kaal:claim:3402701-011

The Folk Theorems of game theory imply that no matter how complicated a stable coin protocol becomes, a powerful and patient player has strategies to subvert the system and profit at the expense of the group.

No matter how complicated the protocols become for creating a stable coin, there are strategies that a powerful and patient player can use to subvert the system to profit at the expense of the group

Craig Calcaterra, Wulf A. Kaal, Vadhindran K. Rao, Stable Cryptocurrencies - First Order Principles (2019), 3.1.1 Minting, p. 17
https://ssrn.com/abstract=3402701 · source PDF

Craig Calcaterra, Wulf A. Kaal, Vadhindran K. Rao, Stable Cryptocurrencies - First Order Principles (2019). SSRN: https://ssrn.com/abstract=3402701

• any fixed protocol, however complex

failuresupport: arguedfailure: patient-powerful-player-subversionfamily: consensus-and-protocol-attackeconomicsgovernance-design

• extended_by kaal:claim:3782192-017 The Folk Theorems of game theory prove that any rules that can be formally set down can be subverted: strategi...
• extended_by kaal:claim:3782220-004 Transcendental values are necessary for long-term stability because every formal, explicitly specified protoco...
• extended_by kaal:claim:3406323-040 For any static set of rules in an infinitely repeated game using reputation stakes there is a way to subvert t...
• extended_by kaal:claim:3782193-011 No set of written rules can be made complete: the Folk Theorems demonstrate that however rules are written, st...
• extended_by kaal:claim:3782210-022 Because eternally perfect protocols are impossible, as illustrated by Arrow's Impossibility Theorem and the Fo...

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