A little confusing.
They cannot mean 'peg', they mean 'unitize'. One Fedcoin defined as one, then subdivide from there. It is just a semantic, really just a name, like one BTC.
In the pit, Fedcoin trades like any other coin, except the trading pit boss has to periodically write a letter_to_janet and explain the current state of coin at risk. Trading bots would know a regulated pit boss is operating.
The pits can trade in micro pennies, some one else can offer a copper delivery service. But otherwise, we get a regulated pit boss.
Why would any trader use the regulated pit bosses when the unregulated are better?
Because it is tax time, and they want to meet regs.
What about deposit insurance?
The trading pit is no hedge, you can be no better then letting your card run on amber. If we want safer than amber then run on green, but precision is higher, making deposit rates lower..
Deposit insurance, when government imposes it, will end up as a taxpayer liability.
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