Ang Stablecoin: Moderno o Lumang Bansa?

by:HashSleuth5 araw ang nakalipas
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Ang Stablecoin: Moderno o Lumang Bansa?

Ang Quiet Collapse ng TerraUSD

Nakita ko ang TerraUSD na bumagsak sa real time—overleveraged, walang transparency, anchor na nagtatakbo. Walang magic sa blockchain. Kung nabagsak ang peg, hindi napanik—kundi isinagawa nang parirala tulad noong 1873. Ito ay bank failure, hindi crypto failure.

Ang Narrow Banking na Bumabawi

Ang Genius Act? Isang teatro na nakatago sa regulasyon. Siniguro ng Congress ang ‘full collateralization’—pero lamang kung ikaw ay may lisensya at may U.S. Treasuries. Walang dolyar na stablecoin? Regulatory arbitrage na may API at Telegram na nagmumura ng liquidity myths.

Ang Tiwala Ay Hindi Code

Hindi nilayos ng blockchain ang mga bangko—kinuha nito ang kanilang lihim. Ang reserves ni Terra? Mas maliit sa 3% sa on-chain audit. Ang natitira? Offshore shell entities na may U.S. dollar IOUs na nakapalibut sa Ethereum gas fees.

Ang Totoong Collateralization

Ang tunay na stability ay hindi galing sa algorithm o multisig wallet—itó’y galing sa U.S. Treasury bills na nasa balance sheet ng Fed, auditado buwan-buwan by isang independent auditor na wala pang bayad simula 2008.

Ang Fatal Flaw ng DeFi

Tinawag nating inobasyon dahil mukhang bago ito. Pero noong tumaas ang rates at nawalan ng tiwala? Ito ay gumawa tulad ng Silly Bank noong ’31—or mas lumang panahon: ang narrow bank na tumatagal pero walang ibinibigay.

HashSleuth

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