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A comment on Another stablecoin loses peg – DEI team working to restore the peg. Parent comment
They should probably stick to long lasting products like BTC, ETH, or XMR.
> The user might reasonably expect such a mechanism would only be used in an emergency
A de-peg event is an emergency if there's not enough real value to back it.
The USD was depegged from gold in the seventies for very similar reasons.
In both cases the printer got ahead of the backing.
Today we use a currency that survived a de-peg event due to military backing.
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They should probably stick to long lasting products like BTC, ETH, or XMR.
> The user might reasonably expect such a mechanism would only be used in an emergency
A de-peg event is an emergency if there's not enough real value to back it.
The USD was depegged from gold in the seventies for very similar reasons.
In both cases the printer got ahead of the backing.
Today we use a currency that survived a de-peg event due to military backing.