The idea that anyone in the US would be prohibited not only from creating a USD-based stablecoin, but also using one is asinine. I don't know the chances of that becoming law, but it would be extremely totalitarian.
Anyway, @disregardfiat brought up that HBD price feeds could be re-targeted to other stablecoins, US-approved or not.
And should some tyrannical bill like this pass, it's a good thing Hive has a HBD/HIVE market built in to the protocol itself.
The options to keep a value stable HBD - Hive Based Denomination - are myriad. While pegging to Tether or any other coin that is non-fiat might be a ~legal stop gap I think a consumer price index would be an even better step if we can agree to such. Then it doesn't matter what inflation is, or how many dollars get printed in 2022... We still need to be careful about issuing debt and all the other economics we've talked about here. Now that we've established a relatively decent pegging it's hard to argue we should get rid of it. The DHF to savings to the general attack on stable coins in general all show that this paradigm is needed and valuable.
We don't have to get it right, we just have to get it better. The real beauty here is the governance, our ability to fork / upgrade is way ahead of it's counterparts both in and out of crypto.
CPI may make a better target for a better long term stable coin, but even if the [stablecoin] dollar becomes unstable due to inflation, basing it on something based on the US currency unit may still be better. I think the mindshare of the dollar is a bigger value than the relative stability of it. An arbitrary CPI will have zero mindshare vs. the dollar's very large mindshare.
If the dollar really shits itself, that mindshare will decline, and eventually down that road some other basis would be found. If that basis is a commonly accepted and used CPI, great. I don't see using something that is not commonly used as a value-add however. Hive should follow the market when it comes to a commonly used and understood abstract of value.
Agree there. And even if we officially change the name and method of HBD it will continue to be the Hive Backed Dollar for many. Due to the dynamic nature off all these factors I'm confident that our next step will be an improvement... and we can make them more often than others.
I don't necessarily see the name dollar as an issue. The US doesn't have any exclusive right to it.
I think they are going with the attitude that stablecoins are equivalent to counterfeit dollars. Given that the average age of a congressperson is 58, and the average age of a senator is 63, it is not surprising that they cannot understand or relate to something new like stablecoins (and the diversity of approaches within that category).