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I just can't get it out of my head that the $UST $BTC reserve strategy is really just an acknowledgment that algorithimic stablecoins simply don't work, and instead of abandoning the tech, they're just making it "too big to fail".

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Any reasonable valid arguments against this thesis?

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and

Not sure if its an argument? I am willing to accept that Chris can't get a hypothesis out of his head We move from a position of strength - $UST has grown to the largest decentralized stablecoin without exogenous reserves. $BTC reserves don't save $UST, only make it stronger

8:25 AM · Apr 1, 2022Twitter Web App

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and

“Can’t get a hypothesis out of his head” 😂😂

@stablekwon

casually picks up his phone and dunks on someone.

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and

You bought an asset that highly correlates to your existing collateral and the peg itself, instead of acquiring the asset that could help to support the peg. You significantly weakened your own position and the whole system due to overconfidence and greed

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fixmefixmyhead

@fixmefixmyhead

Apr 1

The Bitcoin is a reserve not a backing. It's only in case of emergency bank run situation and to provide a sense of security for people looking to adopt UST.

Don't wrap your Bitcoin /

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and

I hope this is the last tweet about you having to explain this whole thing,close chapter

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and

Since money is only backed by confidence, $btc , is reasonable solution but Do we are talking about confidence so the solution isn't just coins but education. First thing: defi stems from tradfi and thus mistrust begins. Tradi has been perverted so much that >

hanneswot

@hanneswot

Apr 1

Money doesn't any longer mean 'tool to exchange' anymore, loans are not loans, backing doesn't mean assets... So you try to break this distrust down and can't succeed till you educated PPL. And education means creating ability to do not feeding data to brains. >

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