MoneroUSD is vaporvare...

SoulReaver

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Jun 12 03:45

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#1387

There's this guy who's having AI psychosis who thinks he can make a Monero based stablecoin.
What he's actually doing is vibe coded slop of "greatest hits" compilation of cutting-edge cryptography and blockchain buzzwords.

https://x.com/MoneroUSD/status/2064963858905674110

Even if he can bolt everything together, it would need extensive audit.

I'm skipping the fact that how hard it's to bootstrap a stablecoin and you need a pile of cash to preserve the peg to $1.

There's about %0.01 chance this works, so, don't get your money into this.
I tried explaining him things don't work as he thinks they do, but he's insistent on the AI psychosis...
Anyone who claims they can make a Monero based stablecoin w/o a a team or clear, auditable reserves is at best delusional at worst lying.

I'm writing here because I encountered a few people from community taking this seriously...

Edited: Jun 12 03:48

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HardTruthSeekingEven

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Jun 20 07:26

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#1454

Can You Explain What A Stable Coin Is -- I Am New

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Only Reason I Trust Bitcoin And Monero
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Is Cause I Understand The M2 Money Supply And Debt Of A Country Will Destroy Value Storage
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Without Having The Ability To Construct And Have Rarity So Befire They Go To Zero
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Put It In A Place That Actually Has Limited Numbers Or Monero Hidden Which Groes Grows At A Small Pace Even In 2030 It Will Nkt Do Much To Your Value
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As Long As Human Desire Exists For It These Will Be Staple And Strong
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Especially As Current Fiat Value Storage Die And Completely Lose Their Value

°= Example = Lebanon Venezuela WelmarGermany Zimbabwe

I Wish To Save Myself From Pain Of Stupid Leaders Before They Harm Me Immensly And My Way Of Life

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HardTruthSeekingEven

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Jun 20 07:28

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#1455

And Ai Coding Is It Differnt From A Human?
What Specifically Is The Difference
Top 3 ?

If He Limits The Coin Perhaps It Can Retain Value But People Will Have To Desire It

Over Lare La
Already Amazong Things Made
Such As Bitcoin Or Monero

Usless You Attach It To Something Real Like Beef Coin If You Can Actually Trade Beef For It
Like Tethers Gold One

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USAGI

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Jul 9 07:01

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#1628

Reply to post #1454

Fiat (government money like the US dollar) is considered the standard of value since it is the most commonly accepted form of currency. Relative to the dollar, Monero goes up and down in price based on the most recent average trading value on exchanges. The idea of a a stable coin is a cryptocurrency that is backed directly with dollars so it never goes up or down in value. While there are other ways to make a stable coin match the value of the dollar, direct backing with fiat is the most reliable way for it to work.

The problem with this and why no stable coin has ever worked is that it costs money to receive, exchange, and protect that dollar value and the one controlling the reserve could always pull the rug and steal it at any time. Probably secretly like how the gold from Fort Knox was stolen, or how those Gold/Silver "bond" companies don't actually have any gold in their inventory, or how stock markets will allow you to buy "shares" of cryptocurrency without ever actually giving you any coins you can store in your wallet.

Stable coins make the most sense for centralized banking where it allows for wealth to be transferred between institutions cheaply without needing physical transportation or lots of manual audits. However even for this, extreme market events can cause "depegging" where the tether/price match is temporarily broken.

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XmrBazaar

MoneroUSD is vaporvare...