, and then PayPal is willing to exchange the seller’s PYUSD for fiat directly on the site, this would be such a significant step in the crypto revolution.
Biometric anything is a bad idea. They require trusted nodes and create incentives to threaten users.
Specific to this use case… Whatever you’re using to validate personhood, there’s a person who doesn’t have that organ. Now the attack surface is every method of validation: eyes + fingers + etc.
I don’t think it was illegal. It looks like they have passed laws creating a legal structure for digital assets. I think that is what they mean by legalizing it.
Thanks! My experience with both of these was that transactions would take time and would cost money. A friend showed me Bitcoin’s Lighting Network and that was an improvement. But being built as a layer on top of the original network is too complicated for my simple mind, and I think that there was a fee associated with the transfer too. I am looking for a project that uses a minimalistic approach without the bulk. It doesn’t have to be widely available.
Maybe things have improved with Bitcoin and Ethereum since I tried them. If a friend pays $10 for a pizza to share and I want to send him $5 right away, is it simple to do this with either Bitcoin or Ethereum? Or will it cost me an additional $2.5?
Also, if I want to pay for my groceries. Can I pay with either of these quickly and walk away, or would I need to stand by the payment terminal for 10 minutes until the transaction goes through?
I am thinking about the “ideal world” in which the specific tech is widely adopted. Obviously as it stands today you can’t pay with crypto at the grocery at all.
Thank you! So far, nano is the one that I find most appealing, and I have tested it in practice and it works very well! A worry I have with it is that it appears like the long-term success of the project depends largely on the few people who run the Nano Foundation. But it aligns well with what I want, and it is much more environmentally friendly than proof-of-work systems, so it is my top choice at the moment. But it has been a few years since I have looked at the coins, and I see that there are over 22,000 now! So if there are other more recent projects similar to nano I’d like to learn about them. Something similar nano but more community-driven, like Monero, would be ideal.
I haven’t used Dash, so I will get some and test out how it works in practice.
Blockchain technology needs to just be implemented in projects quietly, not released as tokens for regular people to buy and speculate on.
The entire mentality of the crypto industry is to tell investors that these are stocks with bigger gainz. People regret that they missed out on Bitcoin so they are all chasing newspaper projects out of FOMO. It’s why almost everything is a scam and nothing useful is actually implemented.
The problem is that if you make a new blockchain with new utility, the only way to interact with that blockchain is to buy its native token. You can’t use Bitcoin without BTC and you can’t use a smart contract on Ethereum network without some Eth for gas fees, plus whatever the smart contract itself uses, if anything. Agreed on your general point though, lots of BS token sales and scammy people in the crypto world that have given crypto a really negative rep. Luckily the technology is so powerful that it will change the world regardless, but it is frustrating that there is such negative sentiment about a technology that will change the world for the better.
Gridcoin. Imagine is all the computing power normally spent on mining went to scientific research instead. Solid alt started the same year as Eth, crunching through petaFLOPS of scientific computing on the daily. Massively under-appreciated by those in the crypto space.
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