Stablecoins and Blacklists - page 4.

Febo

legendary

Activity: 2744

Merit: 1288

Quote from: Ucy on October 09, 2020, 09:46:33 AM

Interesting.
Who is doing the blocking (if they were really blocked)? Did the owner/owners commit any crime? And was the crime clearly stated for the public to see? Are the stablecoins with such block feature decentralized or centralized? If decentralized, is the blocking done via network consensus? No true decentralized stablecoin/crypto should be blockable without proper, transparent and community consensus. So, I would avoid any so called decentralized stablecoin that can be blocked without proper consensus. Decentralized coins should be censorship resistant and transparent. The only coins that could be frozen/blocked are those that have been used for serious crimes or owned by serious proven criminals.

Stable coins are always centralised. Blocking is done by by owner/developer. This also beside it is centralised also makes stable coins not permisionless. Since you need permission from owner/developler if you can or not use it

Stable coins are not cryptocurrencies!!!!

Ucy

sr. member

Activity: 2730

Merit: 403

Compare rates on different exchanges & swap.

Interesting.
Who is doing the blocking (if they were really blocked)? Did the owner/owners commit any crime? And was the crime clearly stated for the public to see? Are the stablecoins with such block feature decentralized or centralized? If decentralized, is the blocking done via network consensus? No true decentralized stablecoin/crypto should be blockable without proper, transparent and community consensus. So, I would avoid any so called decentralized stablecoin that can be blocked without proper consensus. Decentralized coins should be censorship resistant and transparent. The only coins that could be frozen/blocked are those that have been used for serious crimes or owned by serious proven criminals.

benthach

legendary

Activity: 1764

Merit: 1000

Quote from: zasad@ on May 14, 2020, 08:23:11 AM

Capitalization of USDT - $8,924,973,068
https://wallet.tether.to/transparency

https://wallet.tether.to/transparency

If you carefully examine their site, you will not find information about the audit of this company.

You can read only this phrase: "All tethers are backed 100% by Tether's reserves." Grin

https://wallet.tether.to/

The number of tokens for the past year and a half has doubled.

it just came out of thin air.
free money.
free money is good it can pump bitcoin higher 👍💪🐠🐡🐟🐙🥓🌮🌍

zasad@

legendary

Activity: 1974

Merit: 4715

Capitalization of USDT - $8,924,973,068
https://wallet.tether.to/transparency

If you carefully examine their site, you will not find information about the audit of this company.

You can read only this phrase: "All tethers are backed 100% by Tether's reserves." Grin

https://wallet.tether.to/

The number of tokens for the past year and a half has doubled.

How do decent companies work?

Capitalization of USD Coin (USDC)- $ 703 411 562
https://www.circle.com/

An audit is conducted every month by a well-known global company - Grant Thornton LLP
https://fr.wikipedia.org/wiki/Grant_Thornton_LLP
https://www.circle.com/blog

https://www.circle.com/blog/usdc-reserve-attestation-report-from-grant-thornton-llp-march-2020
https://www.circle.com/blog/usdc-reserve-attestation-report-from-grant-thornton-llp-feb-2020
https://www.circle.com/blog/usdc-reserve-attestation-report-from-grant-thornton-llp-january-2020

https://www.centre.io/usdc-transparency

Capitalization TUSD(TrueUSD)- $ 136 911 758
https://www.trusttoken.com

An audit is conducted every month by a well-known global company - armanino LLP

https://www.armaninollp.com/

Real-time report
https://real-time-attest.trustexplorer.io/token/TrueUSD

The most honest and secure stablecoin
https://coinmarketcap.com/currencies/single-collateral-dai/

Real-time statistics
https://makerburn.com/#/

zasad@

legendary

Activity: 1974

Merit: 4715

Hi, I'm interested in your opinion.
links to interesting articles

https://www.hib.ru/tether-blokiruet-usdt/
https://medium.com/human-rights-foundation-hrf/privacy-and-cryptocurrency-part-iv-stablecoins-for-human-rights-blacklists-and-traceability-6d74ee17c25d

Tether blocks USDT. Here is a real example of a loss of $ 301’000 due to USDT blocking.

Trader withdrew $ 300,900 USDT from Binance exchange to ETH address 0xB1fa690155821bF9191d609593B556048Aca517c
Trader transferred $ 300,901.099742 USDT to new ETH address 0x5441bfcDA141759eaaE9737a28Cb2F9fd43e8869

https://etherscan.io/address/0xb1fa690155821bf9191d609593b556048aca517c#tokentxns

From the ETH address 0x5441bfcDA141759eaaE9737a28Cb2F9fd43e8869 the trader transferred $ 200,600 USDT to the address 0x087A39eCD3E12db24b76025efAF077a2fd6E44C2
https://etherscan.io/address/0x087a39ecd3e12db24b76025efaf077a2fd6e44c2#tokentxns

$ 100 546.1 USDT Blocked at Address 0x5441bfcda141759eaae9737a28cb2f9fd43e8869
https://etherscan.io/address/0x5441bfcda141759eaae9737a28cb2f9fd43e8869

$ 201 058,07 USDT Blocked at Address 0x087A39eCD3E12db24b76025efAF077a2fd6E44C2
https://etherscan.io/address/0x087a39ecd3e12db24b76025efaf077a2fd6e44c2

How to check the USDT Block?

1.Follow the link
https://etherscan.io/token/0xdac17f958d2ee523a2206206994597c13d831ec7?a=0x087a39ecd3e12db24b76025efaf077a2fd6e44c2#readContract

2. In the field No. 18(isBlackListed) enter the address and press Query

We look at the result, true - the address in the blacklist, fals- clean. If the address is in the black list, then the USDT on it is frozen and it is no longer possible to send them anywhere.

Tether ( https://tether.to/ ) may block your USDT at any time.

Wow, right?
And no one will explain to you the reasons for blocking

But this is only the beginning, I began to study this issue in more detail and found a lot of useful information.

Resource: https://medium.com/human-rights-foundation-hrf/privacy-and-cryptocurrency-part-iv-stablecoins-for-human-rights-blacklists-and-traceability-6d74ee17c25d

Almost all stablecoins can be blocked.
At the moment, only DAI does not have a blocking function and USDT-Liquid (but did not find who uses it).

KYT «Know Your Transaction»,
https://www.prnewswire.com/news-releases/chainalysis-provides-anti-money-laundering-compliance-solution-for-tether-301003370.html

This article is not limited to stable coins. Any ETH smartcontract may include a token blocking function and any funds may be blocked.

Knowledge is the best weapon!

USDC banned
https://www.theblock.co/data/decentralized-finance/stablecoins/usdc-banned-addresses-on-ethereum

Topic: Stablecoins and Blacklists - page 4. (Read 1357 times)