You have to see it like this: there is always two parties, which bet on the opposite event - one bets that it goes up and the other one bets that the value of an asset goes down. What the one side wins is lost by the other side. You can do this with every asset - also the value of a crypto currency. As the number of new tokens is only linked by new money inflows, you can alsways sell the token at the market if it is overvalued and than send money to the smart contract to get a new one. This should keep things in balance.
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best way would be for the trusted issuer to back the derivative tokens. issuer can be company or the hedge fund. otherwise use some kind of escrow mechanism so that people dont renege. i am sure that this can be done with ethereum easily
If you had 100% trust that the issuer will pay you what is in the escrow account, then this would be the easiest version. However, you could never be sure that the regulator shuts them down or that the initiators might not be as trustworthy as you thought.