Precious Metals have stood the test of time with regards to being a store of value long term, so why not peg our Stablecoin to Silver or Gold? If that’s the way the USD is going to go then why not do this sooner rather than later so we can get ahead of the curve?
Exaclt. There should be HIVEGOLD, HIVESILVER, HIVEPLATINUM kinds of stable coins, that will be true stablecoin. Having a stable coin backed with USD or USDT has the same risk exposure as USD. So I think at some point crypto ecosystem should come out with such propositions. In fact they will need it down the line.
Hive is not "backed" with US$. A currency backed with something means there has to be a depot of something that guarantees the value of that currency. I very much doubt that such depot exists for Hive or HBD. That would require many millions, if not billions, to be a significant backing.
I hate to say it, but Hive is just as much a bag of hot air than other fiat currencies are.
True, HBD is not like USDT. I would agree that HBD is a protocol based stablecoin and not like USD backed USDT.
The issue is there won’t be interest on any big scale. People in metals want physical backing not a “peg” with no actual metals backing it. It would be like 20 of us. Not possible to hold pegs with no overall mass support or witness support. It’s fun thought though
Yes, the idea is good, but for its development and continuation it is necessary something