The CENTRE Consortium blacklisted a USDC address in response to a law enforcement request, freezing $100,000 worth of the stablecoin.

:wave:t6:
The CENTRE Consortium blacklisted a USDC address in response to a law enforcement request, freezing $100,000 worth of the stablecoin.

How cool is it that my assets are securely protected by incognito! Incognito I love you! :black_heart: With you forever!

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Guys, lets use this moment to spread news about incognito!

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Go Incognito! :rocket: :rocket: :rocket:

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I’m not sure it’s a so great news.

Circle can freeze USDC funds, Incognito Network uses USDC. So Circle could freeze USDC locked in Incognito smart contracts for some reason.

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yep, that’s the other side of this medal.

A good moment to think about a stable coin based on Incognito? Or switching main focus on DAI?

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Yeah, something more decentralized. The perfect stable coin doesn’t exist yet IMHO.

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I thought exactly the same.

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I do not agree!

PRV

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What if we create Incognito Stablecoin using DAI system with collateral system but based on Incognito Chain.

Lower fee, and more convenience. Rather than using Ethereum Chain Network. IMO…

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Well, if the Incognito app gets banned, then what? The PRV value could become almost null. It still kinda vulnerable imo

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Maybe we could create a stablecoin with Portal. I’m not sure how the fiat part would be implemented, but we already have structure created to decentralize something like this.

Also, you could maybe even create an asset backed on visa giftcards, lmao. That would require a minimum cash out requirement though.

Or, we could create a stablecoin based on PRV, and have the market itself regulate the price. If there is to much coin and not enough PRV (opportunity to buy), if there is to much PRV and not enough coin (opportunity to sell). You could even stake half the pool of PRV and add the earnings if the price of PRV decreases for some reason. The price of the coin will always be adjusting for fluctuations in PRV, trying to reach an equilibrium where anyone can cash out for the intended value.
(Also having it backed on PRV gives greater liquidity and more utility)

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I don’t know if it will have a good effect on Incognito or a bad effect.

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Correct me if i’m wrong, but does Incognito use the same address’s to store all coins?
This would make Incognito vulnerable to an address blacklist, not that I think that would happen, but it would still be vulnerable.

Would it be possible to change the back end, so when you shield crypto, the crypto get’s split up into a bunch of newly created cold wallets in specific denominations? When another person unshields they get given access to a bunch of those wallets equaling the total amount they want to withdraw. The network itself can process which denominations are needed the most, and split up newly shielded crypto accordingly. This would make it impossible for someone to blacklist the crypto inside of the Incognito network.

[Call it “super shield” and make it cost extra PRV. It could be in it’s own separate pool if migrating is to complicated. You would only be able to withdraw from the super pool for the amount of value you put in. Otherwise you have to withdraw your pCoins the normal way. You would also be able to add regular pCoins to the super pool (for a PRV fee) because it would just unshield the pCoin and then put the crypto through the super shielding process]

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Hey Andrey… in terms of technology/infrastructure/philosophy could DAI perform anything like the Consortium that controls USDC did???

The smart contracts that control USDC are owned by Circle. The US Government practically has full control over those smart contracts. When fiat money is involved, the Government has leverage because they can just freeze bank accounts and stop operations. The US Government wants to know every time USDC (but more importantly all StableCoins in general) get’s minted, who it’s going to. Everyone who doesn’t comply with US law in regards to this is going to get banned.

DAI isn’t backed by fiat so theoretically it’s safe from the Governments clutches. It’s also completely decentralized, so no one can freeze your DAI assets.

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Great! Just became a fan of DAI.

It is my understanding that a great number of DAI is now collateralized via MKR by USDC coin now. Should this underlying USDC collateral become frozen for whatever reason, this would affect the value of DAI.

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