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Reserve – A flexible pool of stablecoins designed to reduce risk

reserve.org

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

#61

Post by arcticbull »

rglullis wrote: post #58
arcticbull wrote: post #44

Earlier quoted context omitted.

It's always a pleasure though! :) I certainly learn a lot from y'all. 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 remain unconvinced about it's practical real-world applications. When your idea of "real-world" is one where all people have access to stable, robust and functional institutions, it's no surprise that you don't see the necessity of alternatives. Consider it a privilege. And I don't mean it in a derogatory way.

Hardly. I just don't see it solving any problems for anyone in a country without robust financial institutions either, certainly not at scale.

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

#62

Post by rglullis »

ac29 wrote: post #49
pmorici wrote: post #37

Earlier quoted context omitted.

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?

The backing assets appear to be other stablecoins. I wonder what kind of interest they can make that 1) isnt incredibly risky, and 2) is legal in the US where they are based.

Look at their website, they say clearly that holding stablecoins is just part of the first phase.

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

#63

Post by xalava »

There are many confusions mixed with stereotypical startup culture in the first video. A global stable currency is not :

- Dollarization, that is an already relatively common phenomenon (Zimbabwe, Argentina...) with controversial effects. Definitely not a silver bullet for hyperinflation.

- A payment system, that requires to work tightly on UI/UX, on cultural preferences, to adapt to local infrastructure... Exactly the reason M-pesa succeeded where many silicon valley startup failed.

And then, there are the technology choices, the stability mechanism, the regulatory aspects ...

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

#64

Post by rojeee »

arcticbull wrote: post #44
rglullis wrote: post #39

Earlier quoted context omitted.

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.

It's always a pleasure though! :) I certainly learn a lot from y'all. 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.

To back you up somewhat with a personal anecdote... I've been working in the blockchain World for about 8 years across crypto and enterprise blockchain as an engineer, researcher and more recently a product manager, and and have come to the conclusion that there are not really very many practical applications for crypto or enterprise blockchain.

For crypto, other than censorship resistance - which most people don't actually care about because they are lucky enough not to need it - it doesn't really offer anything useful. Most crypto projects are Rube Goldberg machines whereby the operators of these companies are re-hashing all the same things our ancestors did with money. Of course they are doing well at the moment because it's morphed into a get rich quick scheme. If there was no easy money to be made there would be little interest in it, just like there was back in 2010 when I started looking at Bitcoin.

Enterprise blockchain struggles because there's no actual need for blockchain elements like chains of provenance and smart contracts if the participants are fully identified and already have business relationships. "Blockchain" is a direct substitute for trusted third parties and good legal agreements and should only ever be used in circumstances where all other options are exhausted because the technology comes with so many bad trade-offs. Doesn't scale, very complicated, difficult to manage upgrades and versions, customers find it hard to understand, etc...

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

#65

Post by rglullis »

arcticbull wrote: post #61
rglullis wrote: post #58

Earlier quoted context omitted.

> I remain unconvinced about it's practical real-world applications. When your idea of "real-world" is one where all people have access to stable, robust and functional institutions, it's no surprise that you don't see the necessity of alternatives. Consider it a privilege. And I don't mean it in a derogatory way.

Hardly. I just don't see it solving any problems for anyone in a country without robust financial institutions either, certainly not at scale.

qualifying it with "certainly not at scale" tells me how far from the mark you are.

"Scale" is not the point. Independence and resilience is.

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

#66

Post by fbrusch »

tornato7 wrote: post #28
throwaway4good wrote: post #3

What is it running on top of (Ethereum, its own blockchain)? Is it similar to MakerDAO?

If it's running on Ethereum then users will see $5-20 transaction fees and >20 second transaction times. That's not a great experience for first time users

It is now possible to use so called layer 2 (L2) solutions like zkrollups, considerably reducing fees and increasing throughput (https://vitalik.ca/general/2021/01/05/rollup.html). Loopring is already functioning on mainnet. (https://loopring.org)

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

#67

Post by bulgar73 »

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?

Mister, we have “xUSD” !!! It is first and only private untraceable stablecoin math backed on $XHV blockchain which is fork of $XMR. See www.havenprotocol.org

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

#68

Post by CryptoPunk »

ac29 wrote: post #51
abalaji wrote: post #33

Sounds similar to basis. [1] I wonder how they are going to get around the unregistered security problem. [1] https://www.basis.io/

"Furthermore, the Reserve network is, in a sense, a new kind of government. We are supplementing - and in some cases wholly replacing - the government function of money" From their Ethics page. Should go over well with regulators.

Regulators work for us, and should be answerable to the people through their democratically elected representatives. Their job shouldn't be to protect and expand the control the state wields. It should be exclusively to further the public interest, whether that is through expanding state power, or relinquishing it to make way for new non-governmental mechanisms of socio-economic coordination.

I understand your point from a practical perspective, but I think it's important to point out how far the situation of needing to worry about how regulators will react to decentralization technology is from the ideals of democracy.

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

#69

Post by bulgar73 »

CryptoPunk wrote: post #16
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 Si…

You are wrong. We have one which is what he want !!!

Asset “xUSD” - first and only untraceable private stablecoin in monero based blockchain developed by www.havenprotocol.org team. XUSD was started 07/2020 and soon in 02-03/2021 team also start next four assets - xEUR, xCNY, xGOLD and xSILVER. All in private haven protocol.

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

#70

Post by rglullis »

codebolt wrote: post #60
rglullis wrote: post #56

Earlier quoted context omitted.

Codebolt calls for the death of BTC, news at 11. Yeah, yeah, I get it. No one can really know the true price of BTC. It's all speculation. Nothing to back it up... what else do you have? Understand this: there is a large number of people that will keep working with BTC (and crypto) regardless of price and current market conditions. There is a large number of people that don't care about the price . People will keep b…

Speculation? You can look at the raw market data right here and see several things that should make any critically minded person go 'hmmm': https://coinmarketcap.com/currencies/tether/ How can Tether have a daily trading volume of almost 100 bln on a supply of 'just' 24 bln? Seems rather obvious that the vast majority of crypto trades are done by HFT algos and not people (or worse, that the actual supply of Tether is…

You do know what you are saying may be new to a few naive or ignorant newcomers, but that is already priced in by any reasonable person involved in the space, right? [0]

Yes, I completely agree what Tether is doing is criminal and that they will likely be responsible for the next crash.

The question is: so what? The important thing about crypto is its anti-fragility. Every crash brought a correction that made the system more robust and less prone to be extinct.

It's not going to be crypto's first crash and it is certainly not going to be the last.

[0]: https://www.reddit.com/r/UniSwap/comments/l43yka/what_happen...

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