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The Price of Cyber-Gold

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Written by   4
1 month ago

New Comic: https://cdn.rcimg.net/OhWellOkay/351ba243/f3727fe601cba2f238ead386c62a1f66.jpeg

Rather than cheering on BCH specifically here, I am shouting booo at a familiar stablecoin. I look forward to the day when BCH is the only money we need, but for the immediate future we will need a decentralized stablecoin -- one layer of sanctioned counterfeiting is plenty, thank you!

So long as the Tether scheme exists, we will never know the true relative prices of crypto, and there is a looming collapse hanging over our heads if the air gets let out of Tether. In particular I have been interested in UST on the Terra/Luna network. It is an unbacked algorithmic stablecoin that is created by destroying $1 worth of a separate speculative coin (Luna). Interesting! To make a thing be worth $1, use $1 worth of something else that the free market has valued. Founder Do Kwon discussed it here yesterday for 10 minutes: https://finance.yahoo.com/video/terraform-labs-co-founder-kwon-230248539.html

I'm sure other people have some preferences/criticism/suggestions, happy to hear it. What is read.cash's favourite stablecoin?

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