Hacker News Reader

Comment by atomical | Hacker News Reader

It's not working because it's impossible to use Nano as currency when it has so much volatility. Imagine sending your friends $10 and they only receive $9.

View on HN

That’s actually not true. Even if the volatility were that extreme, you could easily mitigate it.

At this point you are just saying anything that comes to mind and is negative without putting in thought.

It is actually true. Please post how one can easily mitigate extreme volatility. I'm all ears.

https://coinmarketcap.com/currencies/nano/

My reply: https://news.ycombinator.com/item?id=17722685

> Even if the volatility were that extreme, you could easily mitigate it.

How?

I'm late for this reply, but it completely depends on your use case. If you're just a normal user using cryptocurrency daily and you're most interested in the stability of value you could trade everything you receive for a "stablecoin" as it's known within crypto circles. This would effectively "lock in" the value. This is most effective using e.g. Nano since you can perform this immediately without worrying about transaction fees.

If you're unaware of that concept as a user but a fiat "off-ramp" exists (a way to turn your Nano into your local currency) you can immediately "cash out" whenever you receive a transaction.

If you're dealing with micro-transactions or payments in general then we're beginning to wade into the territory of imaging a secondary "off-chain" system of accounting and many strategies likely apply.

Can you trade nano for a stable coin that is pegged to USD without an exchange?

That might be a valid criticism against e.g. Bitcoin with a 30 minute confirmation time, but if you send your friend $10 worth of Nano they'll have $10 worth of Nano by the time they receive it, ignoring whatever they decide do with it.

That's assuming that they can immediately send it to an exchange. Maybe my friend is sleeping or at work. In the time it takes for him to proceed with the steps of transferring to an exchange and cashing out the price in USD may have gone down.

Reply on news.ycombinator.com