HBD to be banned in the US under new stablecoin regulation by demotruk

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hive-193084 · @demotruk · Jul 31 '21

$1.00

HBD to be banned in the US under new stablecoin regulation

HBD to be banned in the US under new stablecoin regulation

https://peakd.com/hive-111111/@demotruk/hbd-will-be-effectively-illegal-in-the-us-under-proposed-stablecoin-legislation <br /><br /> Posted via <a href="https://d.buzz" data-link="promote-link">D.Buzz</a>

👍 dbuzz, adamcurry33, smartvote, omarrojas, oneshot, iamraincrystal, uthantzin, sadikulaziz, coffeebender, rbhayes, shikika, paulmoon410, fifay

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@ahmadmangazap · Jul 31 '21

$0.05

I second the re-pegging idea, but I'm not sure how it works or how hard it'll be to implement in such a decentralized platform... <br /><br /> Posted via <a href="https://d.buzz" data-link="promote-link">D.Buzz</a>

👍 adamcurry33

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@ahmadmangazap · Jul 31 '21

$0.18

I second the re-pegging idea, but I'm not sure how it works or how hard it'll be to implement in such a decentralized platform... <br /><br /> Posted via <a href="https://d.buzz" data-link="promote-link">D.Buzz</a>

👍 demotruk, adamcurry33

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@demotruk · Jul 31 '21 (edited)

Repegging is not a big deal.

The way the peg works now is by having the witnesses maintain a price feed of Hive. Basically they report the price of Hive in USD, and that price feed is used to determine how much Hive should be received per HBD converted.



Step 1: Define the new index. For example it could be 10 commodities weighted equally by dollar value.

Eg. Copper, Oil, Zinc, Aluminium, Gold, Corn, Wheat, Coffee, Sugar, Oats - 10 cents of each commodity for a total of $1 of commodities.

Step 2: Decide a repegging date. Eg. 1st January 2022 at 00:00:00 UTC

Step 3: On the repegging date, the weights of each commodity is determined based on current price, published on Hive, and the top witnesses vote to approve it (doesn't have to be anything more than an informal vote, eg. comments saying "aye" on a post").

The index might be 1 milligram of gold + 100 grams of copper + etc. etc.

Step 4. As long as a supermajority of the top witnesses agree, their nodes switch to pricing Hive by the index. All that means is 1) Witness nodes determine the value of the index in dollars. They then divide the price of Hive in dollars by the price of the index, instead of reporting the price of Hive in dollars as normal. They can update their index price as often as they chose to, more often is better, but their index price never actually has to be published to the blockchain, only the final price.

No hard fork or consensus rules changes are involved in the entire thing.

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@ahmadmangazap · Jul 31 '21

$0.16

Well, it's defientely easier and requires less steps than I thought... 

What are the chances of this actually happening though?
Whatever they are, they're likely better than the chances I thought of before reading your explaination.

Thanks. !PIZZA <br /><br /> Posted via <a href="https://d.buzz" data-link="promote-link">D.Buzz</a>

👍 demotruk

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6 replies

@hivebuzz · Jul 31 '21

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@uthantzin · Jul 31 '21

So how do you think about it? <br /><br /> Posted via <a href="https://d.buzz" data-link="promote-link">D.Buzz</a>

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@demotruk · Jul 31 '21

I left a comment on the post with my thoughts.

properties (22)