I was initially surprised thst the stablecoin boom didn’t seem to involve more commodity or currency-basket pegged tokens.
But they aren’t in it for that, it’s a shiny digital way to go back to pre-1860s protocols where a paper dollar was made up by some dubious piggie and you had to know that it was really worth about 35 cents in government silver coin based on how hard it was to exchange, and insiders could make out like bandits via arbitrage and printing junk that they could pump and dump.
IMHO the only really necessary and useful stablecoin is DAI. Instead of being issued by some dubious piggie, the peg is maintained by a smart contract. DAI gets far less publicity than Tether for this reason.
It really goes to show what percentage of crypto bros care about decentralization whatsoever. Tether has a market cap of $184B and is the #3 “cryptocurrency” as of this writing. The dump hasn’t even happened yet!
I was initially surprised thst the stablecoin boom didn’t seem to involve more commodity or currency-basket pegged tokens.
But they aren’t in it for that, it’s a shiny digital way to go back to pre-1860s protocols where a paper dollar was made up by some dubious piggie and you had to know that it was really worth about 35 cents in government silver coin based on how hard it was to exchange, and insiders could make out like bandits via arbitrage and printing junk that they could pump and dump.
IMHO the only really necessary and useful stablecoin is DAI. Instead of being issued by some dubious piggie, the peg is maintained by a smart contract. DAI gets far less publicity than Tether for this reason.
It really goes to show what percentage of crypto bros care about decentralization whatsoever. Tether has a market cap of $184B and is the #3 “cryptocurrency” as of this writing. The dump hasn’t even happened yet!