MakerDAO’s “DAI” stablecoin is breaking, as predicted
prestonbyrne.com
MakerDAO’s “DAI” stablecoin is breaking, as predicted
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Re: MakerDAO’s “DAI” stablecoin is breaking, as predicted
#2Tether gets criticized for being fractional, but it's more stable than fancy collateralized derivative products. Cryptocurrency never ceases to amaze me.
Re: MakerDAO’s “DAI” stablecoin is breaking, as predicted
#3Actually, for such laughably small trading volume DAI is as stable as mountain:
https://coinmarketcap.com/currencies/dai/#markets
I do expect DAI to be more stable as adoption and trading volume grows.
Author of is article is a troll. In his last post he wrote literally:
> Having taken fifteen minutes to review the MakerDAO paper
MakerDAO is probably one of the most ambitious projects on Ethereum with pretty complicated structure. Draw conclusions on 15 minutes of review is nonsense.
Re: MakerDAO’s “DAI” stablecoin is breaking, as predicted
#4I'm a bit skeptical of derivative-based stablecoins in general, but Dai dropped briefly and then went right back to about a dollar, currently $1.02. I don't think they ever claimed that their price stabilization mechanisms would work instantaneously.
Re: MakerDAO’s “DAI” stablecoin is breaking, as predicted
#5FUD. Insufficient liquidity on some exchange might cause the price to fluctuate briefly, of course. But it quickly corrected back to $1.
Re: MakerDAO’s “DAI” stablecoin is breaking, as predicted
#6Tether gets criticized for being fractional, but it's more stable than fancy collateralized derivative products. Cryptocurrency never ceases to amaze me.
Tether gets criticized for having no released third party audits that they actually hold the hundreds of millions of dollars that is backing their token. They say they have frequent audits on their website, their transparency update that they called the Friedman audit, in the same paragraph states that it does not constitute as an audit[0].
In the same “audit”, Friedman stated they did not evaluate if tether owned those accounts, had access to the funds, if those funds represented anything else besides the backing of tether[1].
[0]https://tether.to/announcement-transparency-update/
[1]https://tether.to/wp-content/uploads/2017/09/Final-Tether-Co...
Re: MakerDAO’s “DAI” stablecoin is breaking, as predicted
#7Tether gets criticized for being fractional, but it's more stable than fancy collateralized derivative products. Cryptocurrency never ceases to amaze me.
Decentralized trustless systems are always going to be less efficient than centralized ones.
Re: MakerDAO’s “DAI” stablecoin is breaking, as predicted
#8Tether gets criticized for being fractional, but it's more stable than fancy collateralized derivative products. Cryptocurrency never ceases to amaze me.
Wait, tether is fractional now? Wasn't one of their big promises that Tether is always backed up 1:1 by the dollar?
Re: MakerDAO’s “DAI” stablecoin is breaking, as predicted
#9Tether gets criticized for being fractional, but it's more stable than fancy collateralized derivative products. Cryptocurrency never ceases to amaze me.
Wait, tether is fractional now? Wasn't one of their big promises that Tether is always backed up 1:1 by the dollar?
I believe you are correct that it's not fractional, their website claims "100% Backed - Every tether is always backed 1-to-1, by traditional currency held in our reserves. So 1 USD₮ is always equivalent to 1 USD." [1]
The whitepaper abstract also states "issued tokens are fully backed and reserved at all times." [2]
[2] https://tether.to/wp-content/uploads/2016/06/TetherWhitePape...
Re: MakerDAO’s “DAI” stablecoin is breaking, as predicted
#10Actually, for such laughably small trading volume DAI is as stable as mountain: https://coinmarketcap.com/currencies/dai/#markets I do expect DAI to be more stable as adoption and trading volume grows. Author of is article is a troll. In his last post he wrote literally: > Having taken fifteen minutes to review the MakerDAO paper MakerDAO is probably one of the most ambitious projects on Ethereum with pretty complica…
> Author of is article is a troll.
He may have an incendiary and flippant writing style, but it’s worth noting that he was a founder and COO of Monax (née Eris) which released an open source private-chain fork of Ethereum in 2014. He’s qualified to have an opinion on complex smart contracts and not be called a troll. If anything he’s emblematic of the frustration felt by many early adopters who understand that the hype bubble is making it hard for this rather experimental technology to meet inflated expectations (Vitalik recently being another prime example).
http://www.businessinsider.com/ethereum-founder-threatens-to...