This is an interesting coin... it may be the only stable coin that may be able to stay stable... as long as the FED is going to be backing them.
However, i won't have any confidence in this coin, as i am sure that i won't be able to watch the coin creation or to know that my coins won't be bail-in'd
That's contradictory by itself ;)
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Not really.
If the token is backed by the FED, then there is always liquidity to pull out US$s
However, since JPM has been known to do poor bookkeeping.... err accounting slight of hand, i would expect them to slip themselves a few extra JPMcoins whenever they felt like it.
Thus, they would be pegged to the US$... until they imploded.
All the while, JPM was inflating the US$.
And we probably won't get to see the code that shaves off a % of every transaction for JP.
FED = backed by debt = not backed by anything. No proof of whatsoever, just like printing money out of a vacuum. Will certainly have a bright future, just as the FED has ;)
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