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by mattwilsonn888
1607 days ago
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Why is it that everything a crypto die-hard says is held to the flame but when you are a skeptic you are allowed to be ignorant and obtuse? The space needs hard looks for every claim said, not just the positives. Most people in crypto are aware of why Tether is bad. In fact a huge portion of stable-coins are handled algorithmically and backed by their network asset. You are building strawmen, likely out of ignorance. |
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haha, I strongly suspect I know much more about this space than your average coiner. Simply because you disagree doesn't make my positions wrong. You haven't actually indicated anything wrong with my position other than your frustration and a few ad hominem attacks.
Algorithmic stablecoins are (a) a tiny fraction of the stablecoin space and (b) pegs. Pegs are honey pots for attackers. This is true in classical finance too - and attacking the peg can be extremely lucrative. Just yesterday MIM and UST got knocked off their pegs. I'm led to believe this isn't the first time UST got knocked off its peg and required airdropping hundreds of millions onto it. And knocking the GBP off its peg is how Soros made his money.
Fractionally reserved stablecoins that never lose their peg are a perpetual motion machine. [1]
[1] https://bennettftomlin.com/2021/07/27/my-second-appearance-o...