No, it needs an internal fee-less market like the HBD - HIVE but with an LP and an AMM (like on typical DeFi swaps). It needs not be listed outside at first. Although, if it catches on, it might become listed.
I explained in the post how the exchange from HBE to actual fiat euros could be automated (although going to a couple of Binance trades will add fees and a little risk too)
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Ok, but why does it need to be at the base layer? There's too much risk involved when updating the economic part of Hive. Something like that can be created at the second layer or on a sidechain.
And obviously, as someone living in the EU, I'd like to have a Euro stablecoin, so I'm not against exploring such an eventuality.
But then, some people from other parts of the world may want their own regional stablecoins. And complicating the base layer tokenomics will only result in potential critical errors down the road, plus it will make the whole Hive economy difficult to update/upgrade when it will come to that, and potentially may have some effects on scalability (although for Hive, posts and custom JSONs have a much higher weight than financial transactions).
On the base layer because of its importance?
We are talking real money, you need some serious security! You can put inconsequential game transactions on a flimsy second layer (Hive Engine is down every other day) but you can't actually pitch an unstable and unsecure system such as hive-engine to real businesses and encourage them to use it to handle tens of thousands of euros or more every day !
For Pete's sake, we are talking actual financial transactions! Real sums of money, not "social media comments". Let's get a sense of relative importance. If you move something to the second layer you should rather considering moving the "post / comment" transactions (such as this one) to the second layer ...
Yes, some people from other parts of the world may want their own regional stablecoin. It should be considered depending on a rigurous cost-benefit analysis. The base layer tokenomics will change very little - once you have one "reverse convertible" (HBD) you can extend to as many as you wish at little cost. And it would not change the tokenomics, as I've tried to explain in the post above (and clearly failed). The same number of HIVE will be minted, the same total "debt" will be supported, the same haircut applied. The difference is that, if today we have 20 000 000 HBD, once HBE is introduced we might have (for illustration purposes) 10 000 000 HBD and 9 090 909 HBE (at a rate of 1,10 HBD to 1 HBE). It shouldn't impact the Hive economy at all (again, I've tried to explain that and failed miserably), it's modular and transparent to the rest of the economic design.
And yes, it might have some effect on scalability. This is why the topic needs to be discussed by the community: what would you rather have on Hive: 1 custom_json from a little game or 10 value transfers corresponding to real people buying real stuff in the real world and paying through Hive rather than through the banking system? Which one do you feel will have the most impact on the world at large and will ultimately benefit more to the whole community? For me the answer leaves no doubt
You've made some important points here.
Should comments or custom JSONs be moved to a second layer/sidechain (by the way, when I was talking about "weight", I was talking about number and size, not relevance or importance)? Indeed, it makes sense to have serious financial transactions on the base layer. And there have been recurrent proposals in the community to stop rewarding HIVE Power (or HBD) for creating content and leave it exclusively at the communities level. So far I haven't seen this subject gather significant interest.
Or the other hand, should we do such a move? There are other blockchains out there that handle financial transactions and only financial ones well.
As I was writing this comment I was wondering... How many US small businesses do we have using HBD? Not many. Maybe Europe will turn the leaf for the better for crypto businesses starting with MiCA. We will see...