Downvoted, because there’s no explanation of the mechanisms to “peg” the value. You don’t get to define the value of anything, it’s all supply-and-demand, and what the marginal user is willing to trade for the currency.
Otherwise, I’d create a new coin, “pegged” to my age in milliseconds, and be very wealthy instantly. This (along with some handwaving about automatic supply/demand matching which worked great until it didn’t) is roughly what Alameda/FTX tried to do. And it’d even work, for quite some time, if it got to a level of common acceptance that justified it.
Downvoted, because there’s no explanation of the mechanisms to “peg” the value. You don’t get to define the value of anything, it’s all supply-and-demand, and what the marginal user is willing to trade for the currency.
Otherwise, I’d create a new coin, “pegged” to my age in milliseconds, and be very wealthy instantly. This (along with some handwaving about automatic supply/demand matching which worked great until it didn’t) is roughly what Alameda/FTX tried to do. And it’d even work, for quite some time, if it got to a level of common acceptance that justified it.