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A comment on Launch HN: Karsa (YC W25) – Buy and save stablecoins internationally. Parent comment

Re:Launch HN: Karsa (YC W25) – Buy and save stablecoins inte... by jay-barronville on Thursday January 30, 2025 @11:25PM (#42884680)
> A fool their money are soon parted.

You mind elaborating and substantiating your claim? Stablecoins are, in fact, a different class of crypto, and in my experience, actually VERY useful. I’ve owned some DAI for years now, and unlike your average meme coin, nothing about it is sketchy—it’s fully auditable on the blockchain and censorship-resistant. Why’s someone like me a fool?

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Re:Launch HN: Karsa (YC W25) – Buy and save stablecoins inte... by Ponet1945 on Thursday January 30, 2025 @11:38PM (#42884738)
How do you audit that the issuer is printing coins backed 1-to-1 by USD reserves?
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Re:Launch HN: Karsa (YC W25) – Buy and save stablecoins inte... by jay-barronville on Friday January 31, 2025 @07:18AM (#42886909)
> How do you audit that the issuer is printing coins backed 1-to-1 by USD reserves?

You’re asking the wrong question, since DAI isn’t backed 1:1 by USD reserves like fiat-backed stablecoins (e.g., USDC). It’s a decentralized crypto-collateralized stablecoin—it’s backed by a variety of assets, including cryptocurrencies and real-world assets, with mechanisms to ensure over-collateralization.

I’m on mobile and it’d take forever to explain the entire protocol to you here, so I recommend you read the white paper [0] if you’re interested in understanding how it all works.

[0]: https://makerdao.com/en/whitepaper/

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Re:Launch HN: Karsa (YC W25) – Buy and save stablecoins inte... by dgfitz on Friday January 31, 2025 @01:25PM (#42890171)
https://chainsec.io/failed-stablecoins/

23 failed “stablecoins” and counting.

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