10010b. People want custodians. Complete ownership / responsibility will scare the shit out of them. — @PareenL
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10011. If we don’t ship a password reset protocol it is all ending up back in banks. —
@ricburton3 replies 5 retweets 30 likesShow this thread -
10100. Stable coins are inherently shit coins unless they’re asset backed. —
@gabrielferrin_3 replies 1 retweet 16 likesShow this thread -
Replying to @QWQiao @gabrielferrin_
Asset backed stablecoins? We have that.... check us out athttp://ld2coin.io
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but Fiat isn't asset backed
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Exactly
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Replying to @gabrielferrin_ @MustStopMurad and
But I'm being a tad hyperbolic. It's different because taxes are denominated in Fiat and the processes of regulating supply is never static.
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Replying to @gabrielferrin_ @MustStopMurad and
Fiat USD is 'backed' by the requirement that every nation-state on Earth must always be buying USD in order to buy oil from Saudi Arabia. Since every country needs oil, every country needs to always be buying the 'USD dip'. This is the only 'stable currency' peg I will trust.
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Replying to @ColtonRobtoy @MustStopMurad and
That's the first type of asset backed token I'd make. But USD is also very infationary. With crypto you could create other interesting asset backed currencies or baskets of them that don't really exist yet and might be better hedges for different things.
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Replying to @gabrielferrin_ @MustStopMurad and
1/ I'm happy with 1-3% Inflation per year of USD- it incentivizes people to spend, which incentivizes people to create business, which incentivizes those businesses to create jobs.
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In a purely free market, the winning currency will inevitably be close to fixed-supply. Any other game-theoretic Schelling point simply doesn’t make sense. People *will* be spending a hoardable coin if others demand to get paid in it, even if its value increases a little every yr
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