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by _yid9
2784 days ago
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Libertarian; I think that word doesn't mean what you think it means... There are many problems with cryptocurrencies in general, and "stablecoins" in particular, but this illuminates none of them. One problem is that the word "stable" in stablecoin conflates two separate concepts; the value-stability of the underlying reference commodity basket, and the stability of the units of the currency vs. the defined commodity basket. These are separate concerns with separate feedback/control loops, and any "stablecoin" that doesn't reflect that is doomed to failure. Users who expect value-stability of the commodity basket in terms of other value references will be especially disappointed; no "stablecoin" I am aware of claims to deliver that. I'm also pretty sure that "libertarians" don't expect others to magically give them such things. |
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