Terms Governing Stablecoin Confidence Check
The asset is designed to hold its value. The person checking it every four hours is doing so to confirm this.
Terms Governing Stablecoin Confidence Check
The price was one dollar.
The price is one dollar.
These two facts are the same fact. The person checking knows this. They check again.
It is April 2022. The word stable has become interesting in a way that it was not interesting before. The person has been reading about how the design works. The design is reassuring. The design is well-documented. The documentation is available from multiple reputable sources. The person has read the documentation. The documentation is still reassuring.
They check the price again.
The price is one dollar.
The reassurance posts began arriving in March. Each one explains, clearly and with evidence, why the concern is unfounded. The person finds a new post, reads it, experiences relief lasting approximately three hours, and then finds that the relief has expired and the relief required was the same relief as before. A new post is located. The cycle continues.
This is not the same as not trusting the design. They trust the design. They are checking to confirm that the price agrees with their trust in the design.
The price is one dollar.
It is still one dollar.
The next check is scheduled for later. The time of the next check is not written anywhere. It is known.
A different person, at a different time, once said that checking something you believe is fine is how you discover that you do not believe it is fine. This formulation was not helpful. It has been remembered precisely.
The price is one dollar.
For now.