OK so my philosophy on "algorithmic stablecoins"
1) sometimes their market cap goes up, which is cool I guess
2) the whole notion of a "stablecoin" that isn't backed by something you're confident will retain most of its value makes no sense
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Immense respect to Alameda team, FTX team and Solana. I respectfully disagree w your POV. Algo stables conceptually r similar to current monetary systems, & how they started, replacing central fiscal guarantees, w “liquidity providers” / crypto bankers ie yield seeking farmers.
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so to be clear I think that currencies not backed by USD are fine -- in some senses that's what BTC is, and EUR!
What they're *not* is "stablecoins", and IMO they shouldn't try to be.
That’s where I disagree - Why are they not stablecoins? The definition of a stablecoin is simply any token that attempts to peg, with stability, to another reference asset. Algo stables attempt to do so in similar fashion to many others irl stables.
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Btw, I’m ok to agree to disagree as well, just very into this space now and really supportive of one of the projects which I believe has true potential to achieve its vision.
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