Makercoin

What are the Devs opinion on this project? Would it be the main stable coin out there?

Comments

  • RuneRune Member Posts: 4
    edited August 2015
    Vitalik posted his thoughts in this reddit announcement we made a while ago:

    https://www.reddit.com/r/ethereum/comments/3gro5w/introducing_quant_makers_dynasty_for_statistical/cu19qor

    As far as being the "main stablecoin", that is certainly our goal but in the long I'm sure there's going to be competition between multiple projects using different approaches to mitigate risk. If a stablecoin ever fails, it would be sudden and catastrophic - so its always good to have multiple systems since it reduces the chance of it all blowing up at once.

    That said everyone of us working on Maker are going to spend every waking hour making sure Maker, Dai and the eDollar never fails, and we are planning for resilience in even the most extreme market conditions.

    The long term income potential of Maker is vast, so a significant amount of money can be diverged to continuous security and risk audits by third parties (once we actually have the system live and actively making a profit).

    We are also releasing a risk/valuation model soon (source code and output graphs) which is based on standard quantitative financial tools. Data so far shows that no matter how popular the Dai Credit System gets, Makercoin are going to be incredibly risky! If we arbitrarily set the risks of black swan events to 2% per year (with 50% of debt going bad per crash), there is a 10% chance of the entire system being dead in 30 years, no matter how quickly it grows during its growth phase.
    Post edited by Rune on
  • FabzFabz AustraliaMember Posts: 11
    What kind of tech skills one will need to have to make the most of Makercoin profit possibilities?
  • RuneRune Member Posts: 4
    Most likely learning how to create and use OTC contracts, so you're able to trade MKR and earn income from the large early spreads. Also running keeperd, a daemon that runs alongside geth which is coming soon(tm). It creates pricefeeds that Maker can pay for, and it has an optional bot that earns money by doing arbitrage between the inefficiencies in the Maker ecosystem and the Dai Credit System.

    There is a live coding session this saturday evening EST where Toast (lead dev of dappsys) will show how to write a simple OTC contract which will be useable right away to trade ETH/MKR. We'll also do an MKR giveaway to anyone who deploys their own OTC contract during this time.
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