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We aren't suggesting anything, that's what fiat means. There are projects of cryptos backed with different things, for example stable coins with dollars, or syn
by nathias 5y ago
We aren't suggesting anything, that's what fiat means. There are projects of cryptos backed with different things, for example stable coins with dollars, or synthetic stable coins with overcollaterized loans of other cryptos.
- RugnirViking 5y agoif a cryptocurrency is backed by dollars, gold or anything else, it is not "intrinsically" worth anything, it is only worth anything because of what it is backed by.
- nathias 5y agothat's what intrinsically means in this context, it's a dumb term but it is what it is
- cuteboy19 5y agoBut stablecoins are identical to central banks. They involve a central authority pinky promising not to print more of the token. And surprise surprise they do print as many as they want (USDT/USDC)
- nathias 5y agonot the synthetic ones which are just smart contracts for decentralized loans