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Stable coins don't have to be backed by dollars, e.g. Dai and MIM are over-collaterized with cryptos. Dai survived the fall from ~$2k Ether to ~$50 Ether, and n
by 0x64 4y ago
Stable coins don't have to be backed by dollars, e.g. Dai and MIM are over-collaterized with cryptos. Dai survived the fall from ~$2k Ether to ~$50 Ether, and never lost its peg.
- quickthrower2 4y agoIf you are collateralized to survive a 97.5% loss in collateral value, it means there has to be a severe limit on the amount of USD circulated by the stablecoin. It cannot scale.
- ryanobjc 4y agoThat's not what happened.
- mtmail 4y agoCan you elaborate?
- delaaxe 4y agoExcept if most of your collateral is USDC and USDT which are allegedly backed by real dollars
- quickthrower2 4y agoThat would be fractional reserve cubed … or something!
- m00dy 4y agoHN is not the place to discuss innovations in crypto space.
- aaaaaaaaata 4y agoWell, instead of shouting you down, I'll just say this is contested, both by myself and many others. The community at large has awful factions, but a portion of this tech will be normalized sooner than we hope.
- fredoliveira 4y agoAnd why would you think that? HN has been around since before the BTC whitepaper, and there has been healthy discussion of the space over the years. Not sure what you think the right venue is, honestly, but I'd love to find out.
- nikanj 4y agoSomewhere that has easier marks. HN crowd tends to not be easily duped by Get-Rich™
- jimmydeans 4y ago
- Ekaros 4y agoUnless it is VC fuelled start-up lottery...
- rchaud 4y agoThe right venue is someplace that is unlikely to have an audience familiar with monetary history, databases, decentralized networks and payment processing and settlement systems.
- stiltzkin 4y agoI disagree there has been healthy discussion when mostly is anti-crypto, there has been more neutral venues on subreddits.
- piva00 4y agoWhat do you mean? HN can have pretty meaningful discussions around this topic. It's rather bizarre that you'd need a safer space than Hacker News to discuss these innovations, there is no punishment (except losing some internet points if downvoted), the worst thing that happens around here for the crypto community is getting sceptics asking some deeper and/or harder questions. What's the issue with scrutinisation?