Loomio
Fri 28 Feb 2020

CoMakery payment token needs a rethink

P
pospi Public Seen by 55

Well, given that the USDT creators are undergoing investigation for fraud... nuff said :P

@Noah Thorp curious if you have any recommendations of which USD-pinned token to make the switch to, given you seem to know the most about this stuff. I am also curious if there are other international exchanges out there that may have pairings for whatever currency we choose with $HOT... I have not kept my finger on the pulse in those spaces. I hear there are some new alternatives to Binance?

NT

Noah Thorp Wed 11 Mar 2020

Hey, sorry. Just realizing Loomio notices were not routed to my inbox. USDC, PAX, TrueUSD, USDT, Gemini are the usual ERC20 stable coins considered. But, almost all of the HOT to stable coin trading pairs on exchanges are with USDT - so that's the most liquid choice.

Here's a list of HOT trading pairs by exchange volume:

https://coinmarketcap.com/currencies/holo/markets/

P

pospi Thu 19 Mar 2020

Great list (: Yeah, wow... you have to go a long way down to find USD-pegged currencies other than USDT. Maybe the world being the way it is, the idea of USD as being "stable" is about to be laughable anyway.

I might even just switch our projects over to HOT itself- over the long term it's likely to be more stable as it begins to represent a gateway into tangible value directly linked to physical reality, thus much less volatile than crypto markets. Still, it'd be nice if we could override payment tokens on a per-batch basis for when those undertaking a job have a preference.

NT

Noah Thorp Thu 19 Mar 2020

Yes. Totally agree it would be nice to give contributors some choice how they get paid. HOT is still pretty volatile compared to USD/USDT . I think there will be a split between Holochain supporters who want to work for HOT because they are enthusiastic about the Holochain ecosystem and those who need to pay rent. We have just entered a heavy rent paying moment so that stability may be needed and helpful. Longer term as HOT stabalizes in value the balance may shift.

NT

Noah Thorp Wed 11 Mar 2020

USDT and USDC are available as payment options on CoMakery (via MetaMask integration). You can just select the token from the project setup page.