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I take it you've never heard of Maker? You can audit the supply of DAI and the ETH backing it in real time.
by intotheabyss 6y ago
I take it you've never heard of Maker? You can audit the supply of DAI and the ETH backing it in real time.
- graeme 6y agoFrom context I’m assuming OP was talking about USD backed stablecoins. That said, DAI is an interesting case in that it is now mostly backed by centralized assets rather than ETH. I do not believe it is within the capacity of the average user to audit such a system. It would be simple for an average person to examine a USD account balance and say “yes the money is there”. But how can anyone figure all the possible tail events that could occur from DAI’s structure? https://webcache.googleusercontent.com/search?q=cache:Cb0cMy7JuRgJ:https://insights.deribit.com/market-research/dai-is-now-60-backed-by-centralized-assets-what-does-that-mean/+&cd=3&hl=en&ct=clnk&gl=ca https://webcache.googleusercontent.com/search?q=cache:Cb0cMy... https://medium.com/@adamscochran/3-reasons-why-dai-is-defis-biggest-risk-64f1bc7e6109 https://medium.com/@adamscochran/3-reasons-why-dai-is-defis-...