News for hackers. Stuff that matters.

A comment on Stablecoins: Understanding Counterparty Risk. Parent comment

Re:Stablecoins: Understanding Counterparty Risk by scottlocklin on Thursday November 08, 2018 @11:18AM (#18407308)
"Stable coins" should be called "Oracle problem." How are you dealing with the oracle problem with your token?
[ Parent | on HN ]
Re:Stablecoins: Understanding Counterparty Risk by mkirklions on Thursday November 08, 2018 @11:33AM (#18407439)
It isnt decentralized, this is a feature that allows

>Hidden transactions

>No txn fees

>Anonymous usernames

And the obvious benefit that you own an index fund instead of USD.

[ Parent | on HN ]
Re:Stablecoins: Understanding Counterparty Risk by scottlocklin on Thursday November 08, 2018 @04:50PM (#18410369)
At the moment, I'd rather hold dollars.

You didn't answer the question; there is still an oracle problem. How do I know you're holding a unit of the index fund for each token? I have a pretty good idea my broker will, as he'll go to jail if he gets caught short. That's usually right, but then we have clowns like Jon Corzine who get away with it because they're more equal than others.

The other stuff can be done with a permissioned blockchain; if you can adequately solve the oracle problem, you'd have something pretty interesting. If you don't, you're an unregulated broker who uses Chaumian tokens.

[ Parent | on HN ]