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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Cryptocurrencies are emerging technologies. They are by no means ready to offer stability at this stage. Maybe in the future some might be able to stabilize small fluctuations in buy/sell pressure but nothing like what we have today.
Right, I'm not suggesting that all tokens (established or new) become stable; just that (as Vitalik has suggested) someone implement a StableCoin: a token specifically designed for stable value. Which is hard - that's why it's interesting.
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The "brave" are willing to fund the development and use of crypto precisely because of the potential gains. The lame (or more cautious) don't understand or buy into crypto and (at least now) wouldn't buy a stable coin. The brave don't care about or want stability.
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The "brave" claim they are funding something that will transform the global economic system. A system which mainly consists of the "lame". Therefore, the "brave' are liars unless they can create something the "lame" want to use.
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It will come. It's inevitable. It's like stock and bond markets. But crypto is not ready for stable because those who would buy stable aren't ready for crypto.
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Sure, that's a fair point. But it is important that crypto transitions to real use cases, and many such cases benefit from stability. I don't think it's too soon for research & prototyping (and some is being done).
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Totally agree!
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Not hard -- impossible. Unless it's in a command-control relation to markets, which completely voids the point.
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Why impossible? For the easiest example, suppose the system automatedly helicopter drops/steals to expand/contract money supply based on an oracle of StableCoin:USD price, to maintain a peg? That's a proof of concept.
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Okay. But then it's just a USD tracker-coin. If there's actually a market for Robo-Fed it will be sad in a way that's hard to articulate.
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yes, but
will be . the command economy didn't last almost a century for nothing: apes love security well above freedom. -
the crypto economy only escapes that to the extent that it's intrinsically realistic, and thus cannot promise anything.
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Stable is relative. Look how much the dollar has lost in purchasing power the last 20 years! Crypto folks wishing for stability strike me like old people not wanting change.
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Stable is relative, and fiat is relatively stable compared to cryptocurrency. A few percent a year is nothing compared to the volatility of crypto tokens.
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Agreed. But crypto assets shows is positive volatility, government money is negative.
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What are your thoughts on USDT?
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Why doesn't Tether fit this bill? Relatively stable coin?
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It is easier to make a stable asset from derivatives than from a currency. I implemented it inside the channel network so it would be scalable.https://github.com/zack-bitcoin/amoveo …
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