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> We don't really know this Yes, I should have said 66B in liabilities. We don't know how much they have backing these liabilities. > A history of lies about
by eaurouge 4y ago
> We don't really know this
Yes, I should have said 66B in liabilities. We don't know how much they have backing these liabilities.
> A history of lies about audits, for a start ...
Indeed. So we're free to come up with our various estimates. None more correct than the other.
- Nursie 4y ago> So we're free to come up with our various estimates. None more correct than the other. Doesn’t this seem like a massive, systemic threat in itself, that an audit-dodging, opaque institution underpins the ecosystem? Even if it is all present and correct (for some definition of present and correct) shouldn’t we be highly suspicious purely because of this evasive behaviour?
- eaurouge 4y ago> Doesn’t this seem like a massive, systemic threat in itself, that an audit-dodging, opaque institution underpins the ecosystem? It was. But it's increasingly less so. The market has hedged this risk somewhat, by decreasing its market share: https://www.theblock.co/data/decentralized-finance/stablecoins/share-of-total-stablecoin-supply https://www.theblock.co/data/decentralized-finance/stablecoi.... And will likely continue to do so.