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Ryan Selkis Shares His 2024 Crypto Predictions
Bankless
Challenges and Risks of Algorithmic Stable Coins
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The speaker was initially interested in Tara due to its potential as a payment application with an underlying economic model. However, concerns arose about the authenticity of the volumes and the application itself. The speaker believes that the experiment of under-collateralized stable coins may not be worth running again due to the inherent risk, as seen from the catastrophic losses of Tara. The potential repercussions of an algorithmic stable coin reaching a high market cap are deemed to be too risky, and the speaker is skeptical about the feasibility of stable coins that map to purchasing power. The speaker suggests that cooperation with nation states may be necessary for stable currencies, but expresses doubts about their long-term success and suggests that Bitcoin may serve a different purpose.
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