Why? Is so dumb.
The market can stay irrational with various crypto currencies longer than you can stay solvent, so you fight irrationality with your own brand of irrationality.
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This is even dumber when you consider we’re ~2 years away from the launch of the Digital Euro. As easy and fast to transfer as a cryptocoin with none of the drawbacks. No Blockchain nonsense, backed by banks, transactions can be cancelled and refunded just like any digital transaction, and standardized to all EU banks.
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This just sounds like a regular bank transfer to another European bank…input recipient in your self-service online banking and press “transfer”…beep boop done.
What does this “digital” euro do that the existing euro (which is also perfectly working in digital space) solve?
Surveilence
There will be the exact same level of surveillance, it’s still just run by banks so there’s no difference there.
Not really. I was scammed for a few hundreds of euro’s last year. I knew the company, I knew the account but the bank was incapable of reacting because of ‘reasons’. They know where the money went but they can’t follow where it got transferred to. So they can only follow one transaction and after that it’s gone. (Except when you get a court order)
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For real, isn’t this allowing them to have much more control over what you have in the bank? Preventing bank runs as they call it(aka blocking withdrawals)
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A regular transfer takes at least some hours/days. With digital currency the transfer is instant.
Apart from that, surveillance. There’s a (de)centralized register that shows how much money there is ti be found on any account at any given time.
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can they launch it into the sun?
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It’s not that dumb. There’s a market for this, if you want it or not.
And if you’re going to use crypto, it’s better they use a currency that’s not tied to the currency of an unstable country.
Also, the EU is looking to make a digital Euro anyway, which will not be a crypto coin as you know it, but a way to take power away from VISA and Mastercard, which will save European countries for billions each year.
The digital euro is where it’s at! I can’t wait to give billions of dollars worth of middle fingers to American credit card companies.
Well, I was against the idea, but now you got me thininiking.
Another reason to move to the digital euro is to circumvent the censorship on steam and various adult websites that credit card companies are imposing on us.
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What is the use case of stable coins? Fast international money transfer? Or are there other I’m not aware of
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“Fast” international money transfer without value fluctuations. AFAIK, it’s used to send money back overseas without fees and for online casinos. Most stablecoins are based on the USD, which has been dropping due to the actions of a certain person. It seems like a reasonable decision to create an “official” euro stablecoin. The EU has been pushing for an EU payment processor to avoid reliance on US based / connected payment countries, this seems like it might be related to that.
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Money transfers, online payments for whatever, place to park your assets in volatile times in the market, integration into other on-chain investment systems, etc…
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