Re:Tell HN: Coinbase now requires physical address of recipi...
by rglullis on Friday June 24, 2022 @02:14PM
(#31866943)
I think I am spending a couple of hours every day here arguing with the barrage of web3 skeptics, trying to spread the message that crypto can be a net positive for society without replacing traditional finance.
That the important thing is giving people an option, and not just some high-stakes casino.
And then:
> I bet all my lifesavings on this project.
You are not helping me, dude. You are not helping anyone...
> I recently got pretty much excluded from banking system
Does it have anything to do with xSigma, perhaps?
Re:Tell HN: Coinbase now requires physical address of recipi...
by Ntrails on Friday June 24, 2022 @12:35PM
(#31865166)
> DAI track record for the last 4.5 years had proven you wrong.
4.5 years is not a lot of history. I wouldn't fit a basic credit model on that much data.
open disclosure, I know nothing of DAI (indeed little of crypto). But if I want a dollar-like asset, a risk free asset, then "limits in stability" is not compatible with that.
1)centralized and has all these centralization risks (USDT had frozen 360M on ether alone),
2) crypto-overcallaterized that has less centralization risks but limits in stability.
3) or something else, that usually doesn’t work (terraUSD)
I keep 99% on my money in crypto (plus I recently got pretty much excluded from banking system) so i have my money where my mouth is: DAI. I don’t like everything about it, like lots of USDC is collateral, or ineffective liquidation system, and for that reason I’m participating in StableUnitDAO to build far-better alternative (feel free to join us, i bet all my lifesavings on this project) but for sake of this argument it’s not good fiat vs bad crypto stablecoins. For lots of people it’s strictly opposite.