Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Reserve – A flexible pool of stablecoins designed to reduce risk

reserve.org

Post reply on HN
Print view View original

11–20 of 119 posts

Re: Reserve – A flexible pool of stablecoins designed to reduce risk

#11

Post by arcticbull »

Geee wrote: post #10

When it removes the peg to the dollar, how it's supposed to be stabilized? "bunch of random collateral" isn't quite convincing. How are people going to trust that the collateral, like tokenized bonds, are actually valuable? I'm not going to trust such a system. Money based on trust is dead. The only purpose of this currency is to enrich those who invented it.

> The only purpose of this currency is to enrich those who invented it.

As is tradition in crypto. It's kind of implicit.

[edit] I mean, think about this rationally. You're creating a new token, that doesn't have revenue, a business model, or any way of generating income. And yet it is "100% asset backed, and funded by top Silicon Valley investors."

Those investors aren't in it for their health. They don't care about decentralization and trustless whatever. They want to make an ROI.

How can you make an honest ROI if you don't have income?

Re: Reserve – A flexible pool of stablecoins designed to reduce risk

#13

Post by arcticbull »

gogopuppygogo wrote: post #12

I want Monero but as a stable coin. Can someone just bring that out so we can have a crypto currency that is actually useful as a currency?

Monero is on its way to being delisted from all exchanges, and outlawed.

Re: Reserve – A flexible pool of stablecoins designed to reduce risk

#14

Post by dannyw »

sneak wrote: post #8

I'm surprised that being associated with Coinbase (of "we're NOT going to agree that black lives matter, so stop asking already" fame) and the giant scam that is USDT is not regarded yet by these people as reputation damage.

The people calling ‘USDT’ a scam probably haven’t used it. For the past 5 years, Tether has been the most amazing way for me to transfer dollars across exchanges, or just to hold during market drawdowns.

The fact that it is unregulated, and weakly subject to AML/KYC is a feature for me, not a problem. My money, my business, not the governments.

Re: Reserve – A flexible pool of stablecoins designed to reduce risk

#15

Post by arcticbull »

dannyw wrote: post #14
sneak wrote: post #8

I'm surprised that being associated with Coinbase (of "we're NOT going to agree that black lives matter, so stop asking already" fame) and the giant scam that is USDT is not regarded yet by these people as reputation damage.

The people calling ‘USDT’ a scam probably haven’t used it. For the past 5 years, Tether has been the most amazing way for me to transfer dollars across exchanges, or just to hold during market drawdowns. The fact that it is unregulated, and weakly subject to AML/KYC is a feature for me, not a problem. My money, my business, not the governments.

No, the people calling USDT a scam know that it's backed by nothing, and Tether has no obligation whatsoever to redeem them, ever (it's in their T&Cs).

Their banking partner, Deltec, in the Bahamas is chaired by the man who created the Inspector Gadget TV series.

[edit] Tethers are chuck-e-cheese tokens that became so integral to the entire cryptocurrency market (90% of ETH inflow and 80% of BTC inflow are Tether, not dollars) that nobody can do anything other than pretend they're legitimate. Because if they're not - and they're not - then the whole thing falls down.

Re: Reserve – A flexible pool of stablecoins designed to reduce risk

#16

Post by CryptoPunk »

gogopuppygogo wrote: post #12

I want Monero but as a stable coin. Can someone just bring that out so we can have a crypto currency that is actually useful as a currency?

Well, you don't have to have a standalone coin to get the features you desire. For example the AZTEC Network, which is a privacy protocol, can be used with any Ethereum-based ERC20 token, including algorithmic stablecoins like DAI, and soon Reserve.

A demo a couple years ago showed AZTEC being used to conduct privacy-protected DAI transactions for the first time:

https://twitter.com/avsa/status/1068536063470125056

Since then, AZTEC's privacy technology has become more efficient in terms of gas, and more effective at protecting privacy, going from protecting merely the privacy of amounts, to protecting the privacy of amounts transferred and sending/receiving addresses.

AZTEC is also developing a zk-Rollup, which increases Ethereum's maximum throughput from 15 tps to 3,000 tps, so that these private stablecoin transactions can be done at scale (though not 3,000 tps, since privacy comes with a computational and state storage overhead, but still much greater than 15 tps).

Re: Reserve – A flexible pool of stablecoins designed to reduce risk

#17

Post by CryptoPunk »

arcticbull wrote: post #13
gogopuppygogo wrote: post #12

I want Monero but as a stable coin. Can someone just bring that out so we can have a crypto currency that is actually useful as a currency?

Monero is on its way to being delisted from all exchanges, and outlawed.

Monero exists in a global market. There are many many exchanges all over the world. On top of that, Monero can be trivially exchanged for other cryptocurrencies without the use of custodial/permissioned exchanges. The cryptocurrency genie is out of its bottle.

Re: Reserve – A flexible pool of stablecoins designed to reduce risk

#18

Post by vntok »

arcticbull wrote: post #11
Geee wrote: post #10

When it removes the peg to the dollar, how it's supposed to be stabilized? "bunch of random collateral" isn't quite convincing. How are people going to trust that the collateral, like tokenized bonds, are actually valuable? I'm not going to trust such a system. Money based on trust is dead. The only purpose of this currency is to enrich those who invented it.

> The only purpose of this currency is to enrich those who invented it. As is tradition in crypto. It's kind of implicit. [edit] I mean, think about this rationally. You're creating a new token, that doesn't have revenue, a business model, or any way of generating income. And yet it is "100% asset backed, and funded by top Silicon Valley investors." Those investors aren't in it for their health. They don't care about…

> How can you make an honest ROI if you don't have income?

This seems like a very curious view of the world to me. Do you believe that people who buy houses and sell them at a profit 20 years later are dishonest?

Re: Reserve – A flexible pool of stablecoins designed to reduce risk

#19

Post by vntok »

sneak wrote: post #8

I'm surprised that being associated with Coinbase (of "we're NOT going to agree that black lives matter, so stop asking already" fame) and the giant scam that is USDT is not regarded yet by these people as reputation damage.

A company wants to focus on their product or service instead of getting entangled into the clown festival of social justice politics, a topic that has nothing to do with said product or service.

Re: Reserve – A flexible pool of stablecoins designed to reduce risk

#20

Post by Judgmentality »

arcticbull wrote: post #15
dannyw wrote: post #14

Earlier quoted context omitted.

The people calling ‘USDT’ a scam probably haven’t used it. For the past 5 years, Tether has been the most amazing way for me to transfer dollars across exchanges, or just to hold during market drawdowns. The fact that it is unregulated, and weakly subject to AML/KYC is a feature for me, not a problem. My money, my business, not the governments.

No, the people calling USDT a scam know that it's backed by nothing, and Tether has no obligation whatsoever to redeem them, ever (it's in their T&Cs). Their banking partner, Deltec, in the Bahamas is chaired by the man who created the Inspector Gadget TV series. [edit] Tethers are chuck-e-cheese tokens that became so integral to the entire cryptocurrency market (90% of ETH inflow and 80% of BTC inflow are Tether, no…

> Their banking partner in the Bahamas is chaired by the man who created the Inspector Gadget TV series.

This sounds incredibly fitting for a cryptocurrency.

Post reply on HN