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Ideal Stablecoin on TARO - What properties does it need to survive?
143 sats \ 8 comments \ @starbuilder 4 Jul 2022 bitcoin
We are at the cross roads... again... Using stablecoin on a blockchain is one of the best use case I've seen outside of bitcoin. With TARO we can build the ideal stablecoin we want by taking all the experience we learnt so far from shitcoins. Here's my brain dump.
  1. Decentralized and community driven instead of managed by a single company/entity
  2. Should be non custodial at lightning node level
  3. Easy to check proof of reserves on bitcoin blockchain
  4. Peg should be strong enough not to break
  5. Can be pegged to any currency or stable value
  6. Anyone can mint/redeem as long as they post collateral
Anything else I am missing? Please add your thoughts...
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0 sats \ 1 reply \ @KingZing 5 Jul 2022
A USD stablecoin should just have USD/T bills backing it and avoid being too fancy.
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0 sats \ 0 replies \ @starbuilder OP 5 Jul 2022
Good one. How can we prove the proof of reserve onchain?
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0 sats \ 5 replies \ @nerd2ninja 5 Jul 2022
Anyone can mint if they post collateral? I mean you post USDC you're introducing the risk of Circle, you post USDT you introduce the risk of tether and if you allow both you introduce the risk of both simultaneously.
And no don't you dare suggest using Bitcoin as collateral.
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0 sats \ 1 reply \ @selfish_gene 5 Jul 2022
это логично... биткоин создан без залога. это его ценность
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0 sats \ 0 replies \ @starbuilder OP 5 Jul 2022
agreed.
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0 sats \ 2 replies \ @starbuilder OP 5 Jul 2022
I was thinking only bitcoin as collateral. May I ask why you are against it?
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20 sats \ 1 reply \ @go 5 Jul 2022
We’re you alive a month ago to watch Terra USD collapse?
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0 sats \ 0 replies \ @starbuilder OP 5 Jul 2022
Yes. I looked at it in depth. bitcoin collateral was a catalyst but it was not the cause. The true cause was anchor protocol giving unsustainable 20% interest. I believe we can learn from it and not repeat the same mistakes.
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