Dismissing a project because a similar project before it failed is generally a bad idea.
Nick Tomaino

Bitshares failed not because of the implementation but because of how finance and economics work.

No convertibility, no parity. A scheme based on a cryptocurrency will only succeed to the extent new investor money becomes available to subsidize the exits of prior investors.

Otherwise, withdrawals from the scheme will eventually eat through the collateral and result in the collapse of the stablecoin scheme once it starts trading below par.

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