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  • good luck we got more to talk about.

    祝你好運,我們有更多的話題要談。

  • But I want to just talk about the downside of a stable coin is this is that it's not a dollar backed by the US government, it's something that looks like a dollar, right?

    但我只想談談穩定幣的缺點,就是這不是由美國政府支持的美元,它是看起來像美元的東西,對嗎?

  • It floats like a duck and quacks like a duck but it's not necessarily a duck.

    它像鴨子一樣漂浮,像鴨子一樣叫,但它不一定是鴨子。

  • And depending on the protocol, the biggest ones are tether and U.

    而根據協議的不同,最大的是tether和U。

  • S.

    S.

  • D.

    D.

  • C.

    C.

  • They have collateral ization and they're usually over collateralized like I know you do on your platform where you over collateralized something.

    他們有抵押品,他們通常過度抵押,就像我知道你在你的平臺上做的那樣,你過度抵押了一些東西。

  • So if the market moves there's a margin call and perhaps we talk about that shortly but You know, they performed pretty well those top ones.

    是以,如果市場發生變化,就會出現追加保證金的情況,也許我們很快就會談論這個問題,但你知道,他們表現得很好,那些頂級的產品。

  • But we haven't, you could argue have they been stress tested?

    但我們沒有,你可以說它們是否經過壓力測試?

  • What happens when the markets dropped 50%?

    當市場下跌50%時會發生什麼?

  • What happens when they, when that happens fast?

    當他們,當這種情況快速發生時,會發生什麼?

  • I know we have black Thursday as an example, March 12 where you could back up a lot of what you're doing with a collateral standpoint.

    我知道我們有黑色星期四作為一個例子,3月12日,在那裡你可以用抵押品的角度來支持你所做的很多事情。

  • But do we still need to test these table coins a little bit more And do people need to know that there is a risk because it says U.

    但是,我們是否仍然需要對這些表幣進行更多的測試?人們是否需要知道有風險,因為上面寫著U。

  • S.

    S.

  • D.

    D.

  • On.

    在。

  • On the screen, but it is a very different instrument than a dollar.

    在螢幕上,但它是一個與美元非常不同的工具。

  • Yeah, that's a great point.

    是的,這是個很好的觀點。

  • So stable coins are minted by business that says we're holding a dollar of assets for every stable cleaning and those assets, you know are generally safe assets.

    是以,穩定幣是由企業鑄造的,說的是我們為每一個穩定的清潔工作持有一美元的資產,而這些資產,你知道一般都是安全資產。

  • You know, it might be deposits at banks, it might be commercial paper, it might be us treasuries, they're saying we have a dollar back, they look like money market funds in a very vague way, right?

    你知道,它可能是銀行的存款,可能是商業票據,可能是我們的國債,他們說我們有一美元的回報,他們看起來像貨幣市場基金,以一種非常模糊的方式,對嗎?

  • And you know, if you were to have like a tail risk event like crypto collapsing, it's uncertain if everybody would want to redeem other stable points all at once could the business that issued the stable coin convert all the treasuries or commercial paper into dollars if everybody wanted out the door, that's unknown, you know, I think, you know, we might not ever see a major stress test of a stable coin for the simple reason being that when Kryptos crashing the demand for stable coins goes out up, people want to exit their crypto into stable coins and demands only going up and you know, the demand for stable coins only goes down when Kryptos actually slowly going up when people are saying, get rid of my stable coins by more Bitcoin, buy more either convert stable coins into them um so it's hard to say like, you know, it's hard to imagine right now market event that would cause a huge portion of a stable coin want to leave um and like unwind the position at the same time, but that risk is there and this is one of the reasons why people like view, they're being tail risks to stable coins, they might be one in a million or they might be one in 1000 or it's hard to say, but there is a very small risk that if you have a stable coin, it's possible that it won't be redeemable one day for one reason or another, now this has never occurred.

    你知道,如果你有像加密貨幣崩潰這樣的尾部風險事件,不確定是否每個人都想一下子贖回其他穩定點,發行穩定幣的企業能否將所有的國債或商業票據轉換成美元,如果每個人都想出去,這是未知的,你知道,我想,你知道。我們可能永遠不會看到對穩定幣的重大壓力測試,原因很簡單,當Kryptos崩潰的時候,對穩定幣的需求就會上升,人們想把他們的加密貨幣退出到穩定幣中,需求只會上升,你知道,當Kryptos實際上慢慢上升的時候,對穩定幣的需求才會下降,人們說。擺脫我的穩定幣,購買更多的比特幣,或者將穩定幣轉換為穩定幣,所以很難說,

  • But that's the risk that I think you know central banks are like trying to evaluate in real time.

    但是,這就是我認為你知道的中央銀行像試圖實時評估的風險。

  • Uh huh.

    嗯哼。

good luck we got more to talk about.

祝你好運,我們有更多的話題要談。

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A2 初級 中文 鴨子 美元 資產 抵押 需求 風險

穩定幣實際上是穩定的嗎??Robert Leshner談穩定幣的風險 (Are Stablecoins Actually Stable? ? Robert Leshner On The Risks Around Stablecoins)

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    林宜悉 發佈於 2021 年 09 月 10 日
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