3 ms·
So anything with inflation is considered a ponzi scheme in your eyes? Just want to mention that I in no way support algorithmic stable coins, I think they are
by nightski 4y ago
So anything with inflation is considered a ponzi scheme in your eyes?
Just want to mention that I in no way support algorithmic stable coins, I think they are a joke (including luna/terra). But I also don't agree crypto currencies are generally a ponzi scheme (there may be a few exceptions).
- johntb86 4y agoIt's the impossible trilemma - you can't have * a fixed foreign exchange rate * free capital movement (absence of capital controls) * an independent monetary policy As a stablecoin, they claimed to have * A fixed exchange rate with the dollar * Generally free movement in and out (except for the 21-day redemption period, etc.) * an interest rate untethered to risk-free rates you could get on USD so it was impossible for it to work.
- hristov 4y agoI am not talking about crypto in general but the ancor protocol in particular. The ancor protocol provided 19.5 % yield without having any asset that actually produces that kind of income. It provided the yield from new investments coming in, which is the definition of a ponzi scheme.