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  • we're hearing a lot of regulators talking about stable coins were seeing their market caps become quite big.

  • It seems to be an incredibly useful tool for this ecosystem.

  • How do you see this playing out?

  • Is there anything on your mind you think we need to look out for or be careful for?

  • And do you think it will be a lightning rod for regulation?

  • I think the entire space is already a lightning rod for regulation.

  • Um the stable coins certainly are part of that lightning attraction there, but because they are incredibly useful and I use stable coins almost daily as well.

  • Uh they're really, really useful.

  • But the thing that you have to understand is if you're using a stable coin, you have the counter party risk there with whoever is holding the dollars or pounds or whatever the stable coin is.

  • Someone somewhere is supposed to have that money in some accounts, somewhere, if they don't.

  • That's a big problem for you is the stable coin holder.

  • The other big problem is someone who is an early early adopter of a company called eagled in the earliest days of the Internet, I think in 2002 or so, uh, this company eagled.

  • It was fantastic.

  • You could send any amount of gold via, you know, you just transfer the ownership from your eagle account to somebody else's.

  • And so I actually managed to sell some computer memory and one of my customers paid me any gold and it was great and the value of the goal would go up and down with the dollar, but they would pay me $20 worth of gold or whatever the exchange rate was at the time.

  • And the service was really started to get popular people all over the world.

  • We're finally starting to be able to use gold as money again.

  • And then what happened the US government literally came in and seized all the gold from this company and tossed the Ceo in jail and all the users like myself who thought I had you know a couple $100 worth of gold in my account.

  • I never got it back ever and probably hardly anybody else ever got their gold back.

  • So if you're using a stable coin you're at risk of the exact same thing happening again except for these things like die right where you have Cryptocurrency underlying assets that just stay pegged to the U.

  • S.

  • Dollar, which you can do now on ethereum and Bitcoin cash and a number of other things.

  • This is really really cool.

  • So like if you have some you know ethereum, Bitcoin cash and you're worried about the price volatility.

  • Well no you can lock your ethereum or your Bitcoin cash into.

  • If you have $100 today, you have $100 worth tomorrow, regardless of what the price of either of those assets do.

  • And there's more and more that will be able to do that in the future.

  • So that's a really, really big deal.

  • And I think we're going to see more and more people start to use those as the user interface tools become easier and easier for normal people that don't have phds in computer science.

  • Uh so, and you know, Bitcoin dot com are busy building those apps to make that easier for people around the world to be able to use.

  • So we're going to see more and more of that in commerce and in use around the world.

  • But that's why I love actual cryptocurrencies so much directly is because there's no counter party risk if you have your Bitcoin cash or your theorem or your Manero in a wallet where you have the private keys yourself, there's nobody in the entire world that can mess with your stuff and that's not true of most stable coins, so it's very important to understand the difference.

we're hearing a lot of regulators talking about stable coins were seeing their market caps become quite big.

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A2 stable gold coin lightning cash regulation

STABLE COINS ? GOOD OR BAD?! Roger Ver on Counterparty Risk & Regulation

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    林宜悉 posted on 2021/08/12
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