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Maybe there is something you can work out with TerraUSD (algorithmic stablecoin) and localbitcoins.com

by quadcore 5y ago

vmception 5y ago
DAI and MIM are a more battle tested model than TerraUSD But yes a basket of stablecoins is good right now
- quadcore 5y ago
  DAI and MIM are KYC-ed at their root so I wouldnt go for them, Edit: you have to be compliant to a subset of KYC to run their api - sorry i dont have the detail on top of my head, I do know its the case for USDC and last I checked DAI was KYC-rooted too. Everything thats stablecoin usd is KYC-rooted but TerraUSD which you cant purchase with usd on some major fiat ramp. Also KYC is recursive right, if youre KYCed you got to KYC your users too
  - vmception 5y ago
    What do you mean by that, you can buy and earn DAI and MIM without KYC, and they continue to function autonomously whether the founders have a regulatory issue, have survived and maintained their peg during volatile stress tests with the collateral, and they can be sold without KYC, they also cannot freeze an individual address Edit: to your edit, thats not accurate, all data is available onchain and can be read, new dai and mim can be created by adding collateral, programmatic interaction is done via ABIs, there is no need for a third party API even if they are offering one
    - quadcore 5y ago
      thats not accurate, all data is available onchain and can be read, new dai and mim can be created by adding collateral, programmatic interaction is done via ABIs, there is no need for a third party API even if they are offering one Youre saying, atm, all solutions are KYC-rooted but you can create a grey area yourself without being KYCed yourself (if youre lucky). Youre certainly right. FYI I was giving a practical advice to someone in need of a sure grey-enough area thats available now.
      - vmception 5y ago
        > FYI I was giving a practical advice to someone in need of a sure grey-enough area thats available now. Yeaaahhh I’m honestly going to need a source, not some conjecture from the Luna/TerraUSD discord. Is that really what they say over there to attract so much interest in their algorithmic stablecoin? > you have to be compliant to a subset of KYC to run their api - sorry i dont have the detail on top of my head Tell us all what exactly KYC rooted means, what can happen in the future to the existing smart contracts that could possibly limit anyone. You clearly don't know so go figure it out for the rest of us. Its your claim which doesn't make any sense and goes against what the code does. So get up to speed on your own claim, because it would be interesting to a lot of people. Its not practical advice, you made it up and are currently incapable of backing it up. Here is the contract code of DAI https://etherscan.io/address/0x6b175474e89094c44da98b954eedeac495271d0f#code https://etherscan.io/address/0x6b175474e89094c44da98b954eede... Here is the contract code of MIM https://etherscan.io/address/0x99d8a9c45b2eca8864373a26d1459e3dff1e17f3#code https://etherscan.io/address/0x99d8a9c45b2eca8864373a26d1459... What should we be looking at? In contrast, here is the USDC contract, which is behind a proxy meaning the entire contract can be updated to be more restrictive or completely different (the others dont have a proxy so nothing can be atm or “currently”) https://etherscan.io/address/0xa0b86991c6218b36c1d19d4a2e9eb0ce3606eb48#readProxyContract https://etherscan.io/address/0xa0b86991c6218b36c1d19d4a2e9eb... The current USDC contract has a “blacklist” function that blacklists addresses and freezes their USDC funds if those addresses already have USDC in them MIM and DAI dont have that but if you see something analogous let us know!
        quadcore 5y ago
        I think I understand what's confusing you in what I say. Let me clarify: the relation between DAI and KYC is a soft relation and by that I mean that KYC is not hardcoded in the technology. But by proxy, since the USD is KYCed, anything that's backed by USD is KYCed and thats enough to make say DAI not as permisionless as TerraUSD in practice. Now it may make no difference to you for such and such situations. Its just that when my life is at stake I wouldnt take any risk and choose the best available tech.

Maybe there is something you can work out with TerraUSD (algorithmic stablecoin) and localbitcoins.com

vmception 5y ago

DAI and MIM are a more battle tested model than TerraUSD But yes a basket of stablecoins is good right now

quadcore 5y ago
DAI and MIM are KYC-ed at their root so I wouldnt go for them, Edit: you have to be compliant to a subset of KYC to run their api - sorry i dont have the detail on top of my head, I do know its the case for USDC and last I checked DAI was KYC-rooted too. Everything thats stablecoin usd is KYC-rooted but TerraUSD which you cant purchase with usd on some major fiat ramp. Also KYC is recursive right, if youre KYCed you got to KYC your users too
- vmception 5y ago
  What do you mean by that, you can buy and earn DAI and MIM without KYC, and they continue to function autonomously whether the founders have a regulatory issue, have survived and maintained their peg during volatile stress tests with the collateral, and they can be sold without KYC, they also cannot freeze an individual address Edit: to your edit, thats not accurate, all data is available onchain and can be read, new dai and mim can be created by adding collateral, programmatic interaction is done via ABIs, there is no need for a third party API even if they are offering one
  - quadcore 5y ago
    thats not accurate, all data is available onchain and can be read, new dai and mim can be created by adding collateral, programmatic interaction is done via ABIs, there is no need for a third party API even if they are offering one Youre saying, atm, all solutions are KYC-rooted but you can create a grey area yourself without being KYCed yourself (if youre lucky). Youre certainly right. FYI I was giving a practical advice to someone in need of a sure grey-enough area thats available now.
    - vmception 5y ago
      > FYI I was giving a practical advice to someone in need of a sure grey-enough area thats available now. Yeaaahhh I’m honestly going to need a source, not some conjecture from the Luna/TerraUSD discord. Is that really what they say over there to attract so much interest in their algorithmic stablecoin? > you have to be compliant to a subset of KYC to run their api - sorry i dont have the detail on top of my head Tell us all what exactly KYC rooted means, what can happen in the future to the existing smart contracts that could possibly limit anyone. You clearly don't know so go figure it out for the rest of us. Its your claim which doesn't make any sense and goes against what the code does. So get up to speed on your own claim, because it would be interesting to a lot of people. Its not practical advice, you made it up and are currently incapable of backing it up. Here is the contract code of DAI https://etherscan.io/address/0x6b175474e89094c44da98b954eedeac495271d0f#code https://etherscan.io/address/0x6b175474e89094c44da98b954eede... Here is the contract code of MIM https://etherscan.io/address/0x99d8a9c45b2eca8864373a26d1459e3dff1e17f3#code https://etherscan.io/address/0x99d8a9c45b2eca8864373a26d1459... What should we be looking at? In contrast, here is the USDC contract, which is behind a proxy meaning the entire contract can be updated to be more restrictive or completely different (the others dont have a proxy so nothing can be atm or “currently”) https://etherscan.io/address/0xa0b86991c6218b36c1d19d4a2e9eb0ce3606eb48#readProxyContract https://etherscan.io/address/0xa0b86991c6218b36c1d19d4a2e9eb... The current USDC contract has a “blacklist” function that blacklists addresses and freezes their USDC funds if those addresses already have USDC in them MIM and DAI dont have that but if you see something analogous let us know!
      - quadcore 5y ago
        I think I understand what's confusing you in what I say. Let me clarify: the relation between DAI and KYC is a soft relation and by that I mean that KYC is not hardcoded in the technology. But by proxy, since the USD is KYCed, anything that's backed by USD is KYCed and thats enough to make say DAI not as permisionless as TerraUSD in practice. Now it may make no difference to you for such and such situations. Its just that when my life is at stake I wouldnt take any risk and choose the best available tech.