WTF is now wrong, all cryptos down?

[TheCryptoAnt]

Ive exited my hedge again, it looks like its gonna send hard.

 

[polonieth]

Stable coin super cycle!

 

[void]

Stable coin super cycle!

what does that mean?

 

[polonieth]

what does that mean?

Check the GENIUS act.

We need a stablecoin with no blacklist function, an endogenous one. pDAI!

 

[void]

Check the GENIUS act.

We need a stablecoin with no blacklist function, an exogenous one. pDAI!

this is way above pay grade I'm afraid

a stable coin must be by definition centralized (i.e. compared to USD taking event more counter party risk in exchange for less friction to transact)

 

[polonieth]

this is way above pay grade I'm afraid

a stable coin must be by definition centralized (i.e. compared to USD taking event more counter party risk in exchange for less friction to transact)

A stablecoin isn’t, by definition, centralised. That’s just true for custodial ones like USDC. DAI and potentially pDAI show it’s entirely possible to have decentralised stablecoins backed by crypto collateral instead of fiat reserves. With no blacklist function.

 

[void]

A stablecoin isn’t, by definition, centralised. That’s just true for custodial ones like USDC. DAI and potentially pDAI show it’s entirely possible to have decentralised stablecoins backed by crypto collateral instead of fiat reserves. With no blacklist function.

what is a stable coin backed by another crypto asset good for? I mean compared to holding and transacting directly given asset...

 

[polonieth]

Because you

what is a stable coin backed by another crypto asset good for? I mean compared to holding and transacting directly given asset...

Capital efficiency, You get the permissionless access of DeFi while getting the predictability of a stable dollar peg... 1 DAI = 1 USD. Maybe even 1 pDAI = 1 USD soon for a truly decentralised stable.

 

[cherry]

When large influencers tweet thing like this, does it actually pump the coin? Just curious.

https://twitter.com/x/status/1925228562258309327

 

[brianK]

If they have millions, or just hundreds of thousands of followers, all of whom are interested in Bitcoin or crypto, I believe it can work.