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0 pointsmattwilsonn8882y ago0 comments

You can have gradations of control. USDT and USDC are centrally managed.

We used to have DAI, which was fully decentralized and over-collatoralized by Ethereum tokens (the native currency of the platform DAI is rooted on) - but the founder mysteriously died as the DAO was taken over and made to begin collateralizing DAI against USDC and USDT, ironically.

It is a shame how far crypto has fallen culturally that this stablecoin business is some niche story. Most people are in it for the money, but many good people are not.

0 comments

chrisco2552y ago

I don't think MakerDAO ever integrated USDT as collateral, but they did integrate USDC. It's unfortunate DAI is not fully decentralized, but the best fully decentralized stable coin efforts (like RAI and LUSD) often suffer from a capital efficiency problem.

I think it's fine to have a spectrum of centralized assets and decentralized assets represented as tokens. Blockchains are public, permissionless, ledgers.

earthboundkid2y ago

There is no possible way that USDT is backed one-to-one. It just isn't. If it were, it would have a simple audit trail that they would publish. They don't because it isn't. It's a scam that will at some point unravel, and everyone will lose their shirts because of "many good people" lol.

rewtraw2y ago

It's possibly backed greater than 1:1. Tether likely cleaned up their operations over the past few years, but the "Tether Truthers" are still anxious about fraud. Even more transparency is welcome of course.

> Cantor Fitzgerald CEO Howard Lutnick on CNBC:

> "I'm a big fan of this stablecoin called Tether...I hold their treasuries. So I keep their treasuries, and they have a lot of treasuries. They're over $90 billion now, so I'm a big fan of Tether."

https://twitter.com/leomschwartz/status/1734694800019063207 https://tether.to/en/transparency/#usdt

> Tether also reported all time high excess reserves of $2.44 billion.

https://www.theblock.co/post/230241/tether-attestation-repor...

chrisco2552y ago

They do post audits on the regular: https://tether.to/en/transparency/#reports

aftbit2y ago

Hold on what? I missed all of this MakerDAO drama. The founder died and now assets are collatoralized by USDT instead of ETH? Looks like at least

Some links I found for further reading:

https://cointelegraph.com/news/makerdao-co-founder-nikolai-m...

https://maker.defiexplore.com/stats

hanniabu2y ago

> but the founder mysteriously died

Hello CIA

j / k navigate · click thread line to collapse

0 pointsmattwilsonn8882y ago0 comments

You can have gradations of control. USDT and USDC are centrally managed.

It is a shame how far crypto has fallen culturally that this stablecoin business is some niche story. Most people are in it for the money, but many good people are not.

0 comments

chrisco2552y ago

I think it's fine to have a spectrum of centralized assets and decentralized assets represented as tokens. Blockchains are public, permissionless, ledgers.

earthboundkid2y ago

rewtraw2y ago

> Cantor Fitzgerald CEO Howard Lutnick on CNBC:

> "I'm a big fan of this stablecoin called Tether...I hold their treasuries. So I keep their treasuries, and they have a lot of treasuries. They're over $90 billion now, so I'm a big fan of Tether."

https://twitter.com/leomschwartz/status/1734694800019063207 https://tether.to/en/transparency/#usdt

> Tether also reported all time high excess reserves of $2.44 billion.

https://www.theblock.co/post/230241/tether-attestation-repor...

chrisco2552y ago

They do post audits on the regular: https://tether.to/en/transparency/#reports

aftbit2y ago

Hold on what? I missed all of this MakerDAO drama. The founder died and now assets are collatoralized by USDT instead of ETH? Looks like at least

Some links I found for further reading:

https://cointelegraph.com/news/makerdao-co-founder-nikolai-m...

https://maker.defiexplore.com/stats

hanniabu2y ago

> but the founder mysteriously died

Hello CIA

j / k navigate · click thread line to collapse