4 ms·

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

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.

vmception 5y ago
Got it, DAI uses a basket of collateral, some of which is the USDC stablecoin, and USDC itself is backed by USD. I dont think that means what you think it means, even if all the USDC in DAI deposits was frozen I think there are other contingencies to keep it at $1 MIM uses the same model except the collateral choices are better, so far, as they are all interest bearing or revenue producing assets such as xSushi and liquidity pool shares. I dont think TerraUSD is inherently better. The space is littered with algorithmic stablecoins. TerraUSD has done phenomonally well, I dont think it offers anything except being on par with MIM. I would say MIM and TerraUSD as equals for different reasons, and then DAI due to having greater liquidity than MIM and simply being around longer. I think there is still a gap in the market for the perfect stablecoin. I would like a MIM with a better team and more predictable outcomes.
- xur17 5y ago
  If I was looking for a stablecoin at the intersection of secure, seizure resistant, and well backed, I'd probably go with Liquity (LUSD). It's backed by ETH, doesn't have a dao or anything controlling it, and has been operating for over a year at this point with no issues.
  - vmception 5y ago
    Keeping it simple, love to see it

4 ms·

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

by quadcore 5y ago

vmception 5y ago
Got it, DAI uses a basket of collateral, some of which is the USDC stablecoin, and USDC itself is backed by USD. I dont think that means what you think it means, even if all the USDC in DAI deposits was frozen I think there are other contingencies to keep it at $1 MIM uses the same model except the collateral choices are better, so far, as they are all interest bearing or revenue producing assets such as xSushi and liquidity pool shares. I dont think TerraUSD is inherently better. The space is littered with algorithmic stablecoins. TerraUSD has done phenomonally well, I dont think it offers anything except being on par with MIM. I would say MIM and TerraUSD as equals for different reasons, and then DAI due to having greater liquidity than MIM and simply being around longer. I think there is still a gap in the market for the perfect stablecoin. I would like a MIM with a better team and more predictable outcomes.
- xur17 5y ago
  If I was looking for a stablecoin at the intersection of secure, seizure resistant, and well backed, I'd probably go with Liquity (LUSD). It's backed by ETH, doesn't have a dao or anything controlling it, and has been operating for over a year at this point with no issues.
  - vmception 5y ago
    Keeping it simple, love to see it