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If crypto is %100 scam why PayPal is launching stablecoin on it?

4 points by OnuRC ↗ HN
I thought crypto is just a %100 scam and useless thing. Why arey they still bothering, HN? It's scam, right??

How can I report and share information so they fix mistake about not seeing the scam?

https://www.paypal.com/us/digital-wallet/manage-money/crypto/pyusd

8 comments

[ 6.7 ms ] story [ 152 ms ] thread
Zambyte
Saying cryptocurrency is 100% a scam is like saying fiat currencies are 100% a scam. There are scams that solicit unwanted transactions of either fiat or cryptocurrency. Some entire currencies (both fiat and crypto) might only exist to line the pockets of their issuers, and can be called a scam. Neither fiat nor cryptocurrency are "100% scam and useless" though.
al2o3cr
Because corporations NEVER do anything that's illegal or shady /s

Hopium addiction is truly a sad phenomenon to witness.

hooby
"All crypto is 100% scam" is an exaggeration. There are legit use cases - but you've no way of ever being sure - and due to lack of regulation, you don't get any protection either. And there's about enough scam going on, that might just as well be 100% scam - but it's not.

PayPal is not above profiting from scams. They are treating buyers pretty well, but there's quite some horror stories out there on the seller side of things. There's also a wave of Fraud on the platform, a long list of controversies and some class action lawsuits as well.

So in summary: crypto is not 100% scam (but maybe 99%?) and PayPal launching a StableCoin does not mean that this new coin is not gonna be used in/for any scams.

pornel
Because there's money to be made on it. It's a buzzword that sells to a certain demographic.

Stablecoins are especially funny, since they're not even real cryptocurrencies. They have an issuer that you have to trust, and are pegged to a fiat currency controlled by a government. They're entirely opposite to the promise of independent, distributed, and trustless cryptocurrencies.

jqpabc123
PayPal can implement this by doing virtually nothing.

All they have to do is *tell* the crypto idiot that some part of their account is now in "stable coins" instead of dollars.

Everything else stays exactly the same --- except for the additional fees for using stable coins.

Scam? You be the judge.

jqpabc123
It's scam, right??

Right.

The scam here is the extra fees and possible exchange rate manipulation.

You can use fiat or you can use crypto and pay more.

Which one are you going to choose? This "stablecoin" is just a ruse to charge crypto bros extra fees.

sarcasmatwork
crypto is an umbrella term for multiple types. There are some bad ones out there, but also good ones too. BTC, Eth

However, paypal can't be trusted so I would not use anything from them.