Re:The Bit Short: Inside Crypto’s Doomsday Machine
by leppr on Friday January 15, 2021 @05:58AM
(#25789383)
There are some Defi options on Ethereum that could allow you to short BTC with a USDC [1] collateral, like dYdX [2].
You would need to keep a small amount of ETH to operate the smart contracts, which could fluctuate in dollar value, but even after a black swan event, there's no reason that this decentralized infrastructure would not still be running, allowing you to redeem the USDC to real dollars.
[1] Circle dollars, 1:1 backed stablecoin from a well regulated issuer.
You would need to keep a small amount of ETH to operate the smart contracts, which could fluctuate in dollar value, but even after a black swan event, there's no reason that this decentralized infrastructure would not still be running, allowing you to redeem the USDC to real dollars.
[1] Circle dollars, 1:1 backed stablecoin from a well regulated issuer.
[2] https://trade.dydx.exchange/perpetual/BTC-USD