Some see the fixed supply as a design flaw. I see it as Bitcoin's greatest strength.https://twitter.com/David_Evans1/status/436479485798404097 …
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The exchange rate volatility is a byproduct of Satoshi choosing independent monetary policy and free capital flow over a fixed exchange rate within the Impossible Trinity. https://en.wikipedia.org/wiki/Impossible_trinity …
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Replying to @pierre_rochard
Any thoughts on the last section of the wiki: "The combination of the three policies, Fixed Exchange Rate and Free Capital Flow and Independent Monetary Policy, is known to cause financial crisis." (and the East Asian crisis)
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Replying to @saxurn @christianboyle
I agree, it's why a decentralized stablecoin is impossible
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Replying to @pierre_rochard @christianboyle
If you peg a stablecoin to USD or even CPI, you *don’t* have an Independent Monetary Policy so the Trinity isn’t broken.
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Replying to @MustStopMurad @christianboyle
With a fixed exchange rate your monetary policy can still be indepedent, you just can’t have free capital flows
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Replying to @pierre_rochard @christianboyle
Stablecoins choose Free Capital Flows + Fixed Exchange Rate, letting go of Independent Monetary Policy
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Replying to @MustStopMurad @christianboyle
Pierre Rochard Retweeted ♁𐄳 ⬱ ☽ ⬿ ♄
We’ve come full circlehttps://mobile.twitter.com/christianboyle/status/1007675941034823684 …
Pierre Rochard added,
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Stablecoins have indepedent monetary policy btw
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No, they don’t have an independent monetary policy, because interest rates will be determined by the global market, rather than decreed from above. Option A below. Only choosing 2/3, trinity not broken. YES fixed exchange rate YES free capital flow NO sovereign monetary policypic.twitter.com/nyH4VLRu0J
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Replying to @MustStopMurad @christianboyle
You’re right, I wasn’t thinking about that correctly
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