Does anyone know an unfreezable stablecoin that is the least at risk of becomming another TerraLuna? I love Monero but its too volatile to keep 100% of my life savings in an unfreezable stablecoin is CRUCIAL. This is such horrible news. Fuck Rune Christiansen for this shit!!
what’s wrong with PureDAI? they wont allow other stables to be collateral, which is really good. Or will it also have a freeze authority like the other stable? idk that much so you need to provide some context bro.
anyway there is one on Solana that functions very similar to DAI, it’s called PAI (Parrot). Also RAI o. ETH but it’s not collateral based
https://forum.makerdao.com/t/reconciling-the-two-opposing-paths-for-decentralized-stablecoins/24280
It will become the next Terra Luna. They should make it new projects but they want MKR tied to its governance. Its all a cash grab and so sad. Thank you for the alternatives.
I went through it, thanks
How exactly will this be the next Terra Luna? Maybe you can explain to me. Sorry It’s been a while since I studied all that stuff and the crash happened.
But yeah, looks like they are essentially focusing all their attention on the new fed glowie coin, and pushing “PureDai” into a new DAO altogether, off to the sidelines. It will gain its peg in a fully automated form using decentralized collateral. Maybe that’s the Terra Luna part you meant. But if it’s overcollateralized then wont it be as strong as original DAI?
How sad. I agree with the last guy. This is sabatoge. Likely that the feds are pushing this in the background, pushing the Founder guy.
terra required too much manual intervention and also aimed to maintain a USD peg. RAI and pureDAI aren’t supposed to be like that. so I wouldn’t be so pessimistic. I think there is still a way to do it.
deleted by creator
I think stablecoins will always have a centralized point of failure. Weather it is an algorithm, or having the coin backed by the actual asset.
I think the best stablecoins are backed by the asset 1 to 1 or a little more then 1 to 1. Most stablecoins that do this are token on smart chain contracts which have another vulnerability which is being a smart contract. Smart contracts could contain a vulnerability and if it does have a vulnerability, a new contract will need to be made and users will have to switch their old token to the new tokens. Also censorship is an issue. https://cryptonews.com/news/tether-takes-action-blacklists-validator-address-linked-25-million-mev-bot-drain-heres-what-happened.htm
And these stablecoins are not private. The only private stablecoin platform out there is Haven but Haven assets are not backed 1 to 1.
I hope there are plently of stablecoins issued on Zano in the future. Zano allows you to create an asset without creating a smart contract. All assets on Zano are private. I would like to see Tether, USDC and other issue stablecoins on Zano. Trusting the issuers on backing the stablecoin and trusting the issuer to secure their private keys to prevent hackers from inflating the asset will be the only vulnerabilities, but you will have privacy and a censorship resistant stablecoin!
What’s happening to DAI? I’m out of the loop.
Don’t meddle with “stable-coins”.
They are pointless since they:- Do not replace fiat
- Are not stable since inflation on fiat
- Are more risky then fiat
If you want a “stable-coin”,
just use fiat…Only crypto you should still care about these days is Monero.
DAI is unfreezeable and pseudonymous, digital fiat is not. It’s a useful bridge.
Great idea! Any idea on how I would avoid getting brutally raped by the taxman by doing that? See, with DAI I could just convert it over and boom. That was it. My rent and car payment are locked in now for how ever many months worth I need it to be stabilized for. But with what you’re suggesting why would I even use crypto at all just screw all the privacy and tax freeness of it all and convert it straight to cash with a CEX every time you want to stable up! That’s terrible advice. I agree that Monero is so important but you’re out of touch and mistaken if you think it can survive on its own. Haveno and Serai will be the only options left to get it soon other than mining or face to face p2p trading which isn’t feasible for everyone. If we don’t do something now that can introduce and immutable form of stability then we may end up losing the fight eventually.
deleted by creator
A decentralized stablecoin needs to be fungible.
Haveno underscores how unusable non-fungible cryptocurrencies are in 2024. Maybe it didn’t matter 10+ years ago when people didn’t care about coin histories, but it does now. Even though Haveno supports XMR <-> other crypto pairings, you shouldn’t buy them there because you risk getting coins considered “dirty” by the system, which are effectively worthless unless you can dump them on somebody else via p2p. What happens if you get your dai there, and then when the time comes to change it back, nobody on p2p will take it from you because of the risk. So you go to an instant swap or a CEX, and they freeze all of the dai you deposited, because of something up the chain that you can’t see.
On every transaction, Trocador now says “Do not send funds that have been through a mixer to this exchange”. Have coins you buy p2p been through a mixer? Quite possibly, and that’s all it takes for them to be marked “dirty”. Companies like Chainalysis now control the value and usability of all non-fungible crypto.
Trocador has a “taint” checker, but it’s not free (up $2.2 per check), you’d have to check every p2p address before buying, you don’t get the money back if you can’t proceed with the trade, the information can’t readily be shared with other people on the same dex, and you’re funding the enemy every time you use it. And the controlling companies may deny access to that information to the general public or to dexes at any time.
Being able to use dai with xmr requires that in the future there still exist non-KYC exchanges which pay out “clean” dai and handle Monero. What if in the future they’ve all been pressured out of existence? As a nuclear option to cut them out of the system, all the non-fungible crypto they handle could be marked tainted simply for having been through a non-KYC exchange.
If dai uses USDC as collateral, it can be attacked by freezing the USDC it holds. Any decentralized stablecoin that uses non-fungible cryptos as collateral can be attacked by marking the crypto the smart contract or controlling DAO holds as “dirty”. This is the scalability problem that Rune Christiansen is alluding to in his recent posts. Once there are too many people using it, there are multiple ways to shut down dai even if MakerDAO doesn’t cooperate. It can be delisted from CEXes just like Monero.
The only way that an unfreezable stablecoin can function long term is if it’s a fungible/privacy coin itself, and if it holds nothing but other fungible/privacy coins as collateral.
The two advantages you have versus something like Terra Luna is that the reserves can be verified to actually exist, via view keys, and that you don’t have to worry about paying a yield.
[edit] The Trocador “marked dirty by chainalysis” check ought to produce a receipt page that can be shown to other people. I haven’t tried it, so I don’t know whether it does. Then, if you’re buying non-fungible cryptos on Haveno, you should put in your terms of trade that the other party is responsible for putting all the crypo they want to trade on one address, checking it, providing a receipt page link, and not adding any more to that address before the trade goes through. Potentially, that way they can sell a lot of crypto to multiple people for only one $2.20 check… if the service remains available.
Sounds like you don’t know Silk. Private stablecoin with peg to various currencies, gold and BTC.
This sucks especially since DAI is my favorite stablecoin for it being the only real decentralized stablecoin and now they’re going to replace it with NewStable which will be upgraded with a freeze function wtf…I’m pissed…
