Why 'stable coins' are no answer to bitcoin's instability

New cryptocurrencies such as Tether may be pegged to the dollar, but they have big flawsWhile the mania for cryptocurrencies may have peaked, new units continue to be announced, seemingly by the day. Prominent among the new arrivals are so-called “stable coins.” Bearing names such as Tether, Basis, and Sagacoin, their value is rigidly tied to the dollar, the euro, or a basket of national currencies.It’s easy to see the appeal of these units. Viable monies provide a reliable mea