/biz/ - Business & Finance

>>51542498
Idk why all these stables even exist. Usdc is the safest. It's centralized, but you're not gonna get rugged (probably)

>>51542498
dai isn't algorithmic. Frax is the only real algocoin left, however it is only partially algo, so unclear if this would have any effect

>>51542498
DAI is backed by USDC so y'all good

>>51542498
It's referring to luna .. Dai isn't even nvm bro I'm done with biz

Read the draft, they give anyone a 2 year time to rebuild their systems to be complaint, it's not banned asap anyway

>>51542515
BUSD is 10000000 times better then USDC

>>51542498
They're "banning" NEW algorithmic stablecoins, existing ones are unaffected and are probably dead anyway lol

>>51542583
>They're "banning" NEW algorithmic stablecoins
They didn't say that, they can imply whatever they want

>>51542609
Read the article retard: https://cointelegraph.com/news/draft-us-stablecoin-bill-would-ban-new-algo-stablecoins-for-2-years

rip all the ampl holders who've been waiting years for the stablecoin to release sometime soon

>>51542498
>house proposes
its ngmi

I am all in on RAI
am ruined

>>51542534
>>51542498
Are they that scared of lunac? What?

>>51542568
this, i trust the scamwicking chink more than a blackrock asset

>>51542498
Does this mean they are finally ending the USD?

>>51542647
>However the legislation includes a grace period of two-years for existing algorithmic stablecoin providers to change their models and collateralize their offering differently.

dumb faggot

>>51542583
It would mean banning banks if I understand correctly, tremendously based if true. I wonder if coins will keep their value.

>>51542771
Oh so they give banks time to switch back to something less algorithmic.

>>51542764
https://youtu.be/sC8AgqMIhaw
Yes

>>51542730
Yes, anon. Kikes want you enslaved to your wagie pod for eternity.

>>51542771
>doesnt understand what grace period means
Existing ones are unaffected for two years they are not outright banned "dumb faggot"

>>51542730
Sincerely what does this mean for LUNC?

>The stablecoin bill has been in the works for months, and has been delayed in the past, in part over concerns raised by Treasury Secretary Janet Yellen. Yellen has repeatedly cited the TerraUSD collapse when calling for more regulation of the crypto space.

>Similarly, Rep. Waters highlighted the risks of stablecoins earlier this year, saying, "investigations have shown that many of these so-called stablecoins are not, in fact, backed fully by reserve assets," and that a lack of investor protections could even "threaten U.S. financial stability."
lmfao so they were the ones who engineered the luna attack. how is this not terrorism?

>>51542851
any algo stable that can't fully collateralize will get nuked in 2 years, grace period is just lube for the ass raping

Hayek money dead on arrival.

>>51542945
I don't really care, I was just making a statement then your dumb pedantic ass started replying. Anyone who is pedantic and likes to move goalpoasts = low IQ. Just stfu nigger.

>>51542498
isn't fractional reserve banking a form of algorithmic based banking? By that account, the House should ban fractional reserves too

>>51542498
at least it's from the house and not the fed. all too familiar having laws being made by Yellen these days

>>51542498
They want to ban the only stablecoins that don’t have a ban list or backdoor

DAI
AMPL
HXV

They can’t freeze assets in DAI, but they can on USDT, USDC, BUSD.

>>51542498
DAI is overcollateralized, dude.

>>51542876
Nothing since it's not algorithmic anymore. It's just politicians trying to fake usefulness as always.

>>51542498
>When the USD sanctions itself

>>51542989
You are antisemitic, also there was never fractional reserving, chud.
It was always zero reserve, just as it is now.

>>51542498
This OP can't be real, why would they even propose this?

Every economic trade represented in dollars gives the dollar liquidity.
Them closing themselves off from markets will collapse them faster.

Sure stablecoins are a mechanism to kill the dollar, but they don't have a smart play banning them, LOL!

>banning crypto
extremely bullish

>>51542498
>two year ban
the fact its not permanent heavily suggests to me that theyre hoping to capitalize on the market in that time and then have them be redundant to a fed made version. the two year ban being a way to softed the percieved blow
>dont worry its only two years. because? uhhhh

>>51543845
This, every way you look at this proposed measure is that they're fucked and want to conjure up some bullshit.

>>51542989
Enough with the fucking antisemitism you fucking Hitlertrump.

Nasdaq just put in their bid to make a digital assets exchange upon the stock market....
COINCIDENCE?
Nope they will buy up everything soon and forcefully pump the market causing a forced fomo by all whales to get in while they can then when BTC hits insane levels they inject themselves into it gaining essentially complete control.
FTX was their way to dump this market to force this situation guaranteed.

TLDR; FED will cause a bullrun the likes nobody has seen and force all normies to buy at the highest prices possible and everything will crab for eternity

>>51542989
OY VEY!

Never seen a more bullish headline in my life.

just let jewtin nuke ZOGmerica
fuck fuck mutts
you will nevert touch my money
fucking kikes

>>51542989
anti semite!

So what stables would this affect?

>>51542989
OY

>>51542945
Based US gov banning algokikery, these coins always depeg at some point anyway

>>51542498
What about algorithmic cringe stablecoins?

>>51542515
unless you are a compliance cuck you absolutely will. fuck that. if i wanted to be fucked in ass by daddy fed i'd be using credit cards instead.

>>51542498
Im unironically ~90% in BUSD, didn't even know it was issued by paxos until a few months ago
https://paxos.com/busd/

>>51542498
Wow why? The code never lies, the Fed does.

Dai is safe, USDC and BUSD our printedGYRTD

kek US gov trying to fud people out of AMPL before it gigamoons

>>51542708
based money god worshipper https://www.youtube.com/watch?v=kDCqiZd4xkI
>>51542764
ayyy

>>51542498
aaaaaaaaaaaaaaaagh i thought i was safe

>>51543898
>it's real
https://blockworks.co/nasdaq-to-enter-crypto-custody-market-for-institutional-clients/
holy shit bros wagmi

>>51542498
fuckin retards, the house passing anything doesnt matter. dumbshit biz delivers again. thanks for nothing guys!

"algorithmic" has become a euphamism for "no collateral"
collateralized stables with moving price vs fiat that using algorithmic control are sound and viable, see RAI

>>51542498
How bout a permanent ban on algorithmic software in general. Fuck the computers, fuck the machines, and fuck the borg brains of silicon valley and their algorithmic thinking. Jihad!

so what youre saying is i should borrow as much dai as possible

>>51551211
go back to cave man thinking?

>>51551346
No, we go forward. Without the hindrance of the algorithms restricting our thinking, new possibilities will emerge.

>>51542498
DAI isn't algorithmic you newfaggot cunt.
Also, all they need to move liquidation price so its a different value than $1 to skirt this dumb regulation.

>>51542744
the scamwicking chink needs BUSD to live so he can continue to scamwick, blackrock will take your money from you and you can do nothing

>>51542498
lmao that's from yesterday and you're screeching about it now

>>51542989
g-good point

>>51542498
DAI isnt algorithmic newfuck. also, that just means the next algo stablecoin will need to be governed by a DAO. this is a nothing burger. let them sweat.

>>51542905
oh god nigger white Maxine. Can someone no lifer please go kill her?

How is DAI an algo coin?

>>51551487
>butlerian jihad

>>51542498
Bobo niggers going to get BTFO when all their tether bags go to zero

>>51552993
Now you know what must be done. Whether you aid in the effort or not, it is inevitable. Humanity's addiction to algorithms will drive them to a crisis point. They will not be able to take the stress that the machine mind places on them by controlling every aspect of their lives, and they will rise up against it. Tech workers will thrown from their towers. Work from home warriors will be pulled from their cubes and butchered. Smart devices will be destroyed. We will burn our own libraries, because we will have understood that too much knowledge is the same as ignorance.

>>51542876
Even the government is fudding
they want people to choose safety over freedom

>>51542498
Imagine if DAI goes full eth backed with current emission rate.

They could buy the entire daily emission for years.