Chatter Report: Troutner Proposes Algorithmic Stablecoin on BCH, Sztorc Believes Austrian Economics Unnecessary

Troutner Proposes Algorithmic Stablecoin on BCH, Sztorc Believes Austrian Economics Unnecessary to Understand Bitcoin

In today’s roundup of crypto chatter, Chris Troutner and Andreas Brekken play around with the idea of building an algorithmic stablecoin on BCH. Vin Armani debates with Painted Frog on Bitcoin’s similarities to Visa. Also, Paul Sztorc thinks that understanding Austrian economics is not that important to comprehend Bitcoin.  

Also read: Developer Paul Sztorc Launches the First Version of Drivechain

Building an Algorithmic Stablecoin on BCH

Recently Shitcoin.com CEO Andreas Brekken took to crypto Twitter to wish everyone a happy new year. In his tweet, Brekken casually mentioned algorithmic stablecoins, an idea that Bitcoin.com senior developer Chris Troutner picked up on.

Troutner queried Brekken for alternatives to the DAI, but the latter was not familiar with the field. Brekken then explained that he was optimistic about the technology, even though many academics and maximalists don’t believe algorithmic stablecoins are possible.

In response, Troutner called for the BCH community to bring DAI’s algorithmic technology onto BCH. He suggested using the Wormhole JavaScript SDK at developer.bitcoin.com to create an ERC20 token on the BCH blockchain. Instead of ETH, BCH would serve as a collateral asset. Even lead developer of Bitcoin ABC Amaury Sechet jumped into the thread, as he was positive on the idea.

Bitcoin More Similar to Visa Than Gold

Recently, CTO of Cointext Vin Armani had a debate with his followers on what the catalyst for Bitcoin mass adoption would be. Armani argued that those who stand to gain financially from bitcoin usage are the ones most likely to increase Bitcoin adoption.

Not everyone responded well to Armani’s theory, as commentator Painted Frog argued that Bitcoin is intrinsically valuable like gold. Since society didn’t need to be convinced to use gold in the past, Bitcoin like gold, will eventually be used everywhere.

Armani responded by explaining that Bitcoin is more similar to Visa because both are systems and networks. On the other hand, gold is simply a shiny rock and an inert element.

The Importance of Austrian Economics In Bitcoin

Austrian economics has always been a huge part of the Bitcoin community, and the growing popularity of Bitcoin has sparked a revived interest in Austrian economics. This was pointed out by the President of the Nakamoto Institute Michael Goldstein on social media. Some like cryptocurrency pundit Murad Mahmudov agreed with Goldstein and tweeted that cryptocurrency community members who understand Austrian economics have an edge over those who don’t.

However, director of research at Tierion Paul Sztorc and bitcoin pundit nic__carter both argued that the importance of Austrian economics is highly overstated in the cryptocurrency space. While nic__carter confessed that he had never read any books on Austrian economics, Sztorc explained that he was very familiar with the Austrian school of thought.

Despite a thorough understanding of Austrian Economics, Sztorc insists that only a brief understanding of how the government prints away purchasing power, also known as inflation tax, is enough to understand Bitcoin.

What do you think of an algorithmic stablecoin built on BCH? Let us know in the comments below.

Images courtesy of Shutterstock.

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The post Chatter Report: Troutner Proposes Algorithmic Stablecoin on BCH, Sztorc Believes Austrian Economics Unnecessary appeared first on Bitcoin News.



from Bitcoin News http://bit.ly/2CIwgm5

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