> A "stable" coin that cannot be readily redeemed and is not fully reserved is a Ponzi scheme with extra steps. Extra steps, and the delay they introduce, may

> A "stable" coin that cannot be readily redeemed and is not fully reserved is a Ponzi scheme with extra steps. Extra steps, and the delay they introduce, may be all a ponzi needs to sustain itself sufficiently to permit quiet exits. That the market will eventually be consistent is, alas, not the current manipulators' problem.