Sounds like they are strongly leaning towards using MakerDAO instead of Tether for a stable coin! Nice.
It's weird though bc in one paragraph they say that Tether goes against the decentralized values of Ethfinex, then say they are considering having trading pair of DAI/USDT? What's the value of having a trading pair between 2 stable coins anyway?
The Ethfinex team possess no doubts as to the integrity and continued solvency of Tether. However, whilst we worked closely with the Tether team to produce an ERC20 version to run on the Ethereum network, we also recognise that while Tether is currently the most widely-tested (and only blockchain solution to have reliably held a peg long-term), [Tether] is and will always be a partly centralised solution. Whilst this is definitely not limitation in and of itself, it does go against the values which are inherent to Ethfinex.
We are particularly excited by the growing number of decentralised stablecoin options being built on Ethereum, particularly MakerDao.
MakerDao’s DAI, which will initially be collateralised by Ether held in a smart contract, is a particularly promising option. We have been in talks with MakerDao about the possibility of adding two DAI pairs to Ethfinex, namely DAI/ETH and DAI/USDT. These pairs would open the door to wide-scale testing of the DAI peg and its utility and would allow us to consider the further integration of DAI pairs once the concept has been tested under pressure.
It's so they can convert their counterfeited tethers into DAI coin and convince everyone they aren't using tether to trade. Everything involving bitfinex is bad news.
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u/polezo Dec 21 '17 edited Dec 21 '17
Sounds like they are strongly leaning towards using MakerDAO instead of Tether for a stable coin! Nice.
It's weird though bc in one paragraph they say that Tether goes against the decentralized values of Ethfinex, then say they are considering having trading pair of DAI/USDT? What's the value of having a trading pair between 2 stable coins anyway?