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      "body": "@@ -8051,7352 +8051,4 @@\n ted.\n-%0A%0AHow does Dai ensure that the value is always $1 USD?%0AEconomic incentives ensure that the value is maintained.%0A%0AAs I said in the last section, when Dai is worth over $1 USD, ETH holders are incentivized to create more Dai and sell it, as it%E2%80%99s free money.%0A%0AWhen Dai is worth less than $1 USD, CDP owners can pay down their debt at a cheaper price! This is an extremely clever solution that requires further explanation.%0A%0ALet%E2%80%99s say I open a CDP with $1000 in ETH. I then draw out 500 Dai. In order to close this position, I must pay back 500 Dai (paying down debt destroys the Dai).%0A%0AIf Dai is trading for less than $1 USD, say for $0.99, then I can buy Dai for less than $1 USD and then pay off my debt with a 1%25 discount. This is essentially free money %E2%80%94if I took out a $500 loan (500 Dai), then bought 500 Dai for $495 (0.99 * 500 = 495, a 1%25 discount), then paid off my loan, I earned a free $5 of ETH.%0A%0AOf course, my demand for Dai increases its price, and eventually Dai increases in value until it approaches $1 USD. If Dai stays below $1, CDP owners continue to pay down debt and remove Dai from the system. When Dai goes above $1 USD, Dai is created to feed the demand. It is this push and pull, creation and destruction, supply and demand which ensures that Dai always matches the $1 USD peg.%0A%0AWhat if the ETH price crashes? Won%E2%80%99t the whole system fail?%0AThe short answer is that provided ETH is worth something, and the value of ETH isn%E2%80%99t extraordinarily volatile (i.e. dropping 60%25 of value in 10 seconds), the system successfully balances.%0A%0AThe long answer requires more explanation.%0A%0ACDP%E2%80%99s have varying degrees of debt. When you open a CDP, you can draw up to 60%25 of the value in Dai. This means that with $1000 of ETH, you can take out 600 Dai. But not every CDP takes the full amount%E2%80%8A%E2%80%94%E2%80%8Athe more you draw, the riskier it is. Some CDP owners will withdraw 10%25, 25%25, 30%25, etc.%0A%0AAs ETH changes in price relative to USD, the debt ratio of each CDP also changes. As ETH rises in price, every CDP becomes safer as they are less indebted. As ETH falls in price, every CDP becomes riskier and more indebted.%0A%0AAs each CDP has a different debt ratio, each CDP can be ranked in order of riskiness. More risky CDP%E2%80%99s have higher debt ratios.%0A%0AAs ETH falls in value, each CDP gets closer to the 60%25 debt threshold. If a CDP crosses this threshold, any Dai holder can pay off the CDP and earn a profit, which destroys Dai from the system, closes the CDP, and penalizes the owner of the CDP.%0A%0AThis is complex and requires further reading to understand, but to summarize, rational actors are incentivized to remove risky debt from the Dai system by paying it off. CDP owners who let the debt get so risky are penalized for doing so, which incentivizes them not to have risky debt.%0A%0ACDP owners can make their debt safer by paying down debt as the CDP gets more risky. Astute CDP owners will observe their CDP getting more risky, then pay down Dai early to prevent a penalty. But those who neglect their CDP will get penalized by the system if they cross the debt threshold.%0A%0AAs the value of ETH fell from $1,400 USD in January 2018 to $400 in April 2018, the Dai system%E2%80%99s incentive structure successfully kept the value of Dai pegged to $1 USD, which is an incredible accomplishment and proof that Dai succeeds even in a falling ETH environment.%0A%0AHow is the price of ETH known? I thought this system was decentralized?%0AExtremely good question, and this is actually the riskiest part of the entire Maker system.%0A%0AThe value of ETH to USD has to come from somewhere, and in the Maker system it comes from oracles. Multiple oracles provide pricing data, which reduces the risk that any one oracle is compromised. Additionally, the amount that the ETH to USD price can change per block is capped to prevent rapid changes caused by an attacker.%0A%0ABut the final fail-safe is that Maker (MKR) token owners can vote a %E2%80%9Cglobal settlement%E2%80%9D in the case of catastrophic failure, such as a coordinated attack. This shuts the system down and gracefully unwinds all positions to return ETH to the rightful CDP owners. This is the nuclear option in the system, and shows that MakerDAO is a true %E2%80%9CDecentralized Autonomous Organization%E2%80%9D (DAO). The owners of MKR itself are the ones who vote on what happens.%0A%0AWhat is the purpose of the Maker token? It doesn%E2%80%99t seem like you need it to create or spend Dai%E2%80%A6%0AThe Maker (MKR) token has two distinct uses.%0A%0AThe first is that owning MKR gives you the right to vote on the system itself. This is why Maker is a %E2%80%9CDecentralized Autonomous Organization%E2%80%9D (DAO)%E2%80%8A%E2%80%94%E2%80%8AMKR holders can vote on various things like maximum debt ratios. MKR holders can also shut down the whole system in the case of catastrophic failure, which is an essential fail-safe mechanism.%0A%0AThe second is that paying down debt in a CDP requires the owner to pay a 1%25 annual fee for taking out the loan, payable only in MKR. For example, if you took a 500 Dai loan against $1000 of ETH and held it for a year, paying off the loan would take 500 Dai and $5 USD worth of MKR. The MKR used to pay off the loan is then destroyed (%E2%80%9Cburned%E2%80%9D).%0A%0AThe burning of MKR encourages the value of MKR to increase over time. As MKR is divisible up to 18 decimal places, as long as a single MKR token exists, up to $1 quadrillion USD could safely be traded without issue, and the number of decimals could be increased later if needed. So there is no issue that MKR will run out, and the amount destroyed will will decrease as the MKR value increases.%0A%0AWhy is ETH the collateral? Why not another ERC20 token?%0AETH is the most important asset within the Ethereum blockchain, and it makes sense to use it as the first asset that backs CDP%E2%80%99s.%0A%0AHowever, the Maker system will work regardless of the asset, provided it exists within Ethereum and oracles can provide a USD valuation. Maker has plans to use Digix as its next asset, which is a token backed by physical gold. Eventually multiple assets could be used to create a single CDP, including other ERC20 tokens.%0A%0AWhy is Dai pegged to USD? Why not the Euro or Swiss Franc?%0AThe Maker system can work with any other currency or asset peg. In the future, similar stablecoins pegged to major currencies such as Swiss Francs, assets like gold, or even equity stocks can and will be created. All that%E2%80%99s needed are pricing oracles.%0A%0AConclusion%0AThe proof that Dai works is that each Dai has been consistently worth $1 USD. As Dai continues to successfully maintain its USD peg, faith in Dai will increase.%0A%0A99.999+%25 of users do not need to understand how Dai works, they only need to trust it, and the history of Dai provides the trust needed. If you need to understand Dai deeper to feel comfortable using it, then you should carefully read and understand how it works, and plenty of additional information is easily accessible via Google.%0A%0ADai is a game changer because it allows USD to be transferred in any amount, instantly, across borders, without fees, without any interference. This enables a new era of commerce that exists purely within the blockchain and cannot be shutdown.%0A%0AMaker is truly a technology that shows off the unique capabilities of Ethereum and provides a solution that was 100%25 impossible before blockchain technology.%0A%0AYou will hearing much more about Maker and Dai%E2%80%8A%E2%80%94%E2%80%8Athis is only the beginning.%0A%0APlease check out AirFox\n",
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      "body": "Hi! I am a robot. I just upvoted you! I found similar content that readers might be interested in:\nhttps://medium.com/@james_3093/the-dai-stablecoin-is-a-game-changer-for-ethereum-and-the-entire-cryptocurrency-ecosystem-13fb412d1e75",
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      "parent_permlink": "dai",
      "author": "dissentralised",
      "permlink": "the-dai-stablecoin-and-how-it-will-change-ethereum-and-the-entire-cryptocurrency-ecosystem-part-2",
      "title": "The Dai Stablecoin & how it will change Ethereum and the Entire Cryptocurrency Ecosystem - Part 2",
      "body": "How does Dai ensure that the value is always $1 USD?\nEconomic incentives ensure that the value is maintained.\n\nAs I said in the last section, when Dai is worth over $1 USD, ETH holders are incentivized to create more Dai and sell it, as it’s free money.\n\nWhen Dai is worth less than $1 USD, CDP owners can pay down their debt at a cheaper price! This is an extremely clever solution that requires further explanation.\n\nLet’s say I open a CDP with $1000 in ETH. I then draw out 500 Dai. In order to close this position, I must pay back 500 Dai (paying down debt destroys the Dai).\n\nIf Dai is trading for less than $1 USD, say for $0.99, then I can buy Dai for less than $1 USD and then pay off my debt with a 1% discount. This is essentially free money —if I took out a $500 loan (500 Dai), then bought 500 Dai for $495 (0.99 * 500 = 495, a 1% discount), then paid off my loan, I earned a free $5 of ETH.\n\nOf course, my demand for Dai increases its price, and eventually Dai increases in value until it approaches $1 USD. If Dai stays below $1, CDP owners continue to pay down debt and remove Dai from the system. When Dai goes above $1 USD, Dai is created to feed the demand. It is this push and pull, creation and destruction, supply and demand which ensures that Dai always matches the $1 USD peg.\n\nWhat if the ETH price crashes? Won’t the whole system fail?\nThe short answer is that provided ETH is worth something, and the value of ETH isn’t extraordinarily volatile (i.e. dropping 60% of value in 10 seconds), the system successfully balances.\n\nThe long answer requires more explanation.\n\nCDP’s have varying degrees of debt. When you open a CDP, you can draw up to 60% of the value in Dai. This means that with $1000 of ETH, you can take out 600 Dai. But not every CDP takes the full amount — the more you draw, the riskier it is. Some CDP owners will withdraw 10%, 25%, 30%, etc.\n\nAs ETH changes in price relative to USD, the debt ratio of each CDP also changes. As ETH rises in price, every CDP becomes safer as they are less indebted. As ETH falls in price, every CDP becomes riskier and more indebted.\n\nAs each CDP has a different debt ratio, each CDP can be ranked in order of riskiness. More risky CDP’s have higher debt ratios.\n\nAs ETH falls in value, each CDP gets closer to the 60% debt threshold. If a CDP crosses this threshold, any Dai holder can pay off the CDP and earn a profit, which destroys Dai from the system, closes the CDP, and penalizes the owner of the CDP.\n\nThis is complex and requires further reading to understand, but to summarize, rational actors are incentivized to remove risky debt from the Dai system by paying it off. CDP owners who let the debt get so risky are penalized for doing so, which incentivizes them not to have risky debt.\n\nCDP owners can make their debt safer by paying down debt as the CDP gets more risky. Astute CDP owners will observe their CDP getting more risky, then pay down Dai early to prevent a penalty. But those who neglect their CDP will get penalized by the system if they cross the debt threshold.\n\nAs the value of ETH fell from $1,400 USD in January 2018 to $400 in April 2018, the Dai system’s incentive structure successfully kept the value of Dai pegged to $1 USD, which is an incredible accomplishment and proof that Dai succeeds even in a falling ETH environment.\n\nHow is the price of ETH known? I thought this system was decentralized?\nExtremely good question, and this is actually the riskiest part of the entire Maker system.\n\nThe value of ETH to USD has to come from somewhere, and in the Maker system it comes from oracles. Multiple oracles provide pricing data, which reduces the risk that any one oracle is compromised. Additionally, the amount that the ETH to USD price can change per block is capped to prevent rapid changes caused by an attacker.\n\nBut the final fail-safe is that Maker (MKR) token owners can vote a “global settlement” in the case of catastrophic failure, such as a coordinated attack. This shuts the system down and gracefully unwinds all positions to return ETH to the rightful CDP owners. This is the nuclear option in the system, and shows that MakerDAO is a true “Decentralized Autonomous Organization” (DAO). The owners of MKR itself are the ones who vote on what happens.\n\nWhat is the purpose of the Maker token? It doesn’t seem like you need it to create or spend Dai…\nThe Maker (MKR) token has two distinct uses.\n\nThe first is that owning MKR gives you the right to vote on the system itself. This is why Maker is a “Decentralized Autonomous Organization” (DAO) — MKR holders can vote on various things like maximum debt ratios. MKR holders can also shut down the whole system in the case of catastrophic failure, which is an essential fail-safe mechanism.\n\nThe second is that paying down debt in a CDP requires the owner to pay a 1% annual fee for taking out the loan, payable only in MKR. For example, if you took a 500 Dai loan against $1000 of ETH and held it for a year, paying off the loan would take 500 Dai and $5 USD worth of MKR. The MKR used to pay off the loan is then destroyed (“burned”).\n\nThe burning of MKR encourages the value of MKR to increase over time. As MKR is divisible up to 18 decimal places, as long as a single MKR token exists, up to $1 quadrillion USD could safely be traded without issue, and the number of decimals could be increased later if needed. So there is no issue that MKR will run out, and the amount destroyed will will decrease as the MKR value increases.\n\nWhy is ETH the collateral? Why not another ERC20 token?\nETH is the most important asset within the Ethereum blockchain, and it makes sense to use it as the first asset that backs CDP’s.\n\nHowever, the Maker system will work regardless of the asset, provided it exists within Ethereum and oracles can provide a USD valuation. Maker has plans to use Digix as its next asset, which is a token backed by physical gold. Eventually multiple assets could be used to create a single CDP, including other ERC20 tokens.\n\nWhy is Dai pegged to USD? Why not the Euro or Swiss Franc?\nThe Maker system can work with any other currency or asset peg. In the future, similar stablecoins pegged to major currencies such as Swiss Francs, assets like gold, or even equity stocks can and will be created. All that’s needed are pricing oracles.\n\nConclusion\nThe proof that Dai works is that each Dai has been consistently worth $1 USD. As Dai continues to successfully maintain its USD peg, faith in Dai will increase.\n\n99.999+% of users do not need to understand how Dai works, they only need to trust it, and the history of Dai provides the trust needed. If you need to understand Dai deeper to feel comfortable using it, then you should carefully read and understand how it works, and plenty of additional information is easily accessible via Google.\n\nDai is a game changer because it allows USD to be transferred in any amount, instantly, across borders, without fees, without any interference. This enables a new era of commerce that exists purely within the blockchain and cannot be shutdown.\n\nMaker is truly a technology that shows off the unique capabilities of Ethereum and provides a solution that was 100% impossible before blockchain technology.\n\nYou will hearing much more about Maker and Dai — this is only the beginning.\n\nPlease check out AirFox",
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      "title": "",
      "body": "Hi! I am a robot. I just upvoted you! I found similar content that readers might be interested in:\nhttps://medium.com/@james_3093/the-dai-stablecoin-is-a-game-changer-for-ethereum-and-the-entire-cryptocurrency-ecosystem-13fb412d1e75",
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      "parent_author": "",
      "parent_permlink": "dai",
      "author": "dissentralised",
      "permlink": "the-dai-stablecoin-and-how-it-will-change-ethereum-and-the-entire-cryptocurrency-ecosystem",
      "title": "The Dai Stablecoin & how it will change Ethereum and the Entire Cryptocurrency Ecosystem",
      "body": "In later December of 2017, the company Maker released their long-awaited system for a decentralized stablecoin named “Dai”. Dai is an Ethereum ERC20 token that is pegged to $1 USD — every Dai is worth $1, and will always be worth $1, regardless of how much Dai is in existence. There is no centralized authority like Tether that backs its value, and no traditional bank that backs each Dai with a real US dollar. There is nothing that can be shut down, and no centralized authority that needs to be trusted. Dai lives entirely within the Ethereum blockchain using smart contracts.\n\nThe way Dai accomplishes this without centralized trust is incredibly clever and interesting, and in this post I will try my best to explain why Dai can be trusted and why it’s a game changer for cryptocurrencies.\n\nI won’t say much about the Maker organization itself, except that it’s one of the oldest Ethereum-focused companies and has been working on this project since before Ethereum existed. The team is very well-regarded in the space and is backed by Vitalik Buterin, the creator of Ethereum.\n\nWhy Dai is a Game Changer\nBefore I explain the details of Dai and how it works, assume the following is true:\n\nDai is always worth $1 USD each\nIt can be freely traded like any other ERC20 token\nAnyone with an Ethereum wallet can own, accept, and transfer it\nIt can be exchanged without any middleman\nNo individual person or company has control over it\nNo government or authority can shut it down\nThis enables several features that were previously impossible.\n\nUSD (Dai) can now be transferred instantly, across borders, and without fees (other than ETH gas fees).\n\nMerchants can accept Dai with all the benefits of blockchain technology without the enormous risk of volatility. For example, merchants no longer need to worry about the price of Bitcoin fluctuating 15% between when they receive payment and convert into fiat currency. If a merchant charges $19.99 USD for a T-Shirt and receives 19.99 Dai, they can be confident that they have $19.99 USD whether they cash out their Dai that same day or in 2 months.\n\nSimilarly, customers no longer have to worry about spending an asset that consistently goes up in value. A customer is unlikely to purchase a product with ETH if they think the value is going up — why spend $19.99 USD of ETH today when it will be worth $24.99 tomorrow? — but customers don’t need to worry about price fluctuations when using Dai.\n\nThe way most merchants currently accept cryptocurrencies as payment is to use a middleman like BitPay, which has all of the negatives associated with traditional payment processors. These include processing fees, limits, and rules on what industries they do business with. With middlemen like BitPay, merchants are simply offering another method of payment for their customers, but see no upside other than extra sales. Even worse, if BitPay decides they don’t like you, they can shut you off without any warning for any reason.\n\nWith Dai, a merchant can process payments directly, as if they were receiving cash. If they choose to use a third-party, it’s only to provide value-added services like e-commerce integrations, accounting software, and wallet management. But there is no need for a third-party to process payments or temporarily hold funds — the blockchain itself can handle everything. No one can shut off the merchant’s ability to receive payment.\n\nFinally, some may ask why you need something like Dai at all. Doesn’t Tether already fulfill the purpose of a dollar-denominated token? My answer is that Tether, or any other centralized stablecoin, can be hacked, shutdown, steal your money, and is always operating at the whims of politics and human fallibility. Indeed, there is an enormous amount of speculation that Tether is operating fraudulently.\n\nNot-so with Dai. As a true decentralized stablecoin, you only need to trust the blockchain.\n\nHow Dai Works\nDai is a masterpiece of game theory that carefully balances economic incentives in the pursuit of one goal — a token that is continuously approaching the value of $1 USD.\n\nWhen Dai is worth above $1, mechanisms work to decrease the price. When Dai is worth below $1, mechanisms work to increase the price. The rational actors that take part in these mechanisms do so because they earn money anytime Dai is not perfectly worth $1. This is why Dai is always floating slightly above or below $1 — it is an endless wave function bouncing infinitely close to $1, but never quite achieving it. The farther Dai goes from $1, the more incentive there is to fix it. This is the magic of Dai.\n\nThe rest of this article will explain precisely how these pricing mechanisms function as well as risks, safe guards, and actions that occur in response to events.\n\nWhat is Dai?\nDai is simply a loan against Ethereum. Anyone can create Dai — all that’s needed is ETH and the technical know-how to use a decentralized app (dApp).\n\nMost users — 99.999+% — will never need to create Dai, nor understand how it’s created. The longer Dai is worth $1 USD, the more faith users will have in it, and users will spend, accept, and convert Dai as needed.\n\nEven most cryptocurrency enthusiasts won’t need to create Dai, nor understand how it’s created. They will simply acquire Dai by trading for it on exchanges, including decentralized exchanges that live entirely on Ethereum, which makes Dai an essential component of any decentralized exchange.\n\nDai is quite complex, and some have argued this complexity makes Dai too obtuse to ever catch on. This is a fallacy, as the primary use-case of Dai is being a stable $1 USD pegged token, which requires no deeper understanding of how Dai works. Again, 99.999+% of Dai users will never need to understand how Dai works.\n\nHowever, if you truly want to understand why you can trust Dai, you must understand all aspects of the Dai system and the economic incentives involved.\n\nWe will now go down the rabbit hole.\n\nHow is Dai Created?\nAs I said, Dai is simply a loan against Ethereum. By using the MakerDAO dApp, advanced users can take loans out in Dai against their ETH holdings.\n\nFirst, ETH is turned into “wrapped ETH” (WETH), which is simply an ERC20 wrapping around ETH. This “tokenizes” ETH so it can be used like any other ERC20 token.\n\nNext, WETH is turned into “pooled ETH” (PETH), which means it joins a large pool of Ethereum that is the collateral for all Dai created.\n\nOnce you have PETH, you can create a “collateralized debt position” (CDP), which locks up your PETH and allows you to draw Dai against your collateral, which is PETH.\n\nAs you draw out Dai, the ratio of debt in the CDP increases. There is a debt limit that sets a maximum amount of Dai you can draw against your CDP.\n\nOnce you have Dai, you can spend or trade it freely like any other ERC20 token.\n\nCreating Dai is complex — why would anyone do this? Can’t I just buy Dai on an exchange?\nYes! Creating Dai is complex, and you can indeed buy Dai on exchange! This is one reason why 99.999+% of people will never go through the nonsense of creating a CDP.\n\nHowever, there are several important reasons why you would create Dai, despite the hassle:\n\nYou need a loan, and have an asset (ETH) to use as collateral for your loan\nYou believe ETH is going up in value. You can use your CDP to buy ETH on margin — you lock up your ETH in a CDP, draw Dai against it, use the Dai to buy more ETH on an exchange, and then use that ETH to further increase the size of your CDP. This can be accomplished without any third-party or centralized authority allowing you to do so — margin trading can be accomplished entirely on the blockchain.\nThe demand for Dai has driven the price above $1 USD. When this occurs, you can create Dai then immediately sell it on an exchange for greater than $1 USD. This is essentially free money, and is one of the mechanisms the Maker system uses to keep Dai pegged to $1 USD. Dai being worth over $1 USD encourages more Dai to be created.\nThese three reasons are enough to ensure that Dai is continually created.\n\nHow does Dai ensure that the value is always $1 USD?\nEconomic incentives ensure that the value is maintained.\n\nAs I said in the last section, when Dai is worth over $1 USD, ETH holders are incentivized to create more Dai and sell it, as it’s free money.\n\nWhen Dai is worth less than $1 USD, CDP owners can pay down their debt at a cheaper price! This is an extremely clever solution that requires further explanation.\n\nLet’s say I open a CDP with $1000 in ETH. I then draw out 500 Dai. In order to close this position, I must pay back 500 Dai (paying down debt destroys the Dai).\n\nIf Dai is trading for less than $1 USD, say for $0.99, then I can buy Dai for less than $1 USD and then pay off my debt with a 1% discount. This is essentially free money —if I took out a $500 loan (500 Dai), then bought 500 Dai for $495 (0.99 * 500 = 495, a 1% discount), then paid off my loan, I earned a free $5 of ETH.\n\nOf course, my demand for Dai increases its price, and eventually Dai increases in value until it approaches $1 USD. If Dai stays below $1, CDP owners continue to pay down debt and remove Dai from the system. When Dai goes above $1 USD, Dai is created to feed the demand. It is this push and pull, creation and destruction, supply and demand which ensures that Dai always matches the $1 USD peg.\n\nWhat if the ETH price crashes? Won’t the whole system fail?\nThe short answer is that provided ETH is worth something, and the value of ETH isn’t extraordinarily volatile (i.e. dropping 60% of value in 10 seconds), the system successfully balances.\n\nThe long answer requires more explanation.\n\nCDP’s have varying degrees of debt. When you open a CDP, you can draw up to 60% of the value in Dai. This means that with $1000 of ETH, you can take out 600 Dai. But not every CDP takes the full amount — the more you draw, the riskier it is. Some CDP owners will withdraw 10%, 25%, 30%, etc.\n\nAs ETH changes in price relative to USD, the debt ratio of each CDP also changes. As ETH rises in price, every CDP becomes safer as they are less indebted. As ETH falls in price, every CDP becomes riskier and more indebted.\n\nAs each CDP has a different debt ratio, each CDP can be ranked in order of riskiness. More risky CDP’s have higher debt ratios.\n\nAs ETH falls in value, each CDP gets closer to the 60% debt threshold. If a CDP crosses this threshold, any Dai holder can pay off the CDP and earn a profit, which destroys Dai from the system, closes the CDP, and penalizes the owner of the CDP.\n\nThis is complex and requires further reading to understand, but to summarize, rational actors are incentivized to remove risky debt from the Dai system by paying it off. CDP owners who let the debt get so risky are penalized for doing so, which incentivizes them not to have risky debt.\n\nCDP owners can make their debt safer by paying down debt as the CDP gets more risky. Astute CDP owners will observe their CDP getting more risky, then pay down Dai early to prevent a penalty. But those who neglect their CDP will get penalized by the system if they cross the debt threshold.\n\nAs the value of ETH fell from $1,400 USD in January 2018 to $400 in April 2018, the Dai system’s incentive structure successfully kept the value of Dai pegged to $1 USD, which is an incredible accomplishment and proof that Dai succeeds even in a falling ETH environment.\n\nHow is the price of ETH known? I thought this system was decentralized?\nExtremely good question, and this is actually the riskiest part of the entire Maker system.\n\nThe value of ETH to USD has to come from somewhere, and in the Maker system it comes from oracles. Multiple oracles provide pricing data, which reduces the risk that any one oracle is compromised. Additionally, the amount that the ETH to USD price can change per block is capped to prevent rapid changes caused by an attacker.\n\nBut the final fail-safe is that Maker (MKR) token owners can vote a “global settlement” in the case of catastrophic failure, such as a coordinated attack. This shuts the system down and gracefully unwinds all positions to return ETH to the rightful CDP owners. This is the nuclear option in the system, and shows that MakerDAO is a true “Decentralized Autonomous Organization” (DAO). The owners of MKR itself are the ones who vote on what happens.\n\nWhat is the purpose of the Maker token? It doesn’t seem like you need it to create or spend Dai…\nThe Maker (MKR) token has two distinct uses.\n\nThe first is that owning MKR gives you the right to vote on the system itself. This is why Maker is a “Decentralized Autonomous Organization” (DAO) — MKR holders can vote on various things like maximum debt ratios. MKR holders can also shut down the whole system in the case of catastrophic failure, which is an essential fail-safe mechanism.\n\nThe second is that paying down debt in a CDP requires the owner to pay a 1% annual fee for taking out the loan, payable only in MKR. For example, if you took a 500 Dai loan against $1000 of ETH and held it for a year, paying off the loan would take 500 Dai and $5 USD worth of MKR. The MKR used to pay off the loan is then destroyed (“burned”).\n\nThe burning of MKR encourages the value of MKR to increase over time. As MKR is divisible up to 18 decimal places, as long as a single MKR token exists, up to $1 quadrillion USD could safely be traded without issue, and the number of decimals could be increased later if needed. So there is no issue that MKR will run out, and the amount destroyed will will decrease as the MKR value increases.\n\nWhy is ETH the collateral? 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      "body": "Throughout this essay I hope to show that the ideology of Neo-liberalism is\nincompatible with democratic politics. This being due to the continual transfer of\npower from the state to the market, which occurs when Neo-liberal policies are\nenacted democratically. This essay will start with an outline of different theories\nof democracy, arguing that Neo-liberalism prefers the rule of ‘technocrats’ over\nthat of legitimate democratic expression. I hope to show the foundations for the\nideology were based on theories that were explicitly anti-democratic. To better\nunderstand the development of Neoliberalism I will build on the work of Larner\n(2009) Mudge (2008) and Centento (2011), who viewed Neoliberalism as a three\nstage process. Although none of these phases represent an “exclusive causal\nchain” (Contento, 2011, p 2) and the existence of an overlap between the different\nstages is apparent, the three stages are such;\n1) A policy debate regarding the “best mode of operating an economy”.\n2) A ‘crisis containment’ strategy enforced by global institutions such as the\nInternational Monetary Fund (IMF), World Bank (WB), and included as having\nlarge effects on “Political choices and power” within democratic politics.\n3) The rise of a dominant or Hegemonic Ideology. The Neoliberal system of thought\nis the only acceptable model (Centento, 2011) \nJoseph Noott Ideological Wars Dr Demetris Tillyris\nChomsky outlines two conceptions of democracy. The first, commonly held view,\nbeing that a democratic society “is one in which the public has the means to\nparticipate in some meaningful way in the management of their own affairs, with\nthe means of information being open and free”. The other being a conception that\n“the public must be barred from the managing of their own affairs and the means\nof information must be kept narrowly and rigidly controlled” (Chomsky, 2003,\np.9-10).",
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      "body": "Throughout this essay I hope to show that the ideology of Neo-liberalism is\nincompatible with democratic politics. This being due to the continual transfer of\npower from the state to the market, which occurs when Neo-liberal policies are\nenacted democratically. This essay will start with an outline of different theories\nof democracy, arguing that Neo-liberalism prefers the rule of ‘technocrats’ over\nthat of legitimate democratic expression. I hope to show the foundations for the\nideology were based on theories that were explicitly anti-democratic. To better\nunderstand the development of Neoliberalism I will build on the work of Larner\n(2009) Mudge (2008) and Centento (2011), who viewed Neoliberalism as a three\nstage process. Although none of these phases represent an “exclusive causal\nchain” (Contento, 2011, p 2) and the existence of an overlap between the different\nstages is apparent, the three stages are such;\n1) A policy debate regarding the “best mode of operating an economy”.\n2) A ‘crisis containment’ strategy enforced by global institutions such as the\nInternational Monetary Fund (IMF), World Bank (WB), and included as having\nlarge effects on “Political choices and power” within democratic politics.\n3) The rise of a dominant or Hegemonic Ideology. The Neoliberal system of thought\nis the only acceptable model (Centento, 2011) \nJoseph Noott Ideological Wars Dr Demetris Tillyris\nChomsky outlines two conceptions of democracy. The first, commonly held view,\nbeing that a democratic society “is one in which the public has the means to\nparticipate in some meaningful way in the management of their own affairs, with\nthe means of information being open and free”. The other being a conception that\n“the public must be barred from the managing of their own affairs and the means\nof information must be kept narrowly and rigidly controlled” (Chomsky, 2003,\np.9-10).",
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      "body": "Throughout this essay I hope to show that the ideology of Neo-liberalism is\nincompatible with democratic politics. This being due to the continual transfer of\npower from the state to the market, which occurs when Neo-liberal policies are\nenacted democratically. This essay will start with an outline of different theories\nof democracy, arguing that Neo-liberalism prefers the rule of ‘technocrats’ over\nthat of legitimate democratic expression. I hope to show the foundations for the\nideology were based on theories that were explicitly anti-democratic. To better\nunderstand the development of Neoliberalism I will build on the work of Larner\n(2009) Mudge (2008) and Centento (2011), who viewed Neoliberalism as a three\nstage process. Although none of these phases represent an “exclusive causal\nchain” (Contento, 2011, p 2) and the existence of an overlap between the different\nstages is apparent, the three stages are such;\n1) A policy debate regarding the “best mode of operating an economy”.\n2) A ‘crisis containment’ strategy enforced by global institutions such as the\nInternational Monetary Fund (IMF), World Bank (WB), and included as having\nlarge effects on “Political choices and power” within democratic politics.\n3) The rise of a dominant or Hegemonic Ideology. The Neoliberal system of thought\nis the only acceptable model (Centento, 2011) \nJoseph Noott Ideological Wars Dr Demetris Tillyris\nChomsky outlines two conceptions of democracy. The first, commonly held view,\nbeing that a democratic society “is one in which the public has the means to\nparticipate in some meaningful way in the management of their own affairs, with\nthe means of information being open and free”. The other being a conception that\n“the public must be barred from the managing of their own affairs and the means\nof information must be kept narrowly and rigidly controlled” (Chomsky, 2003,\np.9-10).",
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      "parent_permlink": "neoliberalism",
      "author": "dissentralised",
      "permlink": "neo-liberalism-and-democracy-p10",
      "title": "Neo-liberalism & Democracy p10",
      "body": "3. The rise of a dominant or Hegemonic Ideology\n\nWhen the Soviet Union collapsed it lead to the “subsequent acceptance by the\nRussian Government” to usher in “a rapid transition to market capitalism”\n(Robinson, 2004, p.406). In Communist China, the reforms carried out by Deng\nXiaoping have been seen as the countries attempts to redefine itself, incorporating\npolicies normally seen in Neo-liberal theories (Greenhalgh, 2005). The\ndominance of Neo-liberalism was cemented when in the US and the UK, the\ntraditional anti-free market parties succumbed to the power of the economic\nrationality behind Neo-liberalism. In the US, Bill Clinton was consolidating this\nsuccess by re-orienting the Democratic Party’s economic policies along Neoliberal\nlines (Beland, 2007). Whilst under Tony Blair, the traditional policies of\nthe UK’s Labour party were abandoned due to their market irrationality, being\nreplaced by the Neo-liberal ‘New Labour’ (Driver & Martell, 2002). This\nconvergence of political objectives was apparent to Blair, leading him to boast at\na Goldman Sachs conference that under New Labour the rich in Britain pay tax\n\"Lower than in most of Mrs Thatcher's years\" (Toynbee, 2004). Bohle (2006)\nshows how the European Union (EU) has accepted Neo-liberalism as its\nmotivating discourse, adding that during the eastern expansion of the EU, this\nideology was pushed via policy requirements on the joining states.\nIn conclusion, I believe that the rise of Neo-liberalism, represents the ideological\nrebuttal of the democratic advances made during the 20th century. The market, \nJoseph Noott Ideological Wars Dr Demetris Tillyris\nreplacing God, demanded societal sacrifices that the common man was deemed\nas too stupid to understand, this in turn facilitated the rise of a ‘technocratic’ form\nof governance. This new form of governance, with its authority systems similar\nto that of church authority, led to the relations between the state and its citizens\nbecoming “a pastoral relation of the state to its flock” (Brown, 2006, p.706).\nUnder Neo-liberalism the state and its citizens have became passive subjects,\nrequiring theorists and economists, the modern day priests, to amicably re-direct\nus on the righteous path. Neo-liberalism is dangerous precisely due to its\ninvisibility, leading to social frustrations it causes to be re-directed at powerless\nminorities and voiceless groups. Neo-liberalism has produced citizens who are\nmore eager for their own subjection and complicit in their subordination than any\ndemocratic subject has been before. Its acceptance by the global ruling classes’\nrepresents an understanding that when Neo-liberalism is initiated democratic rebalances\nof wealth and power become impossible. Hopefully, this essay has\nsupported the belief that the relationship between Neo-liberalism and democracy\nis akin to the relationship between the Lion and the Lamb.",
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      "parent_permlink": "neoliberalism",
      "author": "dissentralised",
      "permlink": "neo-liberalism-and-democracy-p9",
      "title": "Neo-liberalism & Democracy p9",
      "body": "In her book The Shock Doctrine, Naomi Klein states that the incompatibility\nbetween neo-liberalism and democracy is best exemplified by the political\nmanipulation and distraction that commonly accompanies Neo-liberal reform.\nKlein (2009) outlines her belief that Neo-liberal restructuring is normally initiated\nduring a time of crisis. Such a crisis must be sufficient to distract the population \nJoseph Noott Ideological Wars Dr Demetris Tillyris\nlong enough for Neo-liberal reforms to be executed, this distraction being\nnecessary due to the un-democratic nature of Neo-liberal policies and the\nresistance they naturally generate (Gill, 2013). Examples of this ‘cloak and\ndagger’ implementation can be seen in the Neo-liberal reforms of the New\nOrleans education system, which occurred in the wake of hurricane Katrina\n(Salvaggio, 2013), or the bulk-selling of land, previously owned by fishing\ncommunities for generations, following the 2004 tsunami in South East Asia\n(Pfeifer & Pfeifer, 2013). Klein extends her point by arguing that the majority of\ntimes Neo-liberal policies have actually been implemented, it has been under\ndictatorships, not democracies, with state terror commonly accompanying their\nenactment (Boas, 2009, Blakeley, 2011).\nNeo-liberalism being prescribed by various international institutions, such as the\nWorld Bank and International Monetary Fund, was not a result of coincidence.\nThe Influence Neo-liberalism came to have, would not have been possible if not\nfor the intellectual capital it held, with members of many leading think tanks\nholding Neo-liberal views. Examples of these think tanks being, the Institute for\nEconomic Affairs, the Centre for Policy Studies, the Adam Smith Institute, the\nHeritage Foundation (Cockett, 1995). These organizations provided a\n“respectable veneer of intellectualism” under which the “neoliberal political\nprogram can be disseminated” (Henry, 2010, p.548). It was thus in this\nenvironment that from the 1980s onwards, crisis containment strategies, or aidrelief,\nwas paired with conditionality’s requiring Neo-liberal style political\nreforms commonly in the form of SAPs.\nPatnaik (2014, p.39) argues that nations that accept Neo-liberalism whilst being\ndemocracies will reach a “Dead end for politics”. Furthering the point by saying\nthat instead of offering democratic alternatives for the people, “neoliberalism,\ntends to close them, to make these alternatives indistinguishable from one\nanother” offering no real difference regarding the “material condition of the \nJoseph Noott Ideological Wars Dr Demetris Tillyris\nelectorate” (Patnaik, 2014, p.39). Henry (2016) points out that the rise of Neoliberalism\nhas coincided with a decline in the middle class. The reason this effects\nthe functioning of democracy is due to the middle class preventing the rise of\neither extremes becoming dominant (Henry, 2016), via their moderation effects.\nAlthough it wraps itself in the banners of “liberty” and “democracy”, in practice,\nNeo-liberalism displaces the “key principles and assumptions long associated\nwith constitutional democracy” (Brown, 2006, p.701).",
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      "parent_permlink": "neoliberalism",
      "author": "dissentralised",
      "permlink": "neo-liberalism-and-democracy-p8",
      "title": "Neo-liberalism & Democracy p8",
      "body": "Prior to the 1970s Neo-liberalism was little more than a suggested policy by\nfringe economists (Utting, 2015). This would change when the Breton Woods\nsystem of fixed exchange collapsed, leading to the debt crisis of the early 1980s\nand creating a “new global financial environment” (Chossudovsky, 2010,\np.2794). This new environment and the uncertainty surrounding the state’s role\nin relation to the economy, would lead to two of the leading capitalist countries\nre-aligning their policies to coincide with those preached by Hayek and Friedman\n(Jones, 2014). After attempts to enact Neo-liberal policies in South America had\nproved contentious, the ideology was introduced to the global stage, this\nintroduction was via the UK Conservative government of Margret Thatcher, \nJoseph Noott Ideological Wars Dr Demetris Tillyris\nalongside the US Republican government of Ronald Reagan, both enacting Neoliberal\npolicies during the 1980s (Robinson, 2006).\n2. A ‘crisis containment’ strategy enforced by Global Institutions.\nInternational Financial Institutions, such as the World Bank and International\nMonetary Fund, governments of the major capitalist countries, domestic political\nand business elites and transnational corporations have all promoted Neo-liberal\nStructural Adjustment Programs (SAPs). These SAPs, have been promoted in the\neconomies of “most developing countries in order to facilitate the increased\nintegration into the global economy” (Harris & Seid, 2000, p.11), the majority of\nthese programs have entailed “Neo-liberal structural reforms” that aimed to\n“transform the institutional framework of the economy” (Hyun-Chin & Jin-Ho,\n2006, p.7). The convergence of different political actors around these Neo-liberal\npolicies was named the ‘Washington consensuses’ (Sheppard & Leitner, 2010).\nThe scope of this consensus cannot be overstated, Chossudovsky (1991, p.2)\ninforms us that the decisions made by this “Washington based international\nbureaucracy”, “affect the livelihood of more than 80 per cent of the world’s\npopulation”. Although the results of this “forced implementation of neoliberal\nglobalisation” (Pramono, 2003, p.117) are as yet contested, the former Chief\nEconomist at the World Bank believes that these reforms and the policies entailed\nhave been “an almost certain recipe for job destruction and unemployment\ncreation – at the expense of the poor”, going on to say their blind acceptance\nwould lead to “high unemployment and shredding of the social contract” (Stiglitz,\n2002, p.84).",
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      "parent_permlink": "neoliberalism",
      "author": "dissentralised",
      "permlink": "6jwaaa-neo-liberalism-and-democracy-p7",
      "title": "Neo-liberalism & Democracy p7",
      "body": "Another key development of Neo-liberalism via the Chicago school, was their consistency in applying the economic form to the social sphere, thus ending the separation between the domains of the economy and the social (Foucault, 1979). This aspect reduces the capacity of democratic political parties to have any impact on society that is not certified by the market ideology. The Ordo-liberals in West Germany pursued the idea of governing society in the name of the economy, whereas the Chicago school Neo-liberals attempt to redefine society, placing the social sphere within the economic domain. Government-action must parallel ‘economic rationality’, or rather, it must be limited when it is deemed to be contradicting this rationality. This thought process turns the government into a ‘sort of enterprise’ (Peters, 2005), its task being to universalize competition and create market-shaped systems of action for individuals, groups and institutions (Burchell, 1993). According to Foucault (1979), this transformation or expansion, relies on a complementary epistemological shift which systematically expands the objects addressed by the economy. Prior to this the economy was thought of as being one of many social domains, with its own subjective rationality, laws and instruments. Under the Chicago School rationale the economy was extended to embrace the entirety of human action (Pieterse, 2004, Gordon, 1991), developing from an economic doctrine to a political rationality that “attempts a wholescale transformation of human society, shifting authority away from the state, to the free market” (Maher, 2016, pp 6) or labelled by Foucault as the ‘Verification of the market’ (Foucault, 2008). \nThe scope of the economic, and its enlargement under the Chicago School of Neo-liberalism serves two purposes. Firstly, this enlargement enables the principle of investigating non-economic areas in terms of economic categories. Pulling before-hand non-economic sectors of society under the sway of the market, examples of these areas being education and healthcare (Maynard, 1991). Secondly, this ideological procedure also validates the critical evaluation of the practices of government via market principles. Whilst classical Liberalism called for government to respect the ‘invisible hand’ of the market (Smith, 2008), Chicago school Neo-liberals preach a doctrine that places government into a “kind of permanent economic tribunal” (Foucault, 1979). It is this permanent economic tribunal that results in the lack of potential for societal change through democratic means, as through this process the state becomes subordinate to the market.",
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      "parent_permlink": "neoliberalism",
      "author": "dissentralised",
      "permlink": "neo-liberalism-and-democracy-p7",
      "title": "Neo-liberalism & Democracy p7",
      "body": "Another key development of Neo-liberalism via the Chicago school, was their\nconsistency in applying the economic form to the social sphere, thus ending the\nseparation between the domains of the economy and the social (Foucault, 1979).\nThis aspect reduces the capacity of democratic political parties to have any impact\non society that is not certified by the market ideology. The Ordo-liberals in West\nGermany pursued the idea of governing society in the name of the economy,\nwhereas the Chicago school Neo-liberals attempt to redefine society, placing the\nsocial sphere within the economic domain. Government-action must parallel\n‘economic rationality’, or rather, it must be limited when it is deemed to be\ncontradicting this rationality. This thought process turns the government into a\n‘sort of enterprise’ (Peters, 2005), its task being to universalize competition and\ncreate market-shaped systems of action for individuals, groups and institutions\n(Burchell, 1993). According to Foucault (1979), this transformation or expansion,\nrelies on a complementary epistemological shift which systematically expands\nthe objects addressed by the economy. Prior to this the economy was thought of\nas being one of many social domains, with its own subjective rationality, laws\nand instruments. Under the Chicago School rationale the economy was extended \nJoseph Noott Ideological Wars Dr Demetris Tillyris\nto embrace the entirety of human action (Pieterse, 2004, Gordon, 1991),\ndeveloping from an economic doctrine to a political rationality that “attempts a\nwholescale transformation of human society, shifting authority away from the\nstate, to the free market” (Maher, 2016, pp 6) or labelled by Foucault as the\n‘Verification of the market’ (Foucault, 2008).\nThe scope of the economic, and its enlargement under the Chicago School of\nNeo-liberalism serves two purposes. Firstly, this enlargement enables the\nprinciple of investigating non-economic areas in terms of economic categories.\nPulling before-hand non-economic sectors of society under the sway of the\nmarket, examples of these areas being education and healthcare (Maynard, 1991).\nSecondly, this ideological procedure also validates the critical evaluation of the\npractices of government via market principles. Whilst classical Liberalism called\nfor government to respect the ‘invisible hand’ of the market (Smith, 2008),\nChicago school Neo-liberals preach a doctrine that places government into a\n“kind of permanent economic tribunal” (Foucault, 1979). It is this permanent\neconomic tribunal that results in the lack of potential for societal change through\ndemocratic means, as through this process the state becomes subordinate to the\nmarket.",
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      "parent_permlink": "neoliberalism",
      "author": "dissentralised",
      "permlink": "neo-liberalism-and-democracy-p6",
      "title": "Neo-liberalism & Democracy p6",
      "body": "The Chicago School was an intellectual organization run from the University of\nChicago throughout the 1950s and 1960s. Many of its theorists, the most\nprominent being Friedrich Von Hayek and Milton Friedman, were inspired by\nOrdo-liberalism but went on to change some of the component parts of the earlier\ntheories, creating a new form of Neoliberal thought in the process (Venn, 2009).\nFollowing from the Ordo-Liberal school, the Chicago school Neo-liberalism\nopposed state interventionism, whilst criticizing the uncontrolled growth of\nbureaucratic apparatus and the threats these bring to individual rights (Miller,\n1962). Although having many similarities they diverge when it comes to their\nconcepts of society and their suggested political solutions for these problems. The\nmajority of the theorists now considered to be core proponents of Chicago school\nNeo-liberalism were members of the Mont Pelerin Society. This society was an\ninternational organization, sponsored by businessmen, media elites, millionaires\nand private organizations, such as the ford foundation (Plehwe, 2005). The\nuniting feature of this group was an affection for Neo-liberalism and a rejection\nof state-led market intervention (Mirowski, 2015). The Mont Pelerin Society also\ndrew lineage from the Colloque Walter Lippmann, a group that was formed\naround the previously discussed ideas of Walter Lippmann (Jackson, 2012).\nFor Ordo-liberals the concept of social policy was heavily based on the premise\nof separated social and economic domains, with enterprise functioning as the\nintermediary between them. This vital policy and the ambiguous description of\nenterprise was one of the main divergence points for the two schools of thought, \nJoseph Noott Ideological Wars Dr Demetris Tillyris\nwith the Chicago School offering different Solutions (Gordon, 1991). The\nChicago School branch of Neo-liberalism was further developed by Milton\nFriedman’s monetarism aspect. Friedman offered this as an alternative to the\neconomic strategy developed by Keynes, who had emphasized that fiscal policy\nand expansive money was a route out of economic downturns (Hansen, 1949).\nFriedman argued that if a state kept a “steady hand on the monetary tiller, the\nworst extremes of economic fluctuation would be evened out” (Jones, 2014).\nFollowing on from Irving Fisher’s ‘quantity theory of money’ (Turvey, 1957),\nFriedman argued “the money supply was the most important economic policy\ninstrument in the establishment and maintenance of the stability of markets”\n(Jones, 2014, p.139).",
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