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That was an Algorithmic Stablecoin. USDC is not, it was backed by dollars in banks with a 1:1 backing and 3rd party audited.
by swalsh 4y ago
That was an Algorithmic Stablecoin. USDC is not, it was backed by dollars in banks with a 1:1 backing and 3rd party audited.
- EVa5I7bHFq9mnYK 4y ago"was backed" hehe
- mtlmtlmtlmtl 4y agoMany the mortgage bonds in the 2008 crisis were AAA or AA rated by a "third party". And they were dogshit. Is it audited by the SEC or some "auditing firm"?
- basch 4y agoI’ll repeat. How is a stable coin a Ponzi scheme. A Ponzi scheme pays a dividend or share of fake “revenue.” Stablecoins don’t make money, unless lent out.
- Analemma_ 4y agoHow'd that work out for it.