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The Problem With Stablecoins and Pegged Blockchain Assets. |
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Who is accounting for what? |
Zuckerberg wants to peg Libra to USD. Maduro wants to peg Petro to barrels of oil. Central Banks want to peg their token to invisible assets only they can count.
The problem with stablecoins is that you have to trust somebody to account for “Real assets”. Do you trust Zuckerberg to count his money correctly? Do you trust Maduro to count oil barrels?
Decentralized, distributed blockchains ONLY require that you trust the code (math)– that is provably correct.
You DO NOT need to trust a meatbag person or corporate demagogue like Zuckerburg/Facebook to ensure the accounting is correct.
Pegging your blockchain to Real Assets is for Wall Street rubes.