Re:Two thought experiments to evaluate automated stablecoins
by jimmydorry on Thursday May 26, 2022 @11:47PM
(#31525837)
I think you missed a step:
metal coin usd -> paper usd -> digital usd (closed, permissioned system) -> crypto usd (transparant, permissionless system)
The jump is a lot less between digital and crypto should be small.
Re:Two thought experiments to evaluate automated stablecoins
by obilgic on Thursday May 26, 2022 @11:49PM
(#31525847)
true, revolutionary (compared to even digital usd) as in It shouldn't require a third party (aka bank etc) for 2 individuals to transact.
Re:Two thought experiments to evaluate automated stablecoins
by scq on Thursday May 26, 2022 @11:53PM
(#31525867)
No bank involved, but for every transaction you burn down an unspecified amount of the Amazon rainforest. But hey, you win some, you lose some.
Re:Two thought experiments to evaluate automated stablecoins
by tsimionescu on Friday May 27, 2022 @03:13AM
(#31526847)
You always need a 3rd party for two individuals to transact. It's banks for dollars, miners + the whole infrastructure for crypto.
In principle, miners or the infrastructure maintainers could be forced to never mine your transactions (well, transactions to/from particular wallet IDs), by the way. It would be of course harder, since your money is in a single bank, but all miners would have to agree to the ban for it to work.
Smaller jump then gold -> usd -> btc which actually means changing the global reserve currency.
If you think about it didn't the U.S. government did a similar thing by gold. USD was pegged to gold initially, then they changed it.