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I'd rather hold banks, regulators, and governments accountable so that I can safely and sensibly transfer funds rather than having to rely on bullshit nerd Ponzi schemes.
Worldwide, historically, this approach seems to have a poor track record.
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I assume these stable coins are making interest off the assets they hold to back the stable coin. Isn’t that the obvious play here?
Precisely. Provide stability in exchange of absorbing the risks from the underlying assets. It's what every bank could do, even without fractional reserve. I've had my share of discussions with arcticbull, it's amazing how smart he can be when he wants and how clueless he makes himself to be when it comes to acknowledging the upside of crypto projects.
I should say, I freely acknowledge I don't have all the answers - clueless in some cases even, to borrow a turn of phrase. I find crypto fascinating, like many folks, from a technical perspective. I remain unconvinced about it's practical real-world applications.
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 Si…
https://blog.makerdao.com/busting-makerdao-myths-seven-misco...
> Crypto-as-money is still young. We have a lot to do. Do you remember Napster? Tether is kinda like Napster – it's taking off, people love it, it's a little sketchy, and it's probably not the design that will last. We don't want to make the equivalent of Kazaa – another blip in the history that ultimately doesn't ultimately work out. The challenge is to build a platform that's as robust as BitTorrent and as great to…
Meanwhile, the real criminals pass through KYC with stolen ID.
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> Initially we are developing on the Ethereum Network but ultimately we expect two-way bridges to enable complete interoperability of the Reserve token across all major smart contract platforms.
Then it would be very similar to MakerDAO?
For example DAI is pegged to one USD to make it as useful as possible but "The Reserve token will initially have a target value of $1.00, but is designed to go off of the peg from the US dollar in the long term.".
I'd rather hold banks, regulators, and governments accountable so that I can safely and sensibly transfer funds rather than having to rely on bullshit nerd Ponzi schemes.
Earlier quoted context omitted.
> 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…
I assume these stable coins are making interest off the assets they hold to back the stable coin. Isn’t that the obvious play here?
I had this rather simple idea the other day: Why not create an artificial index over the last X days and trade that instead? No matter how crazy the price changes of a crypto coin are, the X day average will always be dampened because today's changes will only be 1/X of the change of the average.