Basecoin, aka the Basis Protocol

Re:Basecoin, aka the Basis Protocol by thisisit on Wednesday April 18, 2018 @01:53PM (#16869410)

> MakerDAO's DAI coin (currently collateralized by ETH) has already proven quite stable in the face of several black swan events and the price of Ethereum crashing nearly 70% over the past couple of months.

That is an interesting claim. What were these black swan events which DAI passed with flying colors?

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Re:Basecoin, aka the Basis Protocol by chrisco255 on Wednesday April 18, 2018 @03:31PM (#16870287)

I would argue the value of ETH (the asset that backs DAI) crashing from nearly $1400 a couple months ago to a low of almost $350 a few weeks ago is pretty strong. What other asset has these sort of swings in such a low amount of time? The fact that the collateral backing DAI has dipped and yet DAI has remained stable is a testament to the systems underlying it.

What could kill DAI would be ETH crashing to near zero rapidly.

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Re:Basecoin, aka the Basis Protocol by thisisit on Wednesday April 18, 2018 @09:38PM (#16872707)

You could argue that. And that is a good point. But it is simply price swings or volatility. The job of the stable coin is to be stable during periods of volatility, even high one as that.

A black swan event is the one you pointed out about ETH crashing to zero. And there were none yet.

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