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Has anyone tried to “peg” a cryptocurrency to USD? That seems like an ideal thing to have... Somehow change reward size based on exchange rate. That is increase
by matthewbauer 9y ago
Has anyone tried to “peg” a cryptocurrency to USD? That seems like an ideal thing to have... Somehow change reward size based on exchange rate. That is increase supply when above 1:1 and decrease when below.
- yathern 9y agoYes, there is Tether - which is pegged to USD - and somewhat controversial for reasons I don't fully understand.
- ascom 9y agoThe controversy is that it is unclear whether every Tether is backed by real USD. See: Tether's TOS, Bitfinex's banking issues, etc.
- mercer 9y agoI found this article on the matter very interesting: https://medium.com/@untetheredbtc/how-the-tether-usdt-distribution-system-works-84a5c673bec0 https://medium.com/@untetheredbtc/how-the-tether-usdt-distri...
- rewtraw 9y agoMakerDAO just launched its stablecoin, DAI. It maintains stability by a complex system of smart contracts and CDPs. The problem is much more difficult than simply increasing/decreasing supply. https://makerdao.com/ https://makerdao.com/
- matthewbauer 9y agoLooks interesting! The trusted oracle part seems concerning as a single point of failure but I suppose it’s necessary.
- berberous 9y agoThere's also BaseCoin, another attempt at a "stable coin" with prominent investors: https://www.coindesk.com/basecoin-revealed-a16z-metastable-seek-crypto-holy-grail-stable-token/ https://www.coindesk.com/basecoin-revealed-a16z-metastable-s...
- soganess 9y agoYes. https://tether.to/ https://tether.to/.