News for hackers. Stuff that matters.

A comment on Crypto Coin Tether Defies Logic on Kraken’s Market, Raising Red Flags. Parent comment

Re:Crypto Coin Tether Defies Logic on Kraken’s Market, Raisi... by drcode on Friday June 29, 2018 @01:47PM (#17426160)
This is not true, as far as I understand: The vast majority of DAI is backed by fiat currencies via a complex mechanism involving multiple outside parties. The earliest version of DAI was envisioned as being 100% unbacked, but the collateral requirements to make that feasible ended up being prohibitive.
[ Parent | on HN ]
Re:Crypto Coin Tether Defies Logic on Kraken’s Market, Raisi... by wegwerfbenutzer on Friday June 29, 2018 @02:41PM (#17426614)
No, currently DAI is backed by Ethereum. You only need to spend one minute on their website or subreddit to get this information. I follow them for a long time and never even heard of them being backed by fiat. They only try to use virtual goods like virtual gold, cryptocurrencies etc. as collateral.
[ Parent | on HN ]
Re:Crypto Coin Tether Defies Logic on Kraken’s Market, Raisi... by RexetBlell on Friday June 29, 2018 @09:14PM (#17428984)
Dai is not backed by Ethereum. Dai is backed by Ether.
[ Parent | on HN ]
Re:Crypto Coin Tether Defies Logic on Kraken’s Market, Raisi... by rthomas6 on Friday June 29, 2018 @11:51PM (#17429387)
Okay Mr. Pedant. Actually Dai isn't backed by either one. It's backed by an ERC-20 token called Pooled Ether.
[ Parent | on HN ]
Re:Crypto Coin Tether Defies Logic on Kraken’s Market, Raisi... by drcode on Friday June 29, 2018 @08:49PM (#17428911)
Virtual gold is not "backed by ethereum" it is backed by gold. These are obviously the third parties I'm talking about.
[ Parent | on HN ]
Re:Crypto Coin Tether Defies Logic on Kraken’s Market, Raisi... by rthomas6 on Friday June 29, 2018 @02:41PM (#17426619)
No, you may be thinking of something else. DAI is backed by Ethereum held in a smart contract. It's not collateralized by fiat currencies right now.
[ Parent | on HN ]