Stablecoins with MakerDAO | EthereumMadrid Meetup

we do our best to explain this because Indian words that we're going to try to explain to figure how the central bank plus an online credit line is working they even sense realized that they were reinventing how bank should work but essentially so the first thing they are the zeros was and the other point if the fact that people running our economy today the recent revival instant decision is on those things and those came together which means that whatever the decision to change there is no real downside to that personally economically or retention stage oh not if things goes things go wrong these are real consequences so entities those two things whatever - as a concept okay let's try to build in a decentralized fashion a token which and which points remain stable through time therefore I did but I'm not taken and then do whatever I want with it in every application island because I can trust the system that is always going to remain around the same the same okay one of the characteristics that we offer here so we we still what we've built in currency which means that you know the economy metrics as a thing and so the most I will stay we're talking to be Richmond of that situation but no volatility as strong as we can see because with still some of some change is detected a few obviously knows [Music] just between what is interesting [Music] speaking of where is my choir chants not much going on sorry nothing that you go on the city there's hormones whatever kind of waste collection is going to make you move it up very small but if you have that big front liner that goes from one person to the other case of Turkey you will need a very big it's a muscle in captaincy we have so much so much volume that where you can't even see which is by the way personally zero zero whatever changes and finally governments right next I promise a woman fight one in our first person I'd like to eat what's this it's a free throws in currency which means that they take an object in which in this case our Special Drawing rights have been issued by the IMF and that represents that represents the world economy there are five errors is in this basket and those percentages and therefore we have a unit every currency a unit of area and this is what maker takes as steady so short that I have a third this is a financial instruments community that I can use to get exported so again I can try to move I actually have because I have something which is a vital part so this is one thing you don't need to know everything myself already but keep in mind that you need something attractive to divert at one point with model trade and on the other side you will need to you need people to walk and this is the indispensable the first one is related to issues and the real issue is later common is by giving his planet we helped to get talking about a birth in error if he doesn't have a little perseverance is awkward and the way we do that is by cutting as well a sense that in the ether which is common over each asset freeze assets [Music] and you will need market prices so that's the father SPR but also for the culture that we using the system and people that I mentioned through the system and then finally this is because this will like we like I just would like to point one thing this CDP product is actually how banks create depth this is your creative money die okay you're a shoo-in tokens and tighten them to a collateral when I have a mortgage what they do is they ask for some code from some other money to get them to give me alone so this CDP this actually help banks create debt and this CD has to do as well with with risk and all the saboteurs that's all that so did my point is that this is actually a bank for working I just love this like even so something like the bailouts cannot happen because you will have always the money that you cannot create money out of thin air and saying okay I have ten I will lend 90 you cannot because you need collateral to create that debt good well thanks greendeath class with dance with rationalism so this being a fractional reserve of watching but with the real it's with things that have value and are locked so you can't accept the system nobody else can access it anymore so it's always going to be available whatever happens in there it has the battery historian Peter you know tomorrow yeah exactly that's a very interesting point of a series of the presentation or a scenario that can happen without surprise yes we've seen before I talk about rocket if you remember the centralized [Music] so and feeding the same information work times and so the digital age to trust 20 resources natural sources of information as whole time and they are metric criteria bye-bye marriages on so that we which Isis videos as you can already see the rapidity that dimension from the network also at what point what what point do I assess that being issued once all the actual product I'm going to text all the time in order to get back on track so there are many races and when he doesn't win side note these risk parameters here are actually the business of banks something that they don't tell how they measure how they measure their risk that they are put in by acquiring some collaterals but here these parameters are open you can see them there no there no secrecy on that so that's why the governor small and long will go afterwards on that this is so so so so radical and so disruptive because it's the first open bank really it's open everybody can see what's going on with that so let's get down to it the first thing is too many people don't accessible or not high-five on to digital I'm going to do that by knocking honey amounts of here's one from France which is a CD of exposition and 100-300 depends since more ether or big common digits for that you have to put in 300 meter gives you a hundred and this is another safety meeting our opportunity to be sure that we represent before the time will be unpacked before that it would not represent it is valuable to present value so now I have I have which is so in this period which we covered normal operations for the people so mask using it and maybe that assured it will take advantage before he came to visit will stay calm and with the model training style and what we have is this one okay so you have say eternity ring to receive the line and we are here open that because somebody that is opening to me why do I put money into this one what's in it because I could Bank or reject when I can get from and if it's so you can put ether of a colony in the system but if you system in fact today's calendar back so when you when you close the position you have to pay this just so what is that here we're saying that the foundation engineering uranium is partly okay so I the companies mention incentives so let's say diet is not number that's a way to be well for those we're training this is this is something which is not very good right because now that the price is the price is lower you're gonna have to anymore time back to get your gratified and because the cracker is only very active pretty distracted accordance with photographers you're going to put more pressure than before when the price time so it's not a situation interesting for expensive so what they do is orbit right for security decisions and he determine the positions we have to learn they have to put any practice is innocent and encouraged so that we can say but in that case the decrease going to surprise me decrease from within so this situation is not interesting for somebody's willing to make fun with each other but it is interesting for some very platforms very like some babies because much cheaper so the combined mechanism which is decrease the level of assurance up to a point where money is it out of circulation and we are incentivizing the demand with a number something with an electron so this will have the effect of increasing the price light increases what but to a point where we come back to the electrons which is so we are back with equal incentives price is supposed to be marked at the same level as an exogenous price how would they increase it the preset teeth yes it's a reference moment as it then you use the toggle promise to say okay I will be governor to a decision we have to adjust it I will return to you're being around that target to see such as your reference point of stability and your jet target price College when I is okay so the second incentive Tammany Parish is where somebody is exiting the system the people that made sure to receive a letter that made sure that I always remain stable FK our orders are going to be paid a fee for closing disposition well if somebody decides to close a position it is going to use that to dominant er and variance that only something that I don't know here we are again using developments of high quality to make this more attractive sorry and in this case if you burn anything or you're essentially using the supplied token so each individual beginning to be worth more this is and so again an incentive for a counselor to that receivers the price of the damage is higher interesting for a giver that was easier than survey to do is to keep deposition positions pudding or issue more because it's profitable for the people that want to use it not so much so much you see is is more issued to the as we said before what is the price of the National questions what if I suddenly dropped in value dies wonderful percent of two hundred percent right because the time that is supposed to be backed by something of value is known by so it's an expired i tell me in the market that are not worth what they should be worth any number and these languages who wants to use that that talent is not trusting that it has no value to be used as social quickly so in this case we also have a response and it is valid and geometers so then the bad thing to accept that the shooting had or they give the data system go the wrong direction and corrected that in a sense depositors so they should be punished or they should be customers and in this case what happened is that between schools the value that they don't get we are and we need to dilute them so we're going to use mimicking are the system can generate affected every to issue more and we went to issue more because plus what is needed is very we moved I chose regression example parts by [Music] but now we're saying is that you know we didn't work and we burn with them we burn and cure to make stranger increase with it in distance deeply net effect can still be needed so that your honor we still good one but with this system religious or this according to what is really needed to make the system so same in games TV time speaking if we create we actually punishing make us because if we create more each time you lose its values and if we run we will centralize them because each point will have more people are holding or there's a reserve of this device that will be for you always I own and the dying is to disable all the time and to have this happen the makers that are behind them perhaps Issa the homeless they get all the incentives into a butcher so if the J's all of the dials always stable they get all the fees and they can make the dice government stopped because they have totally even I told repair then attitudes in the right children satsang but if they do a long job or a bad job then the dive reduce its value liberally with our our them and then they have to lose money or they have to stand up and and as he said in this in the sense in this moment they have to create new makers to buy them back and so they will lose money so it's like their empires all of eternity and the dice or the sustainability of one corner poignant in itself it's actually split into cons and what is so special about this is in comparison to the centralized what we are living right now is the makers that are making the decisions are also those that have the risk so if they make their [Music] what it's too expensive we're in [Applause] [Music] a new final currency or 30 currency you pay it with an exchange rate which represents the five years ago I'm bothered to euro to get to the pound but this is basically populating all the time - achievements every day it's not fixed for 5 years like we are finding the best compromise I mean because and what they do is the price of - but this model reflects what is true what is going to do if you want to make something available worldwide whatever you commit you kind of have to make compromises about what first which means they're trolls if I switch to some hands but so far today can you hear me yes all right maybe maybe you come you can show him the audience that is certain okay so we kind of understood I hope the basis of nature by a presentation which is this and maybe as a story points you could emphasize what you think is going to be the long-term vision for Omega in the blockchain space and where our spirit coins are so important so our two main problems down here under this period and the first of all disability offices in history many said I succeed as well so booth you see by for magistrate others versus and that wasn't using that important design changes to really create is pretty departments that watch it noticed a potential three and then certain things he wants to grow since my fifties and we were previous us those with but we both were existence it was cheap but also what was news and palpable the other cities are both but mainly concentrated on a bed bolts and also maybe easy you will trade lessons so diddly you see major key that falls for pretty in the rich regards useful as well it's just while access your credit wall money available yeah [Music] okay thanks so but in the end right if we'd like to use the currency to do everyday activities like eight or whatever is there in that you yeah especially obviously this good luck we already have broken frightening but it's somebody shoot possible to use by a point on a life skill in like Israel and other places where they're all currencies are life they have issues with my reputation than just like bad mother book and therefore really need life-saving regular people who have this happen it that were competitive yet believe is it which is really which one described it was many Easter parents often look so you really have to focus on sometimes people here the ones I want to see stable corners people and then the other groups with with seem stable falling as a token in regard to do daily everyday activities and how do you combine in a way incentives from up two groups in one same products and so this is a misprint question is actually I think that's the critical a problem because to some extent like [Music] people who right now access monetary and financial systems which is worth bring wealth railing some European country America likes to say it's going to be extremely those who compete with the incumbent currency on both ability friendly and actually is great you know let me prepare tonight when I do that and said when it was due in the service is we initially offer like a diesel version from nurses the summer like eight years old once it work for digital Europe these currents then be backed by up also but recklessness and here's the something happened we have like ready to two or three analysis we have the sizes ha ha ha ha purposiveness people is a scenic mobile and the bishop you see both of em Rocky Hill by bucket very personal and the book also the MX fishes the ponies [Music] we had a question from the audience why pick SDR as your reference point instability where in some places in the world you might not see HDR is something interesting or they might have the most unlikely of options for you to take as a reference point or anything this is the most appropriate reference point of stability for yes so there's about optimal solution to what need but it's closest because it's the opposite he said my purse my basket but differences he merges all there's it like the years ago I mean anything you have mentioned that updating the truth tech the US dollar president press the father is also a key Rosalyn well trusted like all these other species to get the neighboring sent and plus you never puffs transgenics however we are freedom in that section absolute cheek muscles make even better edict by mixing and what's going to be so that long-term research whole prism getting them to be system I'm not a traitor myself and I know but margin training it's always something that I didn't see as a very secure I agree you should know so regarding the system stability amenities around margin trading isn't that the best way to screw it up you explain why it's complicated very romantic first of all it is just the case that margin trading estimated traditionally it's always fight bravely know that Canada Sun they've written people's shoes on Binx the VESA but basically like ultimately there's actually don't really want with a small stable this index present you want something as a stabilizing sitting different suit you can deliver them right ahead remove at like maybe because that's the way we didn't control what really life heated and me lately he's awaiting the nested his system it's not really puzzling like swimming business like ten race this is building up from the qualities provide in like centuries book is more completed youth French and there's more mostly you know lettuces and basically missus patience for rebirth effectiveness and what we have to say was that made them one the amenities that was Parenthood so while there it is activate his is like Betty Rubble but what we do have we have this really use listicle you upset how oxygen be used it should be easier residential very good point and that's also where they got over this system is that a lot of people put a lot of that homebody estate on Amazon discussed pub setting rules first button and then loss bailiffs will grow but as a user as a basic user and just form a stable form what do I have to do in order to trust maker doing what they're supposed to do to get through my I get back to the papers trust somebody okay I do get something somewhere in order to make sure that everything credits movie or do I have to trust something else in it obviously that yield an answer we should look at nearly but but I beat my correctly I'm guessing this going to be question of pepper if we ensure that persons are to test main one years he can peruse our mobile without problems Steven I'm sure like this function and also control things like real cases where from in freshness or disbelief that lives officers but when they look at the water is critical to many exciting places and it is fun doesn't compensate the only reasonable defense enough it's just this work so long as work with that there's no reason as you were meant as far from Europe of the euros eat with us when it fortunately I think we're gonna have to eat it here I don't know why we got so bad connection to hear you out loud but thank you very much for for being with us tonight again you know best to explain make it out to this audience I hope they understood at least 90 independence and good questions but best of luck for the other content and I hope to see the markets [Applause]