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MustStopMurad's profile
Murad Mahmudov 🚀
Murad Mahmudov 🚀
Murad Mahmudov  🚀
@MustStopMurad

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Murad Mahmudov  🚀

@MustStopMurad

Cryptocurrency Analyst. Bitcoin, not Blockchain. Angel Investor. Previously @Princeton.

New York, NY
Joined March 2017

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    1. oliver beige‏ @oliverbeige Jul 19

      In order to hold the peg you need to collateralize your coin ether in full (sound but suboptimal), fractionally (that's what banks do) or not at all (that's fraudulent).

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    2. oliver beige‏ @oliverbeige Jul 19

      There's a large twitterature out there on "why pegcoins don't work" (usually mislabeled as stablecoin), so I can skip that and talk about actual stablecoins. Short version: thin collateral makes pegs explode. (Also, pegging against fiat makes you an exchange.)

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    3. oliver beige‏ @oliverbeige Jul 19

      3. To create a stablecoin that's endogenous to the underlying value creation process you have *in principle* two levers: 1. the issuance scheme, and 2. the allocation scheme.

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    4. oliver beige‏ @oliverbeige Jul 19

      In practice you're running against a bunch of taboos and more technical obstacles. Taboo #1 is that you can't (and shouldn't) commit to a fixed cap bc you have to adjust issuance ad hoc acc to an external signal, which leads directly to taboo #2, the dilution/debasement scare.

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    5. oliver beige‏ @oliverbeige Jul 19

      But while by default new coins are allocated to in-kind efforts that secure the network (read: mining), in theory new coins could also be allocated to current coin holders as a kind of automated dividend. Some algorithmic stablecoins propose to do that.

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    6. oliver beige‏ @oliverbeige Jul 19

      That still leaves pretty steep technical problems: How to create (or work around) an unimpeachable external signal of purchasing power, how to withdraw coins from circulation, how to parametrize issuance and allocation, etc.

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    7. oliver beige‏ @oliverbeige Jul 19

      But there's already a bunch of algorithmic stablecoins out there that attempt to implement such a scheme. How well they achieve this is likely more an empirical than a theoretical problem, so there's certainly space for more.

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    8. oliver beige‏ @oliverbeige Jul 19

      Blockchain space like startup space is about parallelizing the taking of wrong turns. ◀◀

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    9. James Zdralek‏ @james_zdralek Jul 19
      Replying to @oliverbeige @ecoinomia

      I need to add my 2 cents and mention that interest rates are an integral part of any stable currency. As well, market signal can be utilized to create stability in a currency while integrating the time value of money.https://www.sap.com/canada/documents/2017/11/382d86c5-e07c-0010-82c7-eda71af511fa.html …

      1 reply 0 retweets 1 like
    10. oliver beige‏ @oliverbeige Jul 20
      Replying to @james_zdralek

      Indeed, although I haven't seen that being incorporated into "automated central bank" type stablecoins yet. Let me know if you're aware of one, I'm not necessarily up to speed on that topic.

      1 reply 0 retweets 0 likes
      Murad Mahmudov  🚀‏ @MustStopMurad Jul 20
      Replying to @oliverbeige @ecoinomia @james_zdralek

      interest rates will have to be decided by the market itself, otherwise the Impossible Trinity will be broken. Algorithmic stablecoins choose: Free capital flow - YES Fixed exchange rate - YES Sovereign Monet Policy (e.g. rates) - NO you can’t do all three, as Asia 1998 showed

      8:22 AM - 20 Jul 2018
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