1/ Watching #btc volatility & thinking about current use cases, I finally appreciate why @VitalikButerin says it's important to make a StableCoin. Ppl should be able to store value w/o taking on all this currency risk.
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3/ As speculators we expect everyone to just join the hodl club, but that exemplifies the immaturity of the tech/us. Most users don't want to be speculators, so if using and speculating are commingled, that's bad for actual use & ultimately for our investment.
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4/ A club that won't let anyone in who doesn't want to gamble is going to end up being a club of gamblers, not the world new financial system. A good StableCoin is one possible answer.
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5/ Making one, however, without centralization or counterparty risk, is...non-trivial. But deeply fascinating if you're into monetarism & cryptoeconomics! Looking forward to continued community speculation on the topic.
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6/ p.s. since many seem unversed in the basics of how & why to make a "StableCoin", some reading: https://blog.ethereum.org/2014/11/11/search-stable-cryptocurrency/ … https://medium.com/topl-blog/dangerous-volatility-and-why-we-need-a-stable-cryptocurrency-6d66dcd605f8 … https://bitshares.org/technology/price-stable-cryptocurrencies/ …https://thecontrol.co/stablecoins-a-holy-grail-in-digital-currency-b64f3371e111 …
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We haven't seen a monetization event in the life of anyone now living, so it's not surprising it looks strange when it happens.
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I guess I'm skeptical of price stability for any one currency, even at fixation. I would expect there will always be shifts between competing currencies, for example. This is a way in which BTC != gold - the price is inherently more variable.
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If it wins, I expect Bitcoin to have even fewer competitors than gold, which after all didn't fully vanquish its perennial rival silver until the 20th century. But only time will tell.
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I think price stability is overrated. 1 BTC = 1 BTC This equation will always and forever be true, and the world will always be in constant flux. Bitcoin will always be there, immutable beyond all belief, such that the world can adapt and grow and plan and build on this flux.pic.twitter.com/a8KqIC6VQN
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As my fianceé says: if everyone had to understand the tech behind the internet to use it, it wouldn't be nearly as successful. To succeed, BTC must be legible to noobs. (Also, even among BTC hodlers, very few seem to deeply understand the tech or economics)
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Agreed. Also BTC needs to increase its block size, make confirmation times for blocks faster, lower their fees. Hopefully soon
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What do you think of this write up? https://multicoin.capital/2018/01/17/an-overview-of-stablecoins/ … by
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I think it's really good. I share their doubts about the seignorage model, for example, and the "death spiral" possibility. If I had written the article there would be 75% overlap and few disagreements, so...
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Cool thanks for taking the time to respond :)
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How about decentralised futures?
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Do you mean like the bitshares system? (https://bitshares.org/technology/price-stable-cryptocurrencies/ …). I think counterparty risk is a big issue.
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Haven't thought about it a lot, just thinking out loud. You're probably right about the counterparty issue.
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Digix is set to release next year. Will be as stable as gold.
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Awesome. Totally agree.
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stick with usd in this case ;)
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