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698 sats \ 3 replies \ @Solomonsatoshi 14h \ on: Opinion | The Genius Act Will Bring Economic Chaos econ
I found Arthur Hayes essay on this fascinating.
He seems to have some knowledge of the topic.
Interesting how he says Trump and family were debanked while Biden was in power so Trump is not so sympathetic to the banks.
https://cryptohayes.substack.com/p/assume-the-position
My own theory probably wrong is that you need to increase the efficiency of the payments channels and the legacy bankers are not doing that so stable coins are a way of forcing change...and increasing speed and efficiency of payments short of developing a CBDC...
Fuck the banks is all I can say with confidence, and if Trump is going to do this good on him.
Arthur Hayes... always very entertaining reads. His predictions rarely come through, though~~
Didn't know, he even provides Korean translations: https://blog.naver.com/maelstromkorea/223902213120
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Wow, this one was actually very informative!
What these banks will certainly not do is partner with a third party in technological development or distribution of stablecoins. They will do all of this inhouse. In fact, the regulators might explicitly forbid it. It follows then that this distribution channel is closed to entrepreneurs building their own stablecoin technology. I don’t care how many Proofs of Concept a particular issuer claims to be conducting for a legacy bank. They will never lead to bank-wide adoption. Therefore, if you are an investor, run for the hills if a stablecoin issuer promoter claims that they will partner with a legacy bank to push their product out to market.
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I rarely agree with you on topics but this one we have full agreement. Payments with legacy banks are terrible. ACH is slow and debit and credit cards have massive fees.
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