An $814M Mystery Near the Heart of the Biggest Bitcoin Exchange
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Re: An $814M Mystery Near the Heart of the Biggest Bitcoin Exchange
#2My latest side-project is an alternative to Tether (the "mystery" in the title). It's similar in that the currency is pegged to the dollar, but it's implemented as a smart contract on the Ethereum block chain, so the reserve (held by the smart contract and not touchable by me) is instantly auditable.
The code is open source and can be found here:
https://github.com/unumone/unum
If anyone wants to help, let me know. I could REALLY use a better website design ;) Also if anyone wants to peruse the smart contracts and let me know if I'm doing anything glaringly stupid, I'd appreciate it. I plan to pay to get a proper security audit done, but not until I'm "done" writing the contracts.
john at unum dot one
Re: An $814M Mystery Near the Heart of the Biggest Bitcoin Exchange
#3Rising complexity of financial instruments? Check.
Uncertainty about the capital backing of a booming market? Check.
FOMO fever? Check.
Where have I seen this before?
Re: An $814M Mystery Near the Heart of the Biggest Bitcoin Exchange
#4What is that style of art/animation the video uses? I feel its aesthetic is really 'greasy', kinda covered in grime from cigarettes. I've seen it before in order graphic design.
Re: An $814M Mystery Near the Heart of the Biggest Bitcoin Exchange
#5My latest side-project is an alternative to Tether (the "mystery" in the title). It's similar in that the currency is pegged to the dollar, but it's implemented as a smart contract on the Ethereum block chain, so the reserve (held by the smart contract and not touchable by me) is instantly auditable. https://unum.one The code is open source and can be found here: https://github.com/unumone/unum If anyone wants to hel…
I don't understand this. How can you store the USD reserves inside the blockchain? AFAIK the blockchain can only keep track of the cryto-tokens, not of the real money.
Re: An $814M Mystery Near the Heart of the Biggest Bitcoin Exchange
#6There has been a blogger/journalist tracking this and writing some great analysis on Tether and BitFinex
Re: An $814M Mystery Near the Heart of the Biggest Bitcoin Exchange
#7My latest side-project is an alternative to Tether (the "mystery" in the title). It's similar in that the currency is pegged to the dollar, but it's implemented as a smart contract on the Ethereum block chain, so the reserve (held by the smart contract and not touchable by me) is instantly auditable. https://unum.one The code is open source and can be found here: https://github.com/unumone/unum If anyone wants to hel…
I don't understand this. How can you store the USD reserves inside the blockchain? AFAIK the blockchain can only keep track of the cryto-tokens, not of the real money.
The reserve will be in Ethereum (and possibly also in ERC20 tokens like OMG), not USD. You buy Unum using these other cryptocurrencies, and can always sell Unum to buy anything in the reserve, always at the current USD spot price.
This of course raises the possibility of the USD value of the reserve falling below the # of issued Unum. In that case, a sale penalty goes into affect, to discourage selling and increasing the deficit. It's explained more here on the website:
Re: An $814M Mystery Near the Heart of the Biggest Bitcoin Exchange
#8WARNING: Auto-playing video with possibly loud sound.
Re: An $814M Mystery Near the Heart of the Biggest Bitcoin Exchange
#9Earlier quoted context omitted.
I don't understand this. How can you store the USD reserves inside the blockchain? AFAIK the blockchain can only keep track of the cryto-tokens, not of the real money.
The reserve will be in Ethereum (and possibly also in ERC20 tokens like OMG), not USD. You buy Unum using these other cryptocurrencies, and can always sell Unum to buy anything in the reserve, always at the current USD spot price. This of course raises the possibility of the USD value of the reserve falling below the # of issued Unum. In that case, a sale penalty goes into affect, to discourage selling and increasing…
Doesn't a sale penalty mean the token is not actually pegged to the dollar? It's pegged to the whims of the cryto currency?
Re: An $814M Mystery Near the Heart of the Biggest Bitcoin Exchange
#10My latest side-project is an alternative to Tether (the "mystery" in the title). It's similar in that the currency is pegged to the dollar, but it's implemented as a smart contract on the Ethereum block chain, so the reserve (held by the smart contract and not touchable by me) is instantly auditable. https://unum.one The code is open source and can be found here: https://github.com/unumone/unum If anyone wants to hel…
Can you give me the tldr what a normal person would use this for or what it accomplishes?