/biz/ - Business & Finance

[Anonymous No.8839967]

Dai Coin to run on OMG DEX at launch. Also OMG master race thread.

https://blog.omisego.network/dai-and-omg-uniting-for-a-more-decentralized-tomorrow-eb7daf81ba7

[Anonymous No.8840021]

>>8839967
Triple digits by end of year

[Anonymous No.8840315]

I thought Jcoin / MUFG coin / Thaicoin were supposed to run on the DEX?

Why is OMG reliant on a brand new stablecoin project with minimal collateralized debt positions as its currency to ensure price stability?

[Anonymous No.8840325]

It's absolutely crazy how nobody on this board shills MKR. DAI is by far the best stablecoin project out there. With multicollateral it's going to be absolutely huge and it's primed to be THE stablecoin solution for most decentralized exchanges.
>muh jewbrel
lmao

[Anonymous No.8840355]

>>8840315
>Why is OMG reliant on
It's not.

[Anonymous No.8840370]

>>8840355
Okay then, how does OMG ensure price stability without Maker?

[Anonymous No.8840385]

>>8840325
MKR sounds great but noone will buy in because it will 100% be hacked and cause value to tank
funds not safe

[Anonymous No.8840438]

>>8840370
Could still use anything you mentioned. Just because mkr is joining the network doesn't mean it will be the only option available.

[Anonymous No.8840466]

>>8840325
What is the purpose of MKR? Why should buy it and why will it increase in value if Dai becomes huge?

[Anonymous No.8840477]

>>8840385
>MKR
Brainlet here, how can it be hacked
FYI i don't own any, just curious
OMG master race reporting in, I only have 1k, I need more

[Anonymous No.8840493]

a shitcoin running on a shitcoin

[Anonymous No.8840507]

>>8840493

[Anonymous No.8840534]

heard somewhere that DAI is backed by the crypto equivalant credit default swaps that caused the financial crisis of 08. is this true?

[Anonymous No.8840572]

>>8839967
1.2k omg checking in

[Anonymous No.8840677]

>>8839967
>usd/ETH
Why would anyone want to pair with this shitcoin ? Why not directly use OMG/USD pairs ?

[Anonymous No.8840837]

>>8840534
source?

[Anonymous No.8840911]

Really I can stake with 10? I was avoiding because I figured I couldn't cover the collateral.

[Anonymous No.8840943]

>>8840534
it's the reverse of debt. It is overcollateralised. Each DAI (the 1usd tether coin) is backed by its value in ETH at a ratio of at least 1:1.5 - so there is more value than redeemable DAI. This is like the opposite of fractional reserve. With the launch of Multi-collateral, you can back it with more than just ETH, you could use a package of ETH, DGX gold-tokens, OMG, anything on the ETH blockchain, and it could even with inter-blockchain connectivity be used with non-ETH-chain assets.
At every stage the DAI is backed by more than it's own value, and unlike tether, everyone can see precisely how much and at what ration it is backed by.
https://dai.makerdao.com/
You can see the system is at %277 collateralisation atm. Very secure.

[Anonymous No.8841216]

>>8840325
I've shilled it here a couple of times, but since you really need to read the whitepaper to understand it, it doesn't appeal to /biz/ shitcoin pumping tendencies.

[Anonymous No.8841249]

>>8840466
Every dai is backed by ERC20 debt. That debt accumulates 0.5% interest ("stability fee") denominated in dai but paid in MKR. MKR must be paid and burned to close your position and recover your collateral.

[Anonymous No.8841268]

>>8840943
Oh wow, a whole 20 million dollars overcollateralized?

>OMG IS TOTALLY THE WORLD EXCHANGE NOW!!!1!

This is pure delusion. Why would any large institution overcollateralize Maker for nothing more than the CLAIM to get their money back possibly if liquidation is triggered?

This is obviously just some little experiment of the Ethereum community that isn't ready for mainstream adoption.

[Anonymous No.8841323]

>>8841268
Dai is the second biggest stablecoin after tether, and growing. People and institutions will lock funds to borrow money, for tax reasons and to gain leverage. Since it's all smart contracts, you can guarantee your money goes nowhere unless there's a massive market crash, in which case you get nothing. Seriously, read the whitepaper, you'll be amazed when you finally see how it all works together.

[Anonymous No.8841358]

is 150 OMG enough to do anything in this life? or should I just kms

[Anonymous No.8841371]

>>8841249
Explain the mechanics of the stability fee. Where does the interest on deposits actually come from?

[Anonymous No.8841523]

>>8841371
Someone opens a collateralised debt position (CDP). Basically a smart contract that can hold assets and debt. Maybe they want to cash out a little without paying taxes or lowering their exposure, maybe they want to lever up and buy the dip with 110% of their assets. They deposit ETH (at present), or some other ERC20 token (in the future), and create Dai. They can only create dai worth 66% or less of the value of their collateral. They sell the dai for more ETH/lambo/whatever. The CDP now tracks two debts. The original amount of dai, which does not change. And the stability debt, which is 0.5% of the total debt. Both are denominated in dai, but the original debt can only be paid in dai and the stability debt can only be paid in MKR. After some time, they take profits / get spooked / want to arbitrage a market failure and pay back the debt to retrieve their capital. They pay back the dai they originally borrowed and pay some MKR to cover the stability fee. Both Dai and MKR are burned, the dai to regulate the supply and keep the price stable, the MKR to raise the value of MKR and reward MKR holders, who act as both governors, voting on system changes, and the emergency backup if the market crashes faster than positions can be liquidated.
Of course, if you're just using dai as a stablecoin, you don't have to worry about that. You just see an ERC20 token with a stable price, that can be bought and sold like any other.

[Anonymous No.8841528]

>>8841358
depends on how long you're holding

[Anonymous No.8841536]

>>8841523
One more thing, I wasn't quite clear: The stability fee is 0.5% annually, compounded continuously.

[Anonymous No.8841611]

>>8841528
I have 2 years before I kms

[Anonymous No.8841628]

>>8839967
>0.00001 cent fees
JUST

[Anonymous No.8841825]

>>8841358
If you hold for a year it’ll be worth $75K

[Anonymous No.8842749]

>>8840325
does mkr value increase if there are more dai in circulation? If not I do not care

[Anonymous No.8843036]

>>8842749
Yes; more dai -> more collateral -> more stability fees -> more buy & burn.

[Anonymous No.8843068]

>>8843036
What is the difference to jbonds (jibrel)

[Anonymous No.8843126]

>>8841628

Migger james edwards saltie no omisegoer.

Stay disabled

[Anonymous No.8843133]

>>8843068

well first off jibrel is an arab scam

[Anonymous No.8843156]

>>8843068
Jibrel is centralised, it's just tether 2.0. Makerdao is decentralised, entirely onchain, unstoppable and immutable, with voting by MKR holders to govern the system. They're also the leading players in formal verification, to eliminate the possibility of nasty surprises.

[Anonymous No.8843252]

checking in my niggas