Kollider Pay - Synthetic USD/ EUR on LN \ stacker news ~bitcoin

Kollider Pay - Synthetic USD/ EUR on LN pay.alpha.kollider.xyz/

190 sats \ 6 comments \ @jerry 4 Aug 2022 bitcoin

1 sat \ 0 replies \ @kale 4 Aug 2022

Any one can create Synthetic USD/EUR

but without the liquidity exchanging to real USD/ EUR, no one will use it..

1 sat \ 0 replies \ @cryptocoin 4 Aug 2022

TIL: Synthetic fiat contracts already exist and you can try it now. It's called LndHubX made by @kollider_trade

Demo: https://pay.alpha.kollider.xyz Code: https://github.com/kolliderhq/lndhubx

My username is "calle". Send cents!

https://nitter.it/callebtc/status/1555075810423410689

0 sats \ 3 replies \ @jerry OP 4 Aug 2022

Can someone explain how does this work behind the scene? Thanks!

26 sats \ 0 replies \ @DarthCoin 4 Aug 2022

simple: give me your sats (real money) and I will give you fake money HFSP

3 sats \ 1 reply \ @TheBTCManual 16 Aug 2022

Probably the same way galoy does it by opening up a long/short position and then using those contracts backed by the sats sent to the exchange to ride the volitatility

Again, only really a product for traders, people who want to hold dollars that aren't interoperable with other dollars makes very little sense

3 sats \ 0 replies \ @ProofOfCash 16 Aug 2022

You can spend sats from the USD account or send USD to other Kollider Pay accounts. The thing that changes between BTC and USD accounts is the unit of account -- so if you deposit to the USD account 5000 sats and that's the exchange rate for $1, your USD account stays at $1. if bitcoin halves in price, you have 10000 sats in the USD account spendable. Goes the other way of course, but that's why you have multiple accounts. You choose your allocation of holdings, and if you want protection on a potential price drop you can secure it.