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A comment on Binance's books are a black box, filings show, as it tries to rally confidence. Parent comment

Re:Binance's books are a black box, filings show, as it trie... by tsimionescu on Monday December 19, 2022 @03:28PM (#34057206)
A stable coin requires proof of who owns the actual coins, so that the clubs can be redeemed for real dollars. That would defeat the whole point of Monero. There is no way to make an anonymous stable coin, as long as owning and transferring dollars requires KYC and AML.
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Re:Binance's books are a black box, filings show, as it trie... by Kranar on Monday December 19, 2022 @04:45PM (#34058204)
Doesn't require it no. DAI is a stable coin that has held its peg to USD for something like 5 years now and there's no proof of ownership involved.

https://coinmarketcap.com/currencies/multi-collateral-dai/

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Re:Binance's books are a black box, filings show, as it trie... by JumpCrisscross on Monday December 19, 2022 @08:13PM (#34060258)
> DAI is a stable coin that has held its peg to USD for something like 5 years

It's algorithmically pegged. Everyone will wax lyrical when it collapses. But it's a when, not an if.

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Re:Binance's books are a black box, filings show, as it trie... by tsimionescu on Tuesday December 20, 2022 @06:42AM (#34064563)
We'll see how well it maintains its peg if/when ETH and BTC go down to nothing.

Either way, as far as I understand it, the protocol keeping DAI stable requires participants to be able to tell how much money has been deposited by a particular wallet (so that the agreed upon collateral requirements can be enforced). If that understanding is correct, then DAI requires pseudonimity instead of anonimity, and so can't have any of Monero's strict privacy guarantees.

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