The crypto podcaster and Bitcoin proponent Peter McCormack who was sued by the self-proclaimed Satoshi Craig Wright last year, is criticizing the DAO Maker’s DAI stablecoin for its complexity. The community's opinion on this splits.
‘Too complicated to give a…’
The discussion on McCormack’s Twitter page started when the well-known crypto podcaster published a tweet about the DAI stablecoin. Last year, McCormack fell a victim to Craig Wright's hysteria, when the self-proclaimed Satoshi sued or attempted to sue several big names from the crypto industry, including Vitalik Buterin.
In the post, McCormack called the collateral-backed digital asset too complicated for normal people.
DAI is too complicated for normal people to give a fuck.— Peter McCormack (@PeterMcCormack) November 8, 2019
The community’s reaction split to those who accuse McCormack of sounding like a crypto hater and those who agree that crypto should follow the ‘keep it simple’ principle.
Replace DAI with BTC and you'll sound like an observer from 2012— Erik Voorhees (@ErikVoorhees) November 8, 2019
Exactly. Most people simple don’t care. Keep it simple. Instead of reinventing money we should be using blockchain/crypto to reimagine the user experience and solve problems within the current payments system like high merchant fees, fraud and data breaches.— Philip Decker (@nofunphil) November 8, 2019
ok bitcoiner https://t.co/MpWH4DfXdF— Ryan Sean Adams - rsa.eth (@RyanSAdams) November 8, 2019
DAI is a stablecoin developed by DAO Maker on the Ethereum network. It is pegged to USD and is stabilized via dynamic feedback systems dubbed CDPs. Those allow users to deposit USD to a smart contract to be used as collateral for a loan.
As soon as the CDP gets the assets that a user deposited, this user can generate the equivalent in DAI that they want to borrow against their USD deposit.
Bitcoin VS DAI
However, McCormack insists that this is too complex and non-techie people will not want to get into these complex details while they can simply use Bitcoin.
People outside crypto come and use Bitcoin. DAI won’t be their entry point.— Peter McCormack (@PeterMcCormack) November 8, 2019