I’m not proposing printing money out of thin air. Although on Hive that is exactly what we have done for the last 8 years. All economies rely on some form of printing money out of thin air (ideally with something backing it), when u click vote u are printing money literally out of thin air. When done responsibly and with the economic controls on hive it works great and helps to distribute tokens to valuable members who are adding value to the economy. The idea is that the value printed out of thin air goes on to fuel additional value creation and with network affect u get a sustainable economy. It’s basic
I’m not correct, but the hundreds of thousands of people who need such a system and are trying to find a place for their literal trillions of dollars of liquidity and collateral are correct and they are in need of such a system and have applied it in practice for generations. Those people are smarter than you and me, and we ignore such a system at opportunity cost to hive. They have been using one for centuries and IT WORKS. The only differences between this and their system is transparency in terms of leverage and being able to more easily identify risk in the system and economy using the public ledger.
It’s the exact reason why we are doing crypto. So that the bankers can’t cover up their problems and mistakes in dark economies and thereby put excessive additional risk on the citizenry without them knowing about it. The transparency also helps make markets more efficient and prevents much of the corruption that we have in the legacy system.
I have not made any probably false statements. What I’m proposing has been working very well for decades and has trillion of dollars flowing through it. Its only flaw is that it’s on a centralized ledger and mistakes and excessive risk are obfuscated. Hive can solve that.
ETH is going after this market in a big way with its defi protocols allowing people to stake crypto as collateral and make loans. I don’t see you having a problem with this but their addressable market is already 120 billion staked as collateral and working hard for that community. (120 bn usd locked as collateral and here u are arguing against it for hive when hive is 250 mil market cap total. When u build a system that competes with that u start to see inflows and Hives market cap grows. But people need ways to stake collateral and earn. The only difference is that eth does not have a pristine collateral stable coin that is completely outside of the banking system and we do. How on earth are u arguing that we cannot build a more secure collateralised loan system than the trad economy and ETH has done with our stable coin as collateral that is completely outside of the banking system? We will literally fix the economy with this and make loans cheaper and more efficient at the same time.
Fiat is not what this is. This is a collateralised loan system with a pristine collateral stable coin that always clears to one dollar of value at its core. It’s so valuable it’s difficult to express the scale of inflow of capital we would receive and how much this would fix the bad ways of the old economy.
Fiat is small groups of ppl having the ability to print money to zero while benefiting themselves as they are nearest to the money printer. Hive is the opposite of this since it’s transparent and everyone has a fair shot of getting the freshly minted money, therefore it is not fiat in my eyes.
I’m not proposing replicating fiat, I’m proposing replicating what DeFi has done but with a pristine collateral, parallel economy LI stable bond as its core unit of collateral.
Why do u think this replicates fiat?
Luna had zero utility on its main collateral token and had no economic controls to prevent its stable coin becoming large compared to its collateral token
Hive has economic controls and its stable coin is currently over collateralised by something around 21 times. incredibly secure. The opposite of Luna. I’d put my life savings into the Hive token when compared to Luna
Lunas risks were very very public and it helped me stay completely away from it. I never touched it because what happened was so obviously going to happen. So the transparency helped me a lot. I’m sure it actually helped many people like me to stay away and keep their value locked in places like Hive as well as the traditional banking world,
Luna is not what we are replicating here. We are replicating ETH DeFi but with an over collateralised, feeless stable bond as its main unit of collateral instead of random, mostly centralized cryptos as collateral with fees like on ETH and other DeFi chains.
I do think u are not quite understanding what I’m suggesting and ur jumping to wild over reactionary, fantastical conclusions.
I’m not sure why ur doing this, but it’s really not good for capital inflows to hive. IMO ur views are anti hive. Maybe u have misunderstood the system that I have proposed and are overreacting to some other thing in ur mind that u have formed. But to put it simply, all I’m suggesting is DeFi on Hive with a different, better type of collateral than others in crypto are using.
Next questions please I believe this addresses all your points. Please leave out the gotcha points and the emotion, it takes longer to rummage through and understand what ur actually trying to say.
They don’t work when you are criticizing a system that has been used over decades and works perfectly well already on chains like eth and solana and bnb (except on hive we can just do it better because of our decentralized, parallel economy stable coin can be time locked and used as a pristine collateral bond).
We've been having this conversation in an empty room for over six months.
There is no insight left to be extracted from this discussion.
A daisy chain of liabilities strung together pretending to be assets...
Oh wait I'm doing it again.
I grow weary of this circular conversations based on unproven assumptions.
It's tiring to be told these things are "simple" and "easy to get" when I'm the one with the blog and have the comments of real people saying they have no idea what the fuck is going on. It's ironically an insult to intelligence to fall back on these generalizations and then project the idea that I'm the one being over-emotional and irrational.
You have less than 30 blog posts on your account over the last 4 year cycle, and literally none of them are about this super complex topic that you like to pretend is simple. Go explain it to people and show me they get it. If it's so simple teach someone this issue and have them debate me on it. See what happens.
But the projection doesn't stop there because I've had the tactical high-ground in this discussion the entire time. The burden of proof is on your camp to prove beyond a doubt that this thing is going to work. It's not a wing-it situation where we fuck around and find out. It's much easier to argue doing nothing than vampire attacking the current system and completely changing it all at once with zero prototype or proof-of-concept.
So when you say things to me like: "I support AMM and I would run the code if you wrote it." Yeah, right back at you x10 on that front. Just make the prototype and stop theory-crafting. Nobody on the chain seems impressed by either of us. This is a waste of breath. As you well know by now: saying things and bringing them to life are completely different magnitudes.
It’s just DeFi with a stable coin bond as the main unit of collateral. That is easy to understand. I don’t need explain it further. Everyone can digest and understand that.
The prototype / POC is the US government bond sales mechanism which is so over subscribed the country can run the world’s biggest naval force with it, plus the other prototype / POC is DeFi, which has been proven.
I can’t make the prototype, but as far as I understand core team is moving the lock on HBD to one year instead of 3 days. That is the first step.
I’m not hear to talk things into life, I’m here to provide a counter view to someone like u who thinks it’s a bad idea to make DeFi on hive with HBD bonds as the main unit of collateral. IMO that view is anti hive and severely limits what hive can do. Someone has to counter u. Might as well be me.
I don’t post. Imagine, I have posted more comments on ur blog talking about this issue than I have done posts on my own blog.
I have made significant amounts of content about this issue on the CTT Poscast however. So it’s not fair to say I haven’t posted about it. Just not from my own personal blog
That's just more projection I'm the one here countering a view that nobody else has countered yet. So far without me in the mix it's just been an echo chamber of "bonds are great and we are going to be the next world reserve currency". Honestly I find the mental gymnastics and gaslighting to be pretty alarming for a topic like this that thus far has been way out on the fringe.
But if u feel that way about DeFi with HBD bond as the main unit of collateral, I’m afraid ur not getting it. That system is great. I cannot believe u don’t feel the same way about it. No mental gymnastics and no gaslighting needed.
It’s not on the fringe, the timlock code is easy to implement and it’s being worked on
You are legit trying to rewrite history. You and Taskmaster and TheyCallMeDan have been pitching this idea unabated for years and then I pop up on the scene to provide some opposition and now you frame the situation like I'm the powerful tyrant trying to strongarm the network while you're the selfless freedom fighter standing up for the little guy.
No actually I'm the one providing the pushback to this idea that's been floating around that nobody has challenged this entire time. Seriously mindblowing. You don't need to provide the counterview. I am the counterview. You guys had the stage for years; with a bigger audience I might add.
I don’t think so. I’m just countering your view. It’s free speech bud. All people are allowed to take the counter view and post about it.
I generally stay quiet but on such matters I’ll speak. Let the people who read this one day decide what they want to do.
At least they will be informed if they decide to read this. They can then make their own decisions with both view points available to them. And maybe they won’t think this idea is as insane as you are making it out to be
If u gave more balanced view it would be better tho
More gaslighting, eh?
Trying to frame me as someone who doesn't believe in free speech?
Trying to accuse me of making the claim that you don't have the right to disagree?
Trying to accuse me of bias and having some kind of hidden agenda?
As if this analysis I've given isn't actually the real conclusion I've come to?
Even though I've already overtly stated that being wrong benefits me?
Very cute.
Hm, yes, I can tell.