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The CONCEPT of stablecoin is fraudulent/fantasy because you can't take a stablecoin and look at it and see exactly where the fiat that is backing it is. You ca
by lubesGordi 7y ago
The CONCEPT of stablecoin is fraudulent/fantasy because you can't take a stablecoin and look at it and see exactly where the fiat that is backing it is. You can't prove that it's fiat backing exists in any way.
The only reason it exists is because there are a ton of fanboys for anything crypto and they don't have a clue how it works. TONS of people were freaking out about tether very shortly after it became well known.
- seibelj 7y agoYC-funded Coinbase has monthly attestation reports for its USDC stablecoin, which is the second most popular https://www.coinbase.com/usdc https://www.coinbase.com/usdc
- lubesGordi 7y agoThe only reason something like this can work is because of trust in the institution that provides it. That whole premise is counter to the crypto currency model.