Cardano's (ADA) Charles Hoskinson Introduces Novel Algorithmic Stablecoin: Details
Hoskinson tweet
Djed is a symbol of Osiris.
I cannot find the actual paper, but it seems churlish to make a fuss over something non-existent, so I hope it is published online soon; then I can have a proper look at it. If anybody spots it before I do, please leave a link in a comment.
The only paper I could find was in the Tweet you shared here. Without looking to deeply, I see some proposing that this would be the best way to date to allow one to be their own bank. But yeah, a lot of fuss without much info.
I've been telling folks for some time now (several years) that Cardano will be a winner though. He is hard at work building for governments and banks to track us, so of course the shills will always be pumping that excitement. The masses just love everything the shills of power tell them to love.
Cardano has been slow progress, but I appreciate the research papers and the fact they understand the questions. An algorithmic stablecoin does not necessarily have to hold 100% in assets ;-)
Fractional reserve banking, here we come!
Thing is, stability is always relative to some other asset, so has to also assume that asset is also relatively stable. Nothing works forever.
So many in crypto refuse to see this. They claim it frees us from fiat while obsessing what the value in fiat is moment by moment. I understand why, since fiat is what we use to pay for most everything. Until a crypto is being used for that purpose, it will always defer to fiat and those who create it from thin air and hence dictate whatever value they want on crypto.
I was reading that Venezuela is about to slash another 6 zeros from their currency again due to hyper inflation. If Venezuelan people were to form together and create their own currency (like Blurt, or maybe even a fork to suit their localized needs) they could quickly escape the economic tyranny their government is imposing on them due to their corruptness. Use it for all buying and selling and refuse to use the worthless crap passing for money. While it would have its flaws, even if they forced a stable value to it, it would relieve much of their struggle.
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