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Comment by ggoerlich | Hacker News Reader

I don't get the "shareholder" scenario. How can this work with any legal and/or financial/banking regulations?

Or the "Adding a new employee to your payroll is as easy as creating a recurring payment" scenario. Good luck having the Spanish Social Security Institute accept the mandatory monthly payments (cotizaciones) in ETH...

Bad assumption there, Aragon companies will be able to handle tokenized fiat (USD, EUR, etc). Santander is working on a stable coin project to tokenize EUR and USD http://www.coindesk.com/santander-vies-become-first-bank-iss...

Your link talks about a conceptual project that isn't in any way running yet nor has been approved by the National Bank of Spain. How can Aragon companies comply with their INSS obligations today?

It is a responsibility of the individual to follow the laws of her jurisdiction. It is a global project, so we won't be working with every local regulatory body.

Aragon is creating a framework (as an open source project) for running Blockchain companies. We don't provide legal advice nor services, we don't take any responsibility for a hypothetic bad usage of our software.

Then I don't see why you choose to say "Death to paperwork. Avoid useless intermediaries" in your website if I still have to do all the required paperwork, same as before, plus now I need more useless intermediaries to convert ETH into fiat to pay the taxman, the bookkeeper...

Then where exactly do you believe people can legally use this?

What would the stable coin look like? I mean, we already have 700+[1] "coins." we are way passed the ridiculous stage on that front.

[1] - https://en.wikipedia.org/wiki/List_of_cryptocurrencies

A stable coin is a crypto asset that is backed by a real value.

If you own 1 EthUSD, there is a warranty that someone will give you 1 USD for that token

This is sarcasm, no?

So a meta-fiat currency?

A real-world warranty, which means you can't rely on it. You might own as many EthUSD tokens as you want but you can never be sure that someone will buy them from you at the 'fixed' price.

A stable coin is a token that, using some mechanism, is able to hold a stable value. The most prominent group trying to make this work using ethereum, I think, is http://makerdao.com/docs/.

People say 'stable coins' as if it's a simple matter to create them. There have already been several cryptocurrencies that were meant to be locked in value to a real-world currency or commodity. They all fail in the end, and any system relying on them will collapse when the values diverge.

You cannot perfectly link a real world item to a digital asset without losing the 'trust-free' nature of cryptocoins. You always end up having to trust someone. And once you do that, you've lost all of the advantages of the digital asset.

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