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36 sats \ 3 replies \ @022fbc9cef 27 Mar \ on: This Is The 'Single Largest Arbitrage In Human History' econ

Why has no one done this:

  1. Create a decentralized network (blockchain, whatever) that doesn’t have its own token but just uses Bitcoin as a unit.
  2. Bitcoin is locked into this network through Bitcoin scripts. Perpetual swap is used to peg the Bitcoin value to USD.
  3. The network can send USD to other people. Fees are paid in USD and Bitcoin is claimed out of the network as compensation for fees.
  4. No bullshit, no scam tokens, secured by the Bitcoin network’s hash power.

Or is this how taproot assets are going to work?

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10 sats \ 2 replies \ @siggy47 OP 27 Mar

Pegging bitcoin to the USD is a non starter, I think. Even if you wanted too, how could you?

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36 sats \ 1 reply \ @022fbc9cef 27 Mar

Perpetual swaps.

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117 sats \ 0 replies \ @siggy47 OP 27 Mar

How do you keep the peg while the outside exchanges and p2p are trading at the market rate?

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