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RE: HBD Defense: The Nuclear Option

in LeoFinance2 years ago

If we are going to use that metaphor we could say that the UST house was unlocked and had billions of dollars cash just sitting in the front room with the windows open, while HBD has gold bolted to the floor with an armed guard. The gold is heavy, and even if you get past the armed guard you have to unbolt gold bars individually and slowly make off with the loot and hope that other people don't show up to stop you. There are cameras everywhere and a community that's watching.

I mean clearly HBD has been aggressively tested an attacked because we've broken the peg for months to the downside. This created unintended inflation, but surprisingly most of that inflation was created because we broke to the upside and not the downside.

The hysterical irrational comparison of HBD to UST is absurd.
It is only happening because UST failed miserably (which was unavoidable and also predicted).
But now that it's actually happened people think they get to chime in and feed the FUD monster.
Like, it's cool... they don't get an opinion and the people that actually run this network know better.

Which is nice.
I love Hive and the fact that we aren't a democracy.
It's great, and political arguments like this one prove it.

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I agree that the comparison does not hold true. However, that will not keep people (i.e. the general public) from making just that comparison.

We need to be eloquent in our speech (as you have been), able to clearly explain WHY the comparison does not hold. The battle for widespread acceptance of HBD has become even more of an uphill one, as a direct result of the LUNA/UST debacle. However, it might turn out serendipitous if we can consistently and eloquently explain the differences.

Personally I would just stick to the basics:

  • 10% haircut rule
  • 3.5 day conversions

At the end of the day I don't think it matters what people think.
Dapps are going to build on top of HBD (for good reason).
People who want to use those dapps are going to need HBD.

Simple as that.

Creating demand for HBD has nothing to do with convincing newbies it's safe.
It's about essentially forcing people to hold our debt out of sheer necessity.

Want to play this game?
Go get some HBD.
No, we don't accept USDT.

thanks for this example between UST and HBD, it helped me better understand the differences between the two stablecoins