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10 sats \ 1 reply \ @035cc67c9f 9 Mar 2023 \ on: BitMEX - Dust on Crust bitcoin
I'm extremely interested in the concept of using inverse perpetual swaps to create "synthetic" USD. Other projects are pursuing this (Kollider, Galoy, etc), but I am not at all interested in Hayes' proposal that involves centralized custodians + an ETH DAO (lol) to manage the effort.
It would take coordination, but it feels like this could be done on lightning with a Robosats-like maker/taker interface + Cashu for transferring the synthetic USD.
If this can't be done in a decentralized and trust-minimzed fashion, it really isn't much better than the Tether/Circle solutions that already exist.
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0 sats \ 0 replies \ @rax0m OP 10 Mar 2023
Yeah that ETH DAO part was a bit cringe.
Then I wonder how the oracle problem could ever be overcome. Especially when there could be a huge incentive to lie a bit about the BTC price to take out a 100x short.
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