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Problem lies here that dodgy institutions without goverment supervision are issuing stable coins so you never know when some crypto guy is going to do rug pull.

Problem lies here that dodgy institutions without goverment supervision are issuing stable coins so you never know when some crypto guy is going to do rug pull. But first government backed stable coin which you can buy and sell fast will be huge.

LudwigNagasena 4y ago
As if government institutions are any more dutiful. The British banknotes still say “I promise to pay the bearer on demand…” as a big FU to all the holders.
- denton-scratch 4y ago
  ...signed by the Governor of the Bank Of England, the oldest central bank in the world, which has never yet reneged on that promise to exchange paper for hard currency.
  - nailer 4y ago
    I see your point, but also: that pound was a failed stablecoin against the Deutschemark at one time. http://news.bbc.co.uk/onthisday/hi/dates/stories/september/16/newsid_2519000/2519013.stm http://news.bbc.co.uk/onthisday/hi/dates/stories/september/1...
    - denton-scratch 4y ago
      > a failed stablecoin against the Deutschemark That's an interesting way of spinning the pound falling out of the ERM (which wasn't the same as the Deutschmark). From the perspective here, getting out of the ERM was a blessing, not a "failure". And at no point did a paper pound cease to be exchangeable with hard currency. So I stand by my earlier remark.
  - LudwigNagasena 4y ago
    Not sure if that’s sarcasm, but the promise is to exchange it for gold, not “hard currency”. Barely 100 years since the establishment of the Bank of England has passed before the convertibility was annulled for 20 years because of wars and, as a consequence, gold shortage.
    - denton-scratch 4y ago
      There's no mention of "gold". It says on this here piece of paper: "I promise to pay the bearer on demand the sum of twenty pounds". The implication that this £20 note is not actually £20. But ten £2 coins is coin-of-the-realm, and coin is what you can expect the Governor to hand over when you go to cash-in the promise.
- AdamN 4y ago
  The government institutions are definitely more dutiful than Binance. Even if they weren't though, a USD will have more value after a major Fed screw up than the equivalent stablecoin after their crypto backers make a major screw up.

LudwigNagasena 4y ago

As if government institutions are any more dutiful. The British banknotes still say “I promise to pay the bearer on demand…” as a big FU to all the holders.

denton-scratch 4y ago
...signed by the Governor of the Bank Of England, the oldest central bank in the world, which has never yet reneged on that promise to exchange paper for hard currency.
- nailer 4y ago
  I see your point, but also: that pound was a failed stablecoin against the Deutschemark at one time. http://news.bbc.co.uk/onthisday/hi/dates/stories/september/16/newsid_2519000/2519013.stm http://news.bbc.co.uk/onthisday/hi/dates/stories/september/1...
  - denton-scratch 4y ago
    > a failed stablecoin against the Deutschemark That's an interesting way of spinning the pound falling out of the ERM (which wasn't the same as the Deutschmark). From the perspective here, getting out of the ERM was a blessing, not a "failure". And at no point did a paper pound cease to be exchangeable with hard currency. So I stand by my earlier remark.
- LudwigNagasena 4y ago
  Not sure if that’s sarcasm, but the promise is to exchange it for gold, not “hard currency”. Barely 100 years since the establishment of the Bank of England has passed before the convertibility was annulled for 20 years because of wars and, as a consequence, gold shortage.
  - denton-scratch 4y ago
    There's no mention of "gold". It says on this here piece of paper: "I promise to pay the bearer on demand the sum of twenty pounds". The implication that this £20 note is not actually £20. But ten £2 coins is coin-of-the-realm, and coin is what you can expect the Governor to hand over when you go to cash-in the promise.
AdamN 4y ago
The government institutions are definitely more dutiful than Binance. Even if they weren't though, a USD will have more value after a major Fed screw up than the equivalent stablecoin after their crypto backers make a major screw up.