0 sats \ 8 replies \ @nerd2ninja 31 Mar 2023 \ on: Synthetic Stablecoins on Lightning bitcoin
This dude said, "remember Terra Luna? Yeah whatever happened to that? Anyway that was an inspiring model that should be built on top of Bitcoin"
Lmao learn it now. Just because you built it on Bitcoin, doesn't mean you didn't create a scam.
This model is entirely different from Luna/Terra.
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No you're right this is the stablesats model now that I'm reading it. Why did you call it synthetic dollars you weirdo? Why are you using the word deri-
No....you made a derivative of an account that's using stablesats on the back end? Oh my goodness gracious.
Anyway anyway counterparty risk not your keys not your coins you know all the problems.
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Where did he say synthetic dollars?
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I mean "synthetic stablecoins" is literally the title of the post
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I think words are important here.
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Yeah that's why I'm complaining about it being called "synthetic" rather than saying "stable sats" because people know what the stable sat model is and "synthetic" could mean anything.
Read the article if you really want to have a semantic discussion.
"When a user pegs a certain part of their BTC balance to USD, Kollider takes that bitcoin and uses it to create a position on the Kollider Exchange. The account simultaneously holds the bitcoin (meaning it’s long bitcoin) while also opening a perpetual short position (meaning it’s short the same amount of bitcoin). Taken together, these two positions mean that the account has zero exposure to the price movements of bitcoin."
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LNMarkets does something similar, specifically calling it synthetic USD.
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groan whyyyyyyy