Other chains are solving payments problems with substantial advances since 2014.
They aren’t bitcoin so you dismiss them as scams.
But for some of us, the “narrative” of abandoning fiat is still very much a thing.
Conversation
Nope.
Provide any KPIs to back up the claim that these other chains are being used for the payments narrative.
My criticism of the payments narrative is across all chains.
2
1
16
You probably aren’t aware of Chai/Terra because it isn’t Bitcoin.
“Chai is the fastest growing e-wallet in Korea, with more than 2M active users and 1.2B in annualized transaction volume after less than 16 months of operations.”
Borderless algorithmic stablecoin. Used widely.
10
54
177
Oh sure a centralized stablecoin!
Any concrete metrics (other than pump press releases which aren't validation) you want to share?
9
1
17
TerraUSD isn’t centralized, and the metrics are open on the public blockchain.
How else would you like to move the goalposts?
7
9
94
Provide data/links Erik.
10
23
1/2 Quick read: like most algo-stablecoins, the system depends on an oracle. This oracle here are the base-layer PoS validators ("miners") who enter the exchange rate into a block. Their stakes can be slashed by a vote by hodlers.
2
2
21
You get slashed if you vote outside some band from the median price
No “hodlers” vote required
1
1
16
Literally every oracle works the same way, not sure where you extrapolated the holder’s vote from the WP
1
15
Ok, in this case it's a bit strangely formulated. But it's still just miners voting and their only stake is their stake which doesn't get slashed if they coordinate and can be shorted against.
1
1
No all the delegations get slashed as well. There are also circuit breakers that caps price reports per vote period, so in order to be successful vals would need to coordinate maliciously over multiple vote periods to profit - by which point delegations will churn
Ok, that's not in the whitepaper but I believe you. Doesn't help though. What if the price does crash but the miners vote that it did not? No circuit breaker can detect it. And how does anyone get slashed if they all vote the same?
1
1
1. If validators are lying delegations would still churn
2. If terra price crashed and CB turns on it would still be attractive to buy it up and change it with Luna at $1 - protocol always guarantees terra exchange rate
1
7
Show replies