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Caliphate Pontificus
cspansnark.bsky.social
did:plc:wes6zq7akf6sbmo34zkge675
Nicholas Weaver:
https://law.yale.edu/sites/default/files/area/center/isp/documents/weaver_death_of_cryptocurrency_final.pdf
2 major problems with backed stablecoins:
1: Stablecoin issuers claim their customers issue or redeem coins in the 1st instance, so they don’t perform anti-money-laundering checks.
2: Issuers act as wildcat banks.
Result is a classic Ponzi scheme.
2025-08-08T17:57:23.508Z