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Comment by pirate787 | Hacker News Reader

I doubt your claim about stablecoins like Tether will age very well.

The problem with his argument about stablecoins is he didn't actually mention Tether, he just said whatever isn't failing. So basically after Tether fails the goal posts are moved and now all the stablecoins that haven't failed yet are held up as an example of success.

Speaking of Tether, it's lost 25% of its market cap since May.

https://coinmarketcap.com/currencies/tether/

Yes, through redemptions. So we know $10s of billions is real — at least!

It’s a stablecoin, so market cap is simply the amount printed.

Keep investing in that hopium, cryptobro.

I prefer “Bitcoiner”, I’m not into ‘crypto’, bro.

HN needs more parody accounts. Thank you for your service.

The problem is that if Tether is under-collateralized, redemptions bring it closer to bankruptcy.

I wasn't referring to Tether

What were you referring to?

Magic Internet Money ($MIM), and yes its name is a meta-meme meant to cause consternation of people that don’t matter

I would personally improve some UX and governance and less relevance of the team’s reputation, but its working

I like that the collateral is all interest bearing (backed by volume and transaction fees of their respective protocols), and pays off their debt over time

MIM creation privilege is too conservative for my tastes, but redemptions based on sentiment and collateral asset value has been seamless. Its pretty much what MakerDAO/DAI would have been if MakerDAO wasnt launched in 2017 and instead in 2021

I think there is still opportunity for this style of overcollateralized stablecoin to be done even more autonomous and better.

I like the idea stablecoins that cant freeze balances in addresses and also aren't collateralized by a balance at a bank or brokerage firm, the ones using onchain interest bearing collateral are the best model so far. Just need to improve creation and goverance and relevance of the team.

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