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You can't fork gigawatt powerplants and silicon foundries by clicking a button on Github. You can't even fork a stablecoin. in case of a split in a PoS chain,

You can't fork gigawatt powerplants and silicon foundries by clicking a button on Github. You can't even fork a stablecoin. in case of a split in a PoS chain, the correct fork will be decided for you by USDC and Coinbase.

cinquemb 5y ago
You can fork decentralized over (crypto) collateralized stablecoins even if you can't force a fork of a centralized stablecoin operated by incorporated entity to be recognized by them. Unless we're going to pretend that there is only one way on and off networks and only in one currency denomination…
- inter_netuser 5y ago
  how do I send a wire to DAI?
  - cinquemb 5y ago
    Just because you may not be willing to swap cash/gold/anything a local counter party values in whatever jurisdiction you reside in for a random networks gas and/or tokens that trade on them, doesn't mean others cannot. If you want to use coinbase to buy crypto and tokens, that's on you.
  - yellowapple 5y ago
    You don't. You send a wire to someone who's willing to send you some DAI in return.
- wmf 5y ago
  You can fork decentralized over (crypto) collateralized stablecoins In practice the value of the forked collateral is likely to be low, leaving the stablecoins insolvent.
  - cinquemb 5y ago
    If you are forking the chain state and not just the vm, that could be the case. However, if you are only forking the vm and allowing for people de deploy other protocols (or forks of other protocols), this is not the case (they just start off at lower total supply relative to the native collateral available on that network from a lower demand base).
    - wmf 5y ago
      I don't consider it a fork unless it includes the state. For example, ZCash is based on Bitcoin code but nobody considers it a fork of Bitcoin and there are various chains like Avalanche that support EVM but they aren't forks of Ethereum.
      - cinquemb 5y ago
        > I don't consider it a fork unless it includes the state. I think id agree for things like ZCash/Dash etc compared to BTC, but I'm not sure I'd agree when it comes to the all contracts deployed on all EVM networks and none of this has anything to do with decentralized stablecoins. For example, you can mint MIM (a decentralized stablecoin) on both avalanche c-chain and ethereum (as well as polygon, fantom, bsc and arbitrum), and they are both worth $1, but have different collateral backing it on both networks. If users wanted to leave one or the other, they could just redeem their mim for the underlying, sell it and buy the collateral on another network and mint it on the other network. The collateral might trade lower on one network based on market factors (like if the narrative shifted to that the chain became too centralized or w/e, and this assumes that even the price movement of the underlying overwhelms the over collateralization ratio, it might not) but it would just mean that there would be more or less mim on that particular network as assets are liquidated and not that the MIM itself would be worth less.

cinquemb 5y ago

You can fork decentralized over (crypto) collateralized stablecoins even if you can't force a fork of a centralized stablecoin operated by incorporated entity to be recognized by them. Unless we're going to pretend that there is only one way on and off networks and only in one currency denomination…

inter_netuser 5y ago
how do I send a wire to DAI?
- cinquemb 5y ago
  Just because you may not be willing to swap cash/gold/anything a local counter party values in whatever jurisdiction you reside in for a random networks gas and/or tokens that trade on them, doesn't mean others cannot. If you want to use coinbase to buy crypto and tokens, that's on you.
- yellowapple 5y ago
  You don't. You send a wire to someone who's willing to send you some DAI in return.
wmf 5y ago
You can fork decentralized over (crypto) collateralized stablecoins In practice the value of the forked collateral is likely to be low, leaving the stablecoins insolvent.
- cinquemb 5y ago
  If you are forking the chain state and not just the vm, that could be the case. However, if you are only forking the vm and allowing for people de deploy other protocols (or forks of other protocols), this is not the case (they just start off at lower total supply relative to the native collateral available on that network from a lower demand base).
  - wmf 5y ago
    I don't consider it a fork unless it includes the state. For example, ZCash is based on Bitcoin code but nobody considers it a fork of Bitcoin and there are various chains like Avalanche that support EVM but they aren't forks of Ethereum.
    - cinquemb 5y ago
      > I don't consider it a fork unless it includes the state. I think id agree for things like ZCash/Dash etc compared to BTC, but I'm not sure I'd agree when it comes to the all contracts deployed on all EVM networks and none of this has anything to do with decentralized stablecoins. For example, you can mint MIM (a decentralized stablecoin) on both avalanche c-chain and ethereum (as well as polygon, fantom, bsc and arbitrum), and they are both worth $1, but have different collateral backing it on both networks. If users wanted to leave one or the other, they could just redeem their mim for the underlying, sell it and buy the collateral on another network and mint it on the other network. The collateral might trade lower on one network based on market factors (like if the narrative shifted to that the chain became too centralized or w/e, and this assumes that even the price movement of the underlying overwhelms the over collateralization ratio, it might not) but it would just mean that there would be more or less mim on that particular network as assets are liquidated and not that the MIM itself would be worth less.