There's been a massive volume on USDC, most likely from people selling out of USDC because the US Government banned the use of Tornado Cash for US citizens, and since USDC is US based, people are turning to other stable coins (not algorithmically stable coins, which sucks).
Basically the US govvy sanctioned Tornado Cash and banned any US citizens from using it. USDC being US-based then exercised their centralization rights to freeze USDC assets currently associated with TC. Basically the nightmare scenario that decentralization folks have been warning about for years has finally started.
I mean, what the fuck, dude?
This is bad news for decentralization, but it's good for the globohomo agenda and the new world order. I guess we have to start having the mindset of eating cockroaches, owning nothing and being happy about it.
At a minimum, I think it's a wake-up call to many in crypto that even if you have something on chain, that doesn't inherently make it censorship/tampering resistant.
US laws and mandates are not retroactive, the problem is that Circle immediately froze assets in the mixer as soon as the sanction was announced. So nobody had time to react. There was like 75 million USDC frozen.
And no, before you mention USDT as a viable option to holding stable coins, USDT is just the chink version of USDC, both are 100% centralized and can freeze your assets whenever they want.
Fun times ahead, our wins are big so are the system's wins. The battle for economic independency, breaking the status quo, and have a truly decentralized economy never ends.
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