Re:Algorithmic stablecoins are provably impossible without c...
by foobarian on Monday May 30, 2022 @08:49AM
(#31558436)
> From what I can see, it has no effective rule of law; no possibility for the creation of an effective enforcement body.
In early crypto days there was a general feeling that the "power of math" (i.e. how hard it would be to break various hash/public key algorithms) is the enforcement body and the reason you don't need a government and a police force. Maybe smart people saw through that, or maybe the experiment just had to be done to see how this actually turns out in practice.
Your points are why I thought an official US crypto coin could work. But there is not that much net added value compared to what credit cards offer.
In early crypto days there was a general feeling that the "power of math" (i.e. how hard it would be to break various hash/public key algorithms) is the enforcement body and the reason you don't need a government and a police force. Maybe smart people saw through that, or maybe the experiment just had to be done to see how this actually turns out in practice.
Your points are why I thought an official US crypto coin could work. But there is not that much net added value compared to what credit cards offer.