2015-10-30 00:53
sipa changed the topic of #bitcoin-wizards to: This channel is for discussing theoretical ideas with regard to cryptocurrencies, not about short-term Bitcoin development |
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<
yanmaani >
How come there aren't any stablecoins based on the Lightning Network? Or am I missing something?
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<
gleb >
I'm pretty sure (at least right now) 1 BTC = 1 BTC on the Lightning Network, so that's a stable coin.
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<
yanmaani >
Yeah, but I mean pegging to USD without counterparty risk
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<
kanzure >
at most you can replace counterparty risk with like.. market risk or something.
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<
yanmaani >
no that's the idea
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<
yanmaani >
you open a channel for XBT 1 of liquidity with an exchange or whatnot
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<
yanmaani >
you deposit 0.01 XBT with them as margin - this is your counterparty risk (1%)
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<
yanmaani >
then you short with 100x leverage
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<
yanmaani >
if Bitcoin goes up, you have 50 milliseconds to pledge additional margin
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<
yanmaani >
if Bitcoin goes down, you immediately obtain additional margin
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<
yanmaani >
even if the market royally shits the bed, it shouldn't be able to do anything too insane in a fraction of a second
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<
yanmaani >
(The market risk is limited to flash crashes, and they'd have to be extreme)
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<
sarang >
TL;HRY? (too long; haven't read yet)
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