Coinbase Succumbs To SEC’s Law Suit Threat : Can HBD Be An Option?
Coin base initially announced that it will be launching a lend feature that will enable their USDC(A stablecoin) to earn passive income of 4% yearly. This feature was supposed to be launched in June but it was placed on hold because of the threat from SEC. The U.S SEC(Securities and Exchange Commission) threatened coinbase, that a possible law suit will be slammed on their faces if they go further. source
The CEO came on Twitter to rant and talk about how the SEC authorities were using their power to intimidate them, he also said he scheduled a friendly meeting to let SEC know before hand what the lend feature will be, so as to avoid any regulatory issues. But unfortunately, SEC is not interested in what he had to say, but SEC suggested they don’t release the feature. What a way to get controlled by the authorities, if only they knew about HBD(Hive Backed Dollar). He tried to play the tough guy to show that he won’t be intimidated by the SEC. He boldly said he didn’t mind going to court if that was the only option he had, I guess that didn’t last long. source
The company used a subtle announcement over the weekend to announce in what seems like an embarrassing way, that the company will discontinue the lend feature. This just shows how not decentralized and free or how easily the company can succumb to unfair regulatory actions.
The HBD(Hive Backed Dollar) is the only best option for people to use right now because it gives you higher yield compare to USDC. USDC was expected to give you a 4% APY meanwhile the HBD will give you 10% APR. Coinbase is a centralized entity while Hive is a decentralized entity that allows you control your account with your keys. SEC law suit has shown how these people can easily be controlled but not HIVE.
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The sec could go after the front end websites of hive, that's about it. We could still get the benefits using other routs, it would be too complicated for most people though without easy to use frontends. There are plenty of defi where we can earn a lot more than 10% on decentralized exchanges, like shibaswap, & cubdefi for instance. I don't think the SEC cares about HIVE anyway because we're not a public company.
This is true, but isn’t Hive the only place that gives 10% APR for a stablecoin?
Nope, you can earn 40% on apeswap.finance already farming BUSD and USDC stable coins. I also have been earning 10% staking USDC on cryptocro, and also True USD, and TrueGBP (TGBP), but I do have to hold 1000 CRO minimum to be able to earn the 10%. Apeswap u can pair two stable coins against each other, same with Uniswap, and many other swaps and generate huge returns while in all stable coins.
I admit this HBD thing is pretty good, a heck of a lot simpler for us here.
Wow!! Thanks for the information, we truly learn everyday. I have been stuck with the idea that HBD is the best so far. I have to do more research on how to earn higher and safer with stablecoin. Thanks once again.
yeah many options... I think 10% and a stabile coin is something I would never do... hex paid 40% per year plus 10000x in 1.9 years!!!
HEX is paying 40% per year plus 10000x in 1.9 years. Beat that?
LASSECASH pool is paying between 10-20x per year, beat that coinbase!?!?!