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Stable coins don't have to be backed by dollars, e.g. Dai and MIM are over-collaterized with cryptos. Dai survived the fall from ~$2k Ether to ~$50 Ether, and n
by 0x64 5y ago
Stable coins don't have to be backed by dollars, e.g. Dai and MIM are over-collaterized with cryptos. Dai survived the fall from ~$2k Ether to ~$50 Ether, and never lost its peg.
- quickthrower2 5y agoIf you are collateralized to survive a 97.5% loss in collateral value, it means there has to be a severe limit on the amount of USD circulated by the stablecoin. It cannot scale.
- delaaxe 5y agoExcept if most of your collateral is USDC and USDT which are allegedly backed by real dollars
- quickthrower2 5y agoThat would be fractional reserve cubed … or something!
- ryanobjc 5y agoThat's not what happened.
- mtmail 5y agoCan you elaborate?
- m00dy 5y agoHN is not the place to discuss innovations in crypto space.
- aaaaaaaaata 5y agoWell, instead of shouting you down, I'll just say this is contested, both by myself and many others. The community at large has awful factions, but a portion of this tech will be normalized sooner than we hope.
- fredoliveira 5y agoAnd why would you think that? HN has been around since before the BTC whitepaper, and there has been healthy discussion of the space over the years. Not sure what you think the right venue is, honestly, but I'd love to find out.
- rchaud 5y agoThe right venue is someplace that is unlikely to have an audience familiar with monetary history, databases, decentralized networks and payment processing and settlement systems.
- stiltzkin 5y agoI disagree there has been healthy discussion when mostly is anti-crypto, there has been more neutral venues on subreddits.
- nikanj 5y agoSomewhere that has easier marks. HN crowd tends to not be easily duped by Get-Rich™
- Ekaros 5y agoUnless it is VC fuelled start-up lottery...
- jimmydeans 5y ago
- piva00 5y agoWhat do you mean? HN can have pretty meaningful discussions around this topic. It's rather bizarre that you'd need a safer space than Hacker News to discuss these innovations, there is no punishment (except losing some internet points if downvoted), the worst thing that happens around here for the crypto community is getting sceptics asking some deeper and/or harder questions. What's the issue with scrutinisation?