129 sats \ 11 replies \ @DarthCoin 3 Aug 2022
Any stablecoin is just a way to keep alive fiat...
Faster we get rid of fiat, faster we get back our freedom.
https://i.postimg.cc/h4p9SFpb/shitcoins-change-my-mind.jpg
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152 sats \ 9 replies \ @derekross OP 3 Aug 2022
I used to think that too, but then I realized I had a privileged view on the world. Those in third world and developing nations need access to stablecoins for various reasons. I view stablecoins as a way stepping stone to hyperbitcoinization.
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2 sats \ 2 replies \ @DarthCoin 3 Aug 2022
Those people/countries are deep shit EXACTLY because are attracted by these stablecoin scam schemes, to fool their minds.
You are getting to tied on USD and that means slavery.
Get rid ASAP of any fiat currency and be free. Otherwise... HFSP
People using stablecoins are kissing the but of their government/central bank.
Are like cancer patients going to chemotherapy hoping that one day they will be cured. They will not, they simply die from that shit chemical. Sooner they stay away from poison, sooner they get better.
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5 sats \ 1 reply \ @KingZing 3 Aug 2022
you cannot get out of the global monetary system no matter how hard you try, or whatever you adopted.
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75 sats \ 0 replies \ @DarthCoin 3 Aug 2022
watch me
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1 sat \ 5 replies \ @sb 3 Aug 2022
What happens if OKX collapses? What's stopping them following what Luna did with Terra? Why would we want to expose those in poverty to such counterparty risk?
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3 sats \ 0 replies \ @derekross OP 3 Aug 2022
Are there risks?
Every fiat product has some risk. For instance if you hold fiat in a bank account and the bank goes under, you are at risk of losing funds. Similarly, when you stabilize sats, some of the magical powers wear off.
Risks to consider for Stablesats include the following:
Counterparty risk with the exchange. If the exchange goes under, the collateral may be unrecoverable.
Derivatives exchanges have auto-deleveraging for perpetual contracts. The position could be closed despite being in profit. This will lead to an under-hedging situation.
Funding goes negative for an extended period of time. Historically there has been on average more longs than shorts on derivatives exchanges. In this environment, funding is revenue-generating for short positions. This might not stay true in the future.
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0 sats \ 0 replies \ @nb 3 Aug 2022
#53860
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0 sats \ 2 replies \ @moel 3 Aug 2022
OKX is the single point of failure here.
It will need to be replaced by a decentralized and fully backed options marketplace, maybe something like Kollider.XYZ ?
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11 sats \ 1 reply \ @DeezSats 3 Aug 2022
Kollider is not decentralized
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0 sats \ 0 replies \ @starbuilder 4 Aug 2022
Even bitcoin beach wallet is not decentralized...!
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0 sats \ 0 replies \ @starbuilder 4 Aug 2022
100%
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30 sats \ 0 replies \ @TheBTCManual 3 Aug 2022
The demand for dollars is only going to increase as EM currencies shit the bed, having smoother ways to swap between USD without having to deal with exchanges are only going to gain in popularity.
Not sure how this holds up and scales because someone has to be the "bank" here,
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5 sats \ 0 replies \ @starbuilder 4 Aug 2022
I am fan of Galoy and user of Bitcoin beach wallet. I have huge respect for them and what they have done to lightning community. However, this stablesats product is not a working product and using an exchange to hedge only increases the risk. Also funding rate fee on hedging is around 0.02% ~ 0.05% per 8 hours. May be this will work for short term 1-2 days but not for more than 30 days.
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5 sats \ 0 replies \ @kevin 3 Aug 2022
Would love to see this kind of stablecoin as part of fedimint federations! I'm sure there are a billion technical problems to work through but it would be neat.
Killer combo IMO.
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43 sats \ 1 reply \ @Brunswick 3 Aug 2022
Perpetual inverse swaps is like integrating the deltas in price changes. This should be susceptible to drift due to quantization noise, like a I-D feedback control. Without any P, there is nothing to 'tether' the two prices together. It sounds like a good idea but whoever is running the exchange could lose their pants or make out like a bandit simply from rounding error (like office space)
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22 sats \ 0 replies \ @a 3 Aug 2022
Coming from an engineering background, I appreciate the analogy to PID controller
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0 sats \ 0 replies \ @mrbrownstone 6 Aug 2022
https://standardsats.github.io/
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0 sats \ 0 replies \ @takaponka 4 Aug 2022
Stability in stablecoins is an illusion. Some think we need to get rid of them the quickiest way, others say it's necessary for a transition to a new system. They're not going to disappear by magic it will happen because people won't need them anymore.
UNTIL then ...
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0 sats \ 0 replies \ @IgnaciobTato 3 Aug 2022
I don't like this type of project as we are back in the begining of the problem. Bitcoin must absorve the capitallization of the world.
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0 sats \ 1 reply \ @KingZing 3 Aug 2022
Very interesting. Is there any kyc required for this?
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0 sats \ 0 replies \ @Porto 3 Aug 2022
no
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