...what’s wrong with my link formatting? I checked all the [common failure modes](https://wiki.lesswrong.com/wiki/Comment_formatting#Links_2)
benjamincosman
Karma: 4
So does your answer change if the soul-seller is the artist instead of the prop? Also Tim would argue that he did not sell his soul but rather an artwork entitled Selling My Soul; I haven’t seen reason to argue yet ;)
I wonder how blockchain tech might affect this? e.g. a lot of my savings are currently invested in cryptocurrencies; I don’t purposefully link my addresses to my name but it’s probably possible for someone to figure it out if they wanted to. As blockchain becomes more mainstream/safer, I would expect this to start applying to more people.
Sure, uncollateralized lending is knowingly a higher-risk higher-reward space. So far they’ve had $57million in in successfully repaid loans and zero defaults, but obviously they can’t keep up that perfect streak forever, and it remains to be seen if the net yields still look great when some defaults inevitably occur.
(Disclaimer: I mention TUSD and TrueFi below; my brother is the CEO of the company behind those so you can guess my biases. None of this is financial advice)
have a giant pile of US dollars somewhere under someone’s control, and have that person act as a counterparty for anyone who wants to buy or sell 1 US dollar for 1 token. This is what Tether and USDC do.
Not quite—Tether hasn’t been properly backed by dollars since 2019 (see discussion over at Metaculus). A better example of a second fully-backed stablecoin would be TrueUSD (and its sister coins for other currencies, like TrueHKD).
Because it’s supposed to be trustless and decentralized, all loans are necessarily at least fully collateralized
TrueFi is offering uncollateralized loans. It’s not nearly as trustless and decentralized as something like Uniswap, but it is moving in that direction—loans are voted on by holders of the governance token TRU, and the project roadmap says that soon they’ll be doing more of this algorithmically based on info such as your on-chain credit history.
(also TrueFi is offering some pretty sweet yield farming rates right now :) )
Thanks!