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DAI is a complex series of loans, borrowing, and interest that creates incentive to sell your DAI if it goes over $1 and incentive to buy if it goes below $1. D

by zionic 7y ago

DAI is a complex series of loans, borrowing, and interest that creates incentive to sell your DAI if it goes over $1 and incentive to buy if it goes below $1. DAI has basically maintained $1 for years even as ETH prices have been all over the place. It's battle tested. If you can't be bothered to do a few minutes of research on a complicated topic I don't know what you're doing here.

ppf 7y ago
So you're basically telling me "it's complicated"? These "incentives" you mention require general faith on the part of traders that Dai really is worth $1, and given the incredibly low liquidity of USD/Dai trading, you can stay in fantasy land for a long time. >If you can't be bothered to do a few minutes of research.. I'm not on HN to "learn" crypto, and you forget you're not on some crappy crypto forum.
- robocat 7y ago
  You appear to be very rude to me; you asked: > And how is [DAI] pegged? Someone asked the various exchanges very nicely if they could only trade it for $1? This is a forum and people have given you pointers to answers and you are expected to do the work to study on your own. This happens a lot in life.
  - ppf 7y ago
    So far, I have a 20-minute video that is clearly mostly not about the Dai peg, and a link to a very wordy "paper". I skimmed both, and the answer is apparently "oracles", or a price feed from several crypto exchanges. That's a really simple answer, that doesn't need burying in layers of cryptobabble and an attitude that I can only describe as condescending.
    - robocat 7y ago
      It is very good to be critical about the value of information others provide. But I find your commenting style abrasive; I wouldn't be surprised to see you flagged if you continue with it (especially with multiple examples in a single thread). Occasional outbursts seem to be tolerated here, although frowned upon as unconstructive. I myself personally tend towards abrasive confrontation of facts; but I really value the rules here since they create good discourse and avoid discord.

by zionic 7y ago

ppf 7y ago

So you're basically telling me "it's complicated"? These "incentives" you mention require general faith on the part of traders that Dai really is worth $1, and given the incredibly low liquidity of USD/Dai trading, you can stay in fantasy land for a long time. >If you can't be bothered to do a few minutes of research.. I'm not on HN to "learn" crypto, and you forget you're not on some crappy crypto forum.

robocat 7y ago
You appear to be very rude to me; you asked: > And how is [DAI] pegged? Someone asked the various exchanges very nicely if they could only trade it for $1? This is a forum and people have given you pointers to answers and you are expected to do the work to study on your own. This happens a lot in life.
- ppf 7y ago
  So far, I have a 20-minute video that is clearly mostly not about the Dai peg, and a link to a very wordy "paper". I skimmed both, and the answer is apparently "oracles", or a price feed from several crypto exchanges. That's a really simple answer, that doesn't need burying in layers of cryptobabble and an attitude that I can only describe as condescending.
  - robocat 7y ago
    It is very good to be critical about the value of information others provide. But I find your commenting style abrasive; I wouldn't be surprised to see you flagged if you continue with it (especially with multiple examples in a single thread). Occasional outbursts seem to be tolerated here, although frowned upon as unconstructive. I myself personally tend towards abrasive confrontation of facts; but I really value the rules here since they create good discourse and avoid discord.